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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2502 Ocean Blvd Myrtle Beach, SC 29577-4758

    • Garden apartment buildings
    • 3,105 SF
    • 24.10 lot acres
    OFF-MARKET
    Last Sale
    Sep 20, 2021
    $700,000
    Value Estimations
    $1,215,000
    Show details
    Cap Rate Potential
    2.6%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US77-1902063
    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

    • The Beverley Beach House / Hotel
    • Lauren's Food Mart / Vaporizer Store / Wine Store
    • CoinFlip Bitcoin ATM / Money Transfer Service / Atm
    • Suite at the Beach / Indoor Lodging
    • The Oceans / Condominium Complex

    Property Details for 2502 Ocean Blvd

    Year built
    1958
    Construction
    CONCRETE
    Lot size
    24.10 lot acres
    Property size
    3,105 SF
    Zone code
    TA-
    Property type
    Garden apartment buildings
    APN
    445-01-03-0578
    APU
    44501030578

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,110,000
      ML approach
      $1,070,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,525,000
      Market price range: $537k - $1.53M
      AI Estimate
      $815,000
      Market price range: $268k - $815k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $880,000
      Current use
      COMMERCIAL (GENERAL)
      $1,780,000
      Change: +102% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,170,000
      Change: +33% Conversion: Difficult
      MEDICAL BUILDING
      $935,000
      Change: +6% Conversion: Moderate
      OFFICE BUILDING
      $760,000
      Change: -14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.9115
    Latitude
    33.6654
    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
    $12,674
    $39,060
    $7,326
    $46,386
    -
    $651,000
    $122,100
    $773,100

    Comparable in this City

    • Value Estimation
      $400,000
      0.26 Acres

      1212 King St

      GARDEN APT, COURT APT (5+ UNITS) • 0.26 Acres
      1212 King St, Myrtle Beach, SC 29577-3333
      View Details
    • Value Estimation
      $350,000
      2,912 SF

      706 Mitchell Dr

      GARDEN APT, COURT APT (5+ UNITS) • 2,912 SF
      706 Mitchell Dr, Myrtle Beach, SC 29577-4444
      View Details
    • Value Estimation
      $7,585,000
      2,060 SF

      307 18th S Ave

      GARDEN APT, COURT APT (5+ UNITS) • 2,060 SF
      307 18th S Ave, Myrtle Beach, SC 29577-4616
      View Details
    • Value Estimation
      $725,000
      4,920 SF

      607 37th N Ave

      GARDEN APT, COURT APT (5+ UNITS) • 4,920 SF
      607 37th N Ave, Myrtle Beach, SC 29577-2847
      View Details
    • Value Estimation
      $510,000
      6,402 SF

      Myrtle Beach, SC 29577

      GARDEN APT, COURT APT (5+ UNITS) • 6,402 SF
      Myrtle Beach, SC 29577
      View Details
    • Value Estimation
      $475,000
      5,616 SF

      Shelley St

      GARDEN APT, COURT APT (5+ UNITS) • 5,616 SF
      Shelley St, Myrtle Beach, SC 29577
      View Details

    Similar Nearby for Sale

    • $265,000
      1,301 SF

      Coastal Condo in Magnolia Pointe

      Elegant, renovated condo near beaches, golf, and amenities.
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    • $72,400

      Landmark Resort Efficiency Condo

      Oceanfront condo with resort amenities and income potential.
      1501 S Ocean Blvd, Myrtle Beach, SC 29577
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    • $676,000

      Myrtle Beach Multifamily Investment

      Six-unit property near the beach with income and appreciation potential.
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    • $1,330,000

      Myrtle Beach Multifamily Opportunity

      Multifamily property in Myrtle Beach with significant upside potential.
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    • $485,000

      Myrtle Beach Income Property

      Income-oriented property in established Myrtle Beach neighborhood.
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    • $1,849,000

      Upgraded Income Property Near Ocean

      Renovated Myrtle Beach property with six units, short-term rentals allowed.
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      View Details

    Similar Nearby for Lease

    • $1,800 /Mo
      1,200 SF

      Remodeled Myrtle Beach End Unit

      Remodeled, furnished end unit near the beach available for short-term rental.
      4860 Carnation Cir, Myrtle Beach, SC 29577
      View Details
    • $1,700 /Mo
      1,097 SF

      Myrtle Beach Townhome with Pool

      Three-bedroom townhome with community pool access in Myrtle Beach.
      604 Beachwalk Pl, Myrtle Beach, SC 29577
      View Details
    • $1,795 /Mo
      1,184 SF

      Market Common Townhome Rental

      Stylish 2-bedroom townhome in vibrant Market Common district.
      2954 Yancey Way, Myrtle Beach, SC 29577
      View Details
    • $324 /Mo
      4,985 SF

      611 Burroughs And Chapin Blvd

      Office Properties & Spaces • 4,985 SF
      611 Burroughs And Chapin Blvd, Myrtle Beach, SC 29577
      View Details
    • $25 SF/Yr
      4,380 SF

      Premier Retail Development in Myrtle Beach

      Premier retail development with outparcel and building opportunities for lease.
      SC 29577 Seaboard St & Sea Pne Blvd Myrtle Bch, Myrtle Beach, SC 29577
      View Details
    • Contact for pricing
      12,781 SF

      Myrtle Beach Retail Space Available

      Retail space for lease in Myrtle Beach, redevelopment coming soon.
      1311-1527 N Kings Hwy, Myrtle Beach, SC 29577
      View Details
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    2502 Ocean Blvd
    Myrtle Beach, SC 29577-4758
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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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