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    Property profile & analytics

    304 Ocean Blvd Myrtle Beach, SC 29577-4046

    • Hotels
    • 11,488 SF
    • 20.25 lot acres
    OFF-MARKET
    Last Sale
    Sep 09, 2024
    $2,300,000
    Value Estimations
    $2,300,000
    Show details
    Cap Rate Potential
    3.2%
    Hotels
    Location Intelligence
    Property ID
    US77-1832553
    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

    • Sea Gypsy Inn / Hotel / Motel
    • Convenience Mart / Convenience Store

    Property Details for 304 Ocean Blvd

    Year built
    1968
    Construction
    CONCRETE
    Lot size
    20.25 lot acres
    Property size
    11,488 SF
    Zone code
    TA8
    Property type
    Hotels
    Property subtype
    Motels
    APN
    444-08-04-0003
    APU
    44408040003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,300,000
      ML approach
      $2,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,240,000
      Market price range: $1.71M - $3.77M

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.8852
    Latitude
    33.6861
    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
    $15,749
    $53,323
    $2,291
    $55,614
    -
    $953,120
    $287,400
    $1,240,520

    Comparable in this City

    • Value Estimation
      $420,000
      5,620 SF

      608 Chester St

      HOTEL/MOTEL • 5,620 SF
      608 Chester St, Myrtle Beach, SC 29577
      View Details
    • Value Estimation
      $410,000
      1,512 SF

      Chester St

      HOTEL/MOTEL • 1,512 SF
      Chester St, Myrtle Beach, SC 29577
      View Details
    • Value Estimation
      $830,000
      27,594 SF

      16th S Ave

      HOTEL/MOTEL • 27,594 SF
      16th S Ave, Myrtle Beach, SC 29577
      View Details
    • Value Estimation
      $465,000
      4,580 SF

      407 8th N Ave

      HOTEL/MOTEL • 4,580 SF
      407 8th N Ave, Myrtle Beach, SC 29577-3712
      View Details
    • Value Estimation
      $1,165,000
      25,011 SF

      2010 Ocean Blvd

      HOTEL/MOTEL • 25,011 SF
      2010 Ocean Blvd, Myrtle Beach, SC 29577-4638
      View Details
    • Value Estimation
      $685,000
      4,950 SF

      1702 Ocean Blvd

      HOTEL/MOTEL • 4,950 SF
      1702 Ocean Blvd, Myrtle Beach, SC 29577-4632
      View Details

    Similar Nearby for Sale

    • $2,640,000
      8,592 SF

      Oceanfront Myrtle Beach Hotel

      Prime location, 24-unit hotel, turnkey operation.
      509 Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • $74,400
      360 SF

      Landmark Resort Efficiency Condo

      Oceanfront condo with resort amenities and income potential.
      1501 S Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • $1,299,900

      Beachside Apartment Building Investment

      21-unit apartment building steps from the beach.
      403 6Th Ave S, Myrtle Beach, SC 29577
      View Details
    • $92,900
      431 SF

      Oceanfront Efficiency Unit Landmark Resort

      Turnkey, fully furnished oceanfront efficiency unit with resort amenities.
      1501 S Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • $95,000

      Oceanfront Condo with Rental Potential

      Updated oceanfront condo in Myrtle Beach with strong rental demand.
      1501 S Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • $144,000
      530 SF

      Oceanfront Condo in Landmark Resort

      Oceanfront 1-bedroom condo with resort amenities and rental potential.
      1501 S Ocean Blvd, Myrtle Beach, SC 29577
      View Details

    Similar Nearby for Lease

    • 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
    • $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
    • $7,686 /Mo
      7,686 SF

      Myrtle Beach Retail Space Available

      Second floor retail space with elevator and escalator access.
      301 S Kings Hwy, Myrtle Beach, SC 29577
      View Details
    • $13 SF/Yr
      36,905 SF

      Village Square Retail Space

      Myrtle Beach Creative Office, 22,065 SF
      4025 Kings Hwy, Myrtle Beach, SC 29577
      View Details
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    304 Ocean Blvd
    Myrtle Beach, SC 29577-4046
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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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