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    1607 Ocean Blvd Myrtle Beach, SC 29577-4629
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    Property profile & analytics

    1607 Ocean Blvd, Myrtle Beach, SC 29577-4629

    View on Map
    • Hotels
    • 32,670 SF
    • 58.77 lot acres
    Off-Market
    Last Sale Feb 1, 2022
    $4,300,000
    Property ID
    US77-3035546
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $4,805,000
    Show details
    Cap Rate Potential
    3.5%
    Hotels
    Location Intelligence

    Current Use by Public Records

    • Gazebo Inn Oceanfront / Hotel & Motel

    Property Details for 1607 Ocean Blvd

    Year built
    1974
    Construction
    CONCRETE
    Lot size
    58.77 lot acres
    Zone code
    TA8
    Property type
    Hotels
    Property subtype
    Motels
    APN
    443-14-04-0003
    APU
    44314040003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 21, 2024 — Mb 1607 LLC — Deed · related $336k · Small Business Administration
    Apr 10, 2024 — Mb 1607 LLC — Deed · related $2.4M · Provident Business Financial
    Apr 1, 2024 — Mb 1607 LLC — Deed · related $2.3M · First Port City Bank
    Feb 1, 2022 $4,300,000 Mb 1607 LLC Hurl Rock Motel INC Warranty Deed $4.1M · First Port City Bank
    Jul 23, 2021 — Hurl Rock Motel INC — Deed · related $1.4M · United Bank
    Sep 23, 2011 $1,200,000 Hurl Rock Motel INC Master In Equity Of Horry Cnty One Of Committee, Strict Foreclosure, Sheriff, Or Redemption Deeds —
    May 8, 2007 $4,400,000 Seashore Capital Partners LLC Gazebo Inn INC Warranty Deed · related $2.9M · Hurl Rock Motel INC
    Jul 30, 2004 $65,000 Flournoy,donald T Wesley C Wellons Warranty Deed $60k · Wachovia Bk
    Sep 17, 2001 — Gazebo Inn INC — Grant Deed · related —
    — — Casey,thomas M & Jacqueline S — Deed Of Trust · related $40k · Bank Of America
    — — Hurl Rock Motel INC — Deed Of Trust · related $1M · Crescom Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,070,000
      ML approach
      $6,205,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,490,000
      6.5%
      $3,225,000
      7%
      $2,995,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,274,000
      Market price range: $4.85M - $10.7M
      AI Estimate
      $3,259,000
      Market price range: $1.35M - $6.58M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $7,425,000
      Current use
      OFFICE BUILDING
      $7,975,000
      Change: +7% Conversion: Difficult
      RESTAURANT
      $7,560,000
      Change: +2% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.9019
    Latitude
    33.6722
    CBSA code
    34820
    CBSA name
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $96,877
    $58,843
    $155,720
    -
    $1,731,600
    $1,428,500
    $3,160,100

    Comparable in this City

    • Value Estimation
      $550,000
      5,620 SF

      608 Chester St

      HOTEL/MOTEL
      608 Chester St, Myrtle Beach, SC 29577
      View Details
    • Value Estimation by Request
      1,512 SF

      Chester St

      HOTEL/MOTEL
      Chester St, Myrtle Beach, SC 29577
      View Details
    • Value Estimation
      $2,325,000
      27,594 SF

      16th S Ave

      HOTEL/MOTEL
      16th S Ave, Myrtle Beach, SC 29577
      View Details
    • Value Estimation by Request
      4,580 SF

      407 8th N Ave

      HOTEL/MOTEL
      407 8th N Ave, Myrtle Beach, SC 29577-3712
      View Details
    • Value Estimation
      $2,425,000
      25,011 SF

      2010 Ocean Blvd

      HOTEL/MOTEL
      2010 Ocean Blvd, Myrtle Beach, SC 29577-4638
      View Details
    • Value Estimation
      $950,000
      4,950 SF

      1702 Ocean Blvd

      HOTEL/MOTEL
      1702 Ocean Blvd, Myrtle Beach, SC 29577-4632
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Oceanfront Hotel in Myrtle Beach

      40-room hotel with renovated rooms and kitchenettes.
      2711 S Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • Contact for pricing

      Oceanfront Hotel in Myrtle Beach

      42-room oceanfront hotel with recent renovations and strong tourism.
      1901 S Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • $88,000

      Oceanfront Condo with Rental Potential

      Updated oceanfront condo in Myrtle Beach with strong rental demand.
      1501 S Ocean Blvd. #1115, Myrtle Beach, SC 29577
      View Details
    • Contact for pricing
      24,617 SF

      Newly Renovated Myrtle Beach Hotel

      63-room hotel across from the Atlantic Ocean beaches.
      507 Ocean Blvd N, Myrtle Beach, SC 29577
      View Details
    • $4,900,000
      0.50 Acres

      1901 Ocean Blvd

      Hotels
      1901 Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • Contact for pricing
      2,108 SF

      Turnkey Property in Myrtlewood Community

      Fully furnished property ideal for short-term rentals near Myrtle Beach.
      4754 Cloisters Ln, Myrtle Beach, SC 29577
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr

      High-Traffic Retail/Office Space Available

      Highly visible commercial space on a primary Myrtle Beach corridor.
      2903 North Kings Highway Ext, Myrtle Beach, SC 29577
      View Details
    • $16 SF/Yr

      Myrtle Beach Office Space For Lease

      Office space for lease near Myrtle Beach's financial corridor.
      601 19Th Ave N, Myrtle Beach, SC 29577
      View Details
    • $18 SF/Yr

      Downtown Conway Professional Office Space

      Professional office space in Downtown Conway, available in 2025.
      1312 2Nd Ave, Conway, SC 29577
      View Details
    • Contact for pricing

      Oceanfront Retail Space Available

      Prime Myrtle Beach retail space with ocean views and beach access.
      1410 N Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • Contact for pricing

      Class A Office Space Available

      Class A office building with customizable floor plans for rent.
      1430 48Th Avenue Ext North, Myrtle Beach, SC 29577
      View Details
    • $4,000 /Mo

      Prime Restaurant Space For Lease

      Restaurant space for lease in a bustling commercial district.
      3401 North Kings Hwy, Myrtle Beach, SC 29577
      View Details
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    Myrtle Beach, SC 29577-4629
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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.

    More about this property
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