Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1703 Ocean Blvd Myrtle Beach, SC 29577-3215

    • Commercial land
    • 1,890 SF
    • 17.91 lot acres
    OFF-MARKET
    Last Sale
    Apr 29, 2022
    $11,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-1857671
    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.

    Current Use by Public Records

    • Twilight Surf Motel / Motel
    • Broadway on the beach / Tourist Attraction

    Property Details for 1703 Ocean Blvd

    Year built
    1967
    Lot size
    17.91 lot acres
    Property size
    1,890 SF
    Zone code
    TA8
    Property type
    Commercial land
    APN
    424-15-04-0188
    APU
    42415040188

    Description

    This exceptional oceanfront Myrtle Beach motel presents a unique investment opportunity. The property boasts two buildings, each featuring 48 rooms, totaling 98 keys across 25,000 square feet and two stories. Currently operating at 50% occupancy, the motel has been partially converted into 14 apartments generating $2,900 monthly rent. The property's prime location ensures high demand for weekly and monthly rentals, commanding rates between $400 and $450, inclusive of utilities. New owners can capitalize on this demand by converting the remaining rooms into long-term apartments, studios, or extended-stay units, potentially achieving 100% occupancy. The scarcity of available oceanfront land in this area further enhances the property's value. Significant recent improvements include a roof replacement within the last five years, eliminating immediate major expenses. The seller is motivated and offering attractive seller financing: 50% down payment, 7% interest, 30-year amortization, and a 3-5 year balloon payment. This presents a rare chance to acquire a highly profitable oceanfront property with significant upside potential. The property also offers the added benefit of potential HOA fee collection within the existing apartment complex.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.8736
    Latitude
    33.6983
    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
    $12,744
    $45,001
    $0.00
    $45,001
    -
    $750,020
    $0.00
    $750,020

    Comparable in this City

    • Value Estimation by Request
      0.56 Acres

      1341 Dividend Loop

      VACANT COMMERCIAL LAND • 0.56 Acres
      1341 Dividend Loop, Myrtle Beach, SC 29577-1868
      View Details
    • Value Estimation by Request
      0.29 Acres

      Dunbar St

      VACANT COMMERCIAL LAND • 0.29 Acres
      Dunbar St, Myrtle Beach, SC 29577
      View Details
    • Value Estimation by Request
      0.23 Acres

      1110 Dunbar St

      VACANT COMMERCIAL LAND • 0.23 Acres
      1110 Dunbar St, Myrtle Beach, SC 29577-3368
      View Details
    • Value Estimation by Request
      0.67 Acres

      1346 Enterprise Ave

      VACANT COMMERCIAL LAND • 0.67 Acres
      1346 Enterprise Ave, Myrtle Beach, SC 29577-6512
      View Details
    • Value Estimation by Request
      0.26 Acres

      2467 Gasque Ln

      VACANT COMMERCIAL LAND • 0.26 Acres
      2467 Gasque Ln, Myrtle Beach, SC 29577-6692
      View Details
    • Value Estimation by Request
      4.12 Acres

      Harrelson Blvd

      VACANT COMMERCIAL LAND • 4.12 Acres
      Harrelson Blvd, Myrtle Beach, SC 29577
      View Details

    Similar Nearby for Sale

    • $450,000
      0.83 Acres

      Prime Commercial Lot in Myrtle Beach

      Corner lot in a high-demand area, ready for development.
      4451 Oleander Dr, Myrtle Beach, SC 29577
      View Details
    • $850,000
      1.00 Acre

      Commercial Lot in Market Common

      One-acre commercial lot in high-traffic Market Common area.
      Tbd Farrow Pkwy, Myrtle Beach, SC 29577
      View Details
    • $1,399,000
      1.42 Acres

      1.42 Acre Commercial Lot

      Highway commercial lot in the heart of Myrtle Beach, SC.
      517 28Th Ave N, Myrtle Beach, SC 29577
      View Details
    • New
      $1,800,000
      Pending

      Highway 501 Commercial Lots Available

      Two commercial lots on Highway 501 near Myrtle Beach.
      1900 Highway 501, Myrtle Beach, SC 29577
      View Details
    • $575,000

      0.79 Acre Outparcel For Sale

      0.79 acre outparcel for sale fronting Robert M. Grissom Pkwy.
      Mayfair St, Myrtle Beach, SC 29577
      View Details
    • $775,000
      0.63 Acres

      Prime Commercial Lot in Myrtle Beach

      0.63-acre out-parcel at a signalized intersection, ideal for development.
      1377 Highway 501, Myrtle Beach, SC 29577
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Pad in Shadow Center

      2.2 AC retail pad in high-traffic tourist area.
      Oak Forest Ln, Myrtle Beach, SC 29577
      View Details
    • $0.74 SF/Yr

      Land For Rent Myrtle Beach

      Land available for rent in Myrtle Beach, South Carolina.
      904 Todd St, Myrtle Beach, SC 29577
      View Details
    • $1.46 SF/Yr

      Land For Rent Myrtle Beach

      Land available for rent in Myrtle Beach, South Carolina.
      912 Todd St, Myrtle Beach, SC 29577
      View Details
    • Contact for pricing
      4,800 SF

      Retail Space in Grande Dunes

      Retail spaces available in proposed Grande Dunes development.
      43 Frontage Rd, Myrtle Beach, SC 29577
      View Details
    • $1,900 /Mo
      1,000 SF

      Retail Space on Highway 501

      Retail space for lease near downtown Myrtle Beach.
      1346 Highway 501, Myrtle Beach, SC 29577
      View Details
    • $3,125 /Mo
      1,250 SF

      Restaurant Space on 7th Avenue

      Restaurant space available for lease on October 1, 2025.
      206 7Th Ave N, Myrtle Beach, SC 29577
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1703 Ocean Blvd
    Myrtle Beach, SC 29577-3215
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.