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    Property profile & analytics

    501 Ocean Blvd Myrtle Beach, SC 29577-3915

    • Hotels
    • 6,008 SF
    • 19.28 lot acres
    OFF-MARKET
    Last Sale
    Feb 02, 2025
    $2,300,000
    Value Estimations
    $2,580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-1780650
    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

    • Lily & Bloom / Hotel

    Property Details for 501 Ocean Blvd

    Year built
    1950
    Construction
    CONCRETE
    Lot size
    19.28 lot acres
    Property size
    6,008 SF
    Zone code
    TA8
    Property type
    Hotels
    Property subtype
    Motels
    APN
    444-08-01-0203
    APU
    44408010203

    Description

    This exceptional 26-key boutique hotel, the Lily & Bloom, presents a compelling investment opportunity in Myrtle Beach, South Carolina. Located at 501 N Ocean Blvd, this fully stabilized property boasts a 9.56% cap rate and a strong NOI of $247,708. The 6,008 square foot building, constructed in 1960 and extensively renovated in 2022, features 48 beds across its two stories. The renovation encompassed both exterior and interior updates, ensuring a modern and inviting atmosphere for guests. The hotel benefits from a prime location on Ocean Boulevard, providing direct beach access and proximity to downtown attractions. With 17 parking spaces and permitted R7 zoning, the property offers convenience and flexibility. The hotel is efficiently managed by a third-party company, minimizing operational concerns. The asking price is $2,590,000, translating to a price per key of $99,615.38. This represents a highly competitive price point for a beachfront hospitality asset in this thriving market. The property includes an outdoor pool and benefits from high foot traffic. Detailed financial information is available upon request. This is a rare chance to acquire a well-maintained, high-performing hotel in a desirable location. The property's strong performance and prime location make it an ideal investment for discerning buyers. The Horry County property, APN 44408010203, offers a unique blend of beach access and urban convenience.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,610,000
      ML approach
      $2,700,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,823,000
      Market price range: $892k - $1.97M

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.8839
    Latitude
    33.6882
    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
    $29,863
    $26,466
    $18,791
    $45,257
    -
    $585,900
    $320,600
    $906,500

    Comparable in this City

    • Value Estimation
      $570,000
      14,299 SF

      701 Flagg St

      HOTEL/MOTEL • 14,299 SF
      701 Flagg St, Myrtle Beach, SC 29577-3708
      View Details
    • Value Estimation
      $1,230,000
      23,336 SF

      606 Ocean Blvd

      HOTEL/MOTEL • 23,336 SF
      606 Ocean Blvd, Myrtle Beach, SC 29577-3725
      View Details
    • Value Estimation
      $1,525,000
      13,860 SF

      Ocean Blvd

      HOTEL/MOTEL • 13,860 SF
      Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • Value Estimation
      $740,000
      14,751 SF

      1200 Ocean Blvd

      HOTEL/MOTEL • 14,751 SF
      1200 Ocean Blvd, Myrtle Beach, SC 29577-3757
      View Details
    • Value Estimation
      $835,000
      15,705 SF

      805 Ocean Blvd

      HOTEL/MOTEL • 15,705 SF
      805 Ocean Blvd, Myrtle Beach, SC 29577
      View Details
    • Value Estimation by Request
      69,814 SF

      1803 Ocean Blvd

      HOTEL/MOTEL • 69,814 SF
      1803 Ocean Blvd, Myrtle Beach, SC 29577-4633
      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
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      21-unit apartment building steps from the beach.
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      Ocean View Furnished Condo

      Furnished one-bedroom condo with ocean views and many amenities.
      2001 S Ocean Blvd, Myrtle Beach, SC 29577
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    • $188,500
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      Oceanfront Condo in Myrtle Beach

      Top-floor, fully furnished condo with ocean views and resort amenities.
      1200 N Ocean Blvd, Myrtle Beach, SC 29577
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    • $5,490,000
      22,092 SF

      Renovated Hotel Near Myrtle Beach

      Newly renovated 63-room hotel near Myrtle Beach SkyWheel.
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      View Details
    • $3,999,900
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      Myrtle Beach Oceanfront Hospitality Property

      36-unit hotel with ocean views in prime location.
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      View Details

    Similar Nearby for Lease

    • $324 /Mo
      4,985 SF

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      Office Properties & Spaces • 4,985 SF
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      View Details
    • $25 SF/Yr
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      Premier Retail Development in Myrtle Beach

      Premier retail development with outparcel and building opportunities for lease.
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    • Contact for pricing
      12,781 SF

      Myrtle Beach Retail Space Available

      Retail space for lease in Myrtle Beach, redevelopment coming soon.
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    • $6,500 /Mo
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      Industrial Space Near Airport

      4,975 SF industrial space in Myrtle Beach core market.
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    • Contact for pricing
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      Retail space available in a busy Myrtle Beach shopping center.
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    • $16 SF/Yr
      25,196 SF

      Office Space in Myrtle Beach

      Available office space for rent in Myrtle Beach, SC.
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      View Details
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    501 Ocean Blvd
    Myrtle Beach, SC 29577-3915
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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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