Beach Colony Resort
The Beach Colony Resort is was named in Forbes’ list of best hotels in Myrtle Beach South Carolina!
These units offer an impressive selection of meticulously designed condos that cater to diverse lifestyles and preferences.
Units Range from Efficiency to 4-bedrooms, having both oceanfront and Oceanview units, and offer square footage as low as 350 square feet and as high as 1,500 square feet.
While smaller units may be perfect for couples, larger units that have expansive multi-bedroom layouts could be ideal for families and larger groups. Beach Colony Resort condos provide a range of options to suit your needs.
About this Property.
Introducing an unparalleled opportunity in one of the most sought-after vacation destinations on the East Coast! Nestled within the vibrant community of Myrtle Beach, this stunning oceanfront retreat offers an ideal blend of luxury, convenience, and investment potential.
Welcome to your slice of paradise: a breathtaking 2-bedroom, 2-bathroom end unit with a thoughtfully designed split floor plan. Floor-to-ceiling windows frame panoramic vistas of the majestic Atlantic Ocean and the Golden Mile of Myrtle Beach, providing an exquisite backdrop to every moment spent in this coastal haven.
Impeccably renovated in 2022, this residence boasts new luxury vinyl plank flooring, a modern refrigerator, and a fresh coat of paint throughout, ensuring both style and functionality. The fully equipped kitchen features elegant granite countertops, a cozy breakfast bar, and brand-new appliances, offering the perfect space to entertain or indulge in culinary delights.
For added convenience, this turnkey property comes fully furnished, complete with the luxury of an in-unit washer and dryer—a testament to effortless coastal living. Beach Colony, renowned for its exceptional amenities, presents a wealth of leisure options, including private parking, indoor/outdoor pools, rejuvenating hot tubs, a tranquil lazy river, and a vibrant tiki bar. Indulge in delectable dining experiences at onsite restaurants, peruse charming boutiques at the gift shop, or maintain your wellness routine at the fitness center—every day promises endless possibilities.
The reasonable HOA fee encompasses all utilities, from electric to Wi-Fi, ensuring worry-free ownership and maximizing rental potential. Whether you seek an idyllic second home to escape harsh weather or a potential lucrative investment opportunity in a thriving market, this is the home you've been dreaming of.
Don't miss your chance to experience coastal living at its finest—schedule a viewing today and seize this extraordinary opportunity to own a piece of Myrtle Beach's unparalleled allure. Your oceanfront oasis awaits!
Accommodation & Amenities.
Beach Colony offers accommodations such as separate living rooms in Suites & Condos, Kitchens in many accommodations, Free Wi-Fi, and linen and towel services.
Guests enjoy 2 outdoor pools, lazy river, indoor pool, outdoor kiddie pool, indoor whirlpool, and an outdoor whirlpool.
Onsite Vs Offsite Property Management
Some Oceanfront Resorts won’t allow an owner’s tenants to use onsite amenities if the owner uses offsite property management. However, at Beach Colony Resort, even if you use offsite property management, your tenants can use all the amenities.
NOTE: Owners who are on the onsite rental program have the benefit of receiving “RESORT FEE CREDIT” annually to be used towards upgrading their unit. (Resort Fee is a charge to the guests and Beach Colony splits 60% of this with the owners on their program) This is basically “Free money” to use only toward upgrading your unit and organized through the onsite homeowner relations office. This helps our owners maintain their unit and maintains the value of the resort. When buyers purchase a specific unit that is on the onsite program, you can ask to see if there is any “resort fee credit” money on account as many owners do not use the money and the money stays with the unit – not the owner. So, if a unit sells and the owner hasn’t used the money, often times there a thousands of dollars in that unit’s account that transfers with sale to the new owners.
What does the HOA Include?
The HOA includes Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Security, Rec. Facilities, Master Antenna/Cable TV, Common Maint/Repair, Electric In Unit, Internet Access, Pest Control.
How Does the Location Serve My Guests?
