Coral Beach Resort
Right now, the best 1 bedroom 1 bathroom Oceanfront Condo Deal in Myrtle Beach, South Carolina is at Coral Beach Resort.
I found a 1 bedroom 1 Bathroom unit that produced $41,000 in Gross Rental Income which translates to $18,192.79 in profit for the 2023 year when purchased with cash.
Currently, there are 27 active 1 bedroom 1 bathroom units on the market in Coral Beach Resort that start as low as $119,900 and increase to as much as $202,500.
1 Bedroom units on average have appreciated as much as $90,240 in the past 9 years. That’s $10,026.67 per year in appreciation in addition to the $18,192.79 if bought with cash.
Just take a look at this 1 bedroom 1 bathroom oceanfront unit I ran numbers on for one of my clients. Now, keep in mind, this unit is already under contract.
The Numbers.
Cash Scenario.
Financing Scenario.
Appreciation.
Depreciation.
Absentee Ownership Explains the Variance in Gross Rental Income
In my opinion, any of these units can produce that same $18,192.79 in Profit. Many times, when there is a larger GRI variance at a Myrtle Beach Oceanfront Condo Resort, it is largely due to absentee owners.
Large variance in GRI in the sense that one unit produces $41,000 and another produces on $25,000 in Gross Rental Income.
Absentee in the sense that they don’t proactively manage their units well as compared to owners that are actively engaged in self-managing their units to maximize income.
Thing about it like this, if you give 100 people $10,000, 20% of them are likely to do very well in gaining a return on that money, while the other 80%, not nearly as well. This is known as the Pareto Principle, and I see it in Myrtle Beach Oceanfront Condo ownership all the time.
That’s the same reason why there tends to be a large variance in gross rental income between similar units at the same Myrtle Beach Oceanfront Condo Resort.
However, in the case of Coral Beach Resort, we don’t see larger variance. We see a smaller amount of variance to the tune of only $6,000.
That means that out of the 5 random Oceanfront Condo units I pulled GRI data on, there’s only a difference of about $6,000 in GRI between the highest and lowest Gross Rental Incomes.
Look at some of the variance in Gross Rental Income at Coral Beach Resort.
This suggest that all the units are performing pretty similarly, which to me indicates that the resort as a whole is a great resort with well-run operations, great location with plenty of demand, and excellent onsite amenities that are well maintained because in order to get such smaller variance in GRI across different units, I assume Coral Beach Resort must be getting repeat business year after year.
I say that because I doubt that all the tourists booking these units this year, just decided to book this single resort, just this year, causing all their units to perform so well. They must be gaining the benefit of small GRI variance through having excellent operations. This is encouraging so many tourists to continue booking these units, accounting for why the resort is doing so well as a whole, across so many of their oceanfront units.
If You Don’t Believe Me, Call Ashley at Coral Beach Resort!
Just yesterday, I spoke with Ashely at Coral Beach Resort as I was attempting to get into unit 1214 which one of my client’s just put under contract. Ashley let me know that ALL the oceanfront condo units are booked this Friday at the entire resort, so my client couldn’t get into the unit he wanted to see and inspect on Saturday.
All their oceanfront units are SOLD OUT! This is what you want to hear when you’re investing in an oceanfront condo at a Myrtle Beach Oceanfront Condo resort. Additionally, Ashley went on to let us know that they would stay busy through September of this year. So, if you want a particular unit by request, you’d have to wait unit then to get it.
Why is Coral Beach Resort So Great of an Investment?
The simple answer: great onsite amenities.
Coral Beach Resorts has great pools, lay out areas, water play areas for children, lazy river, arcade, fitness center, restaurant, bowling alley with pool tables, gift shop, and Starbucks!
This place is loaded with great onsite amenities that keep the 20 to 22 million tourists returning year after year, paying you to rent your Myrtle Beach Oceanfront Condo.
Call or Text me now to discuss your next Myrtle Beach Oceanfront Condo Purchase: 843-360-1737
Contact: Brandon Kunasek, Broker
Keller Williams Innovate South
Cana Group
843-360-1737
brandonkunasek@kw.com.
Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.