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    507 -509 Ocean Blvd. N Myrtle Beach, SC 29577

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    New
    For Sale
    $4,995,000

    Hospitality - Myrtle Beach, SC

    Property size:
    22,092 SF
    Price / SF:
    $226/SF
    Added:
    May 2, 2026
    Days on Market:
    4
    Last Refresh:
    May 5 at 9:06 pm

    Property Features for 507 -509 Ocean Blvd. N

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    MU-H
    Security features
    Fire Alarm
    Exterior features
    Fixtures/Furniture, Office(s), Reception Area, Sign, Inside Storage
    Standard status
    Active
    Size
    22,092 SF

    Utilities

    Cooling system
    Multi Units, Window Unit(s)

    Building Details

    Floors in Building
    4
    Number of units
    63
    Building materials
    Concrete, Stucco
    Architectural style
    Other

    We can help!

    Listing Contact
    Liat Edri

    Listing agent Liat Edri

    Listing office Realty ONE Group Dockside 2305 N. Oak St, Myrtle Beach, SC

    Listing date May 2, 2026

    MLS# 2611449 Listing URL

    Copyright © 2026 Coastal Carolina Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Renovated Hotel Near Myrtle Beach

    This is a newly renovated 63-room hotel located at 507-509 N. Ocean Blvd in Myrtle Beach, SC 29577. The property is situated directly across from the beaches of the Atlantic Ocean and a short walk from the SkyWheel. The hotel provides accommodations with access to attractions and dining. In 2023-2024, the property underwent a complete renovation, including replacement of all electrical wiring, plumbing, and HVAC systems. The property features a new roof, flooring, bathrooms, furniture, blinds, appliances, and TVs. Each room features a design with custom showers and updated décor. Guests can enjoy the refreshed pool area, on-site commercial laundry facilities, ample parking, and a welcoming lobby. The Myrtle Beach SkyWheel is a short walk from the hotel and the Myrtle Beach Boardwalk is lined with shops, arcades, and entertainment venues. Ripley's Believe It or Not! is also located nearby. Dining options include RipTydz Oceanfront Grille & Rooftop Bar, Land Shark Bar & Grill, and Sea Captain's House. Myrtle Beach offers beaches and attractions, including golf courses, shopping at local boutiques, and entertainment venues like the Carolina Opry and Broadway at the Beach. The area hosts festivals and events throughout the year.
    Location Intelligence

    Current Use by Public Records

    Happy Holiday Motel Hotel & Motel FIFTH AND OCEAN Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.97572
    Latitude
    33.6017596

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    FAQs

    What type of property is this?
    Hotel - Newly renovated 63-room hotel near Myrtle Beach SkyWheel.
    Where is this hotel located?
    The property is located at 507 -509 Ocean Blvd. N Myrtle Beach, SC.
    What is the asking price?
    The asking price for this property is $4,995,000.
    What are key features of this property?
    This property features: Completely renovated in 2023‑2024 with new electrical, plumbing, HVAC, roof, flooring, bathrooms, furniture, and appliances.; **Prime location directly across from the beach** and within walking distance of the SkyWheel and Boardwalk.; 63‑room hotel offering modern accommodations with custom showers and updated décor.
    (843) 222-6357
    We can help!
    Listing Contact
    Liat Edri
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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