9 Minutes from Myrtle Beach Boardwalk and Promenade
7 Minutes from Broadway at the Beach
10 Minutes from Family Kingdom
13 Minutes from Walmart Supercenter
7 Minutes from Top Golf
15 Minutes from Medieval Times Dinner and Tournament
18 Minutes from Market Common/Savannah’s Playground
14 Minutes from Coastal Grand Mall, Costco, and Best Buy
16 Minutes from Springmaid Pier
14 Minutes from Apache Pier
14 Minutes from Myrtle Beach International Airport
15 Minutes from River Oaks Golf Club
11 Minutes from Grande Dunes Resort Club
18 Minutes from Barefoot Resort & Golf
7 Minutes from Myrtlewood Golf Club
15 Minutes from World Tour Golf Links
8 Minutes from Pirates Voyage
8 Minutes from Grand Strand Medical Center
14 Minutes from Tanger Outlets
18 Minutes from Barefoot Landing
Only Minutes from many great restaurants on Ocean Blvd and Bus 17
How Do My Guest Navigate the Area?
Take Bus 17 North to reach North Myrtle Beach and Little River
Take Bus 17 South to reach Surfside Beach, Garden City, Murrells Inlet and Pawleys Island.
Take Bus 17 to Hwy 501 to go inland (West) towards Forestbrook, Pine Island, or Carolina Forest Communities to reach Conway, SC
Take Bus 17 South to Hwy 501 to Hwy 31 and go north to reach Carolina Forest and North Myrtle Beach
Take Bus 17 to Hwy 501 to Hwy 31 and go south to reach Socastee
Take Bus 17 to Hwy 501 to Hwy 17 Bypass South to reach Garden City and Murrells Inlet
Take Bus 17 to Hwy 501 to Hwy 17 Bypass North to merge into Bus 17 and reach North Myrtle Beach and Little River
How did Beach Colony Resort Appreciate?
In 2014, the average unit across all types had a purchase price of $116,492. In 2023, the average unit across all types had a purchase price of $235,809. This an increase in appreciated value of $119,317. In the last 10 years, Beach Colony Resort on the Boardwalk appreciated 102%.
What are Occupancy Rates Like in Myrtle Beach South Carolina?
Currently, there’s plenty of room to increase the profitability of your rental property by increasing your annual occupancy, but first let’s see just how much room there is to grow so that we can also better understand how the size of the unit impacts its rental performance.
1 Bedroom Units Across All Property Types
The average 1 bedroom rental in our market across all property types averages 147 nights booked, which is 40% of the year, has a daily average rental rate of $113 and brings in between $16,117 and $24,464 each year in Gross Rental Income. 1 Bedroom rental properties make up around 30% of the Myrtle Beach South Carolina rental market.
2 Bedroom Units Across All Property Types
The average 2-bedroom rental in our market across all property types averages 146 nights booked, which is 40% of the year, has a daily average rental rate of $146 and brings in between $22,551 and $33,178 each year in Gross Rental Income. 2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.
3 Bedroom Units Across All Property Types
The average 3-bedroom rental in our market across all property types averages 153 nights booked, which is 44% of the year, has a daily average rental rate of $200 and brings in between $31,781 and $46,083 each year in Gross Rental Income. 3 Bedroom rental properties make up around 17% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 3-bedroom units in our market as the 1 and 2 bedroom oceanfront units, and when supply is lower, you can expect to pay more for these units.
4 Bedroom Units Across All Property Types
The average 4-bedroom rental in our market across all property types averages 145 nights booked, which is 42% of the year, has a daily average rental rate of $312 and brings in between $56,082 and $77,428 each year in Gross Rental Income. 4-Bedroom rental properties make up only 6% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 4-bedroom units in our market as the 1, 2, and 3-bedroom oceanfront units, and when supply is lower, you can expect to pay more for these units.
5 Bedroom Units Across All Property Types
The average 5-bedroom rental in our market across all property types averages 141 nights booked, which is 39% of the year, has a daily average rental rate of $402 and brings in between $64,611 and $97,526 each year in Gross Rental Income. 5-Bedroom rental properties make up only 3% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 5-bedroom units in our market as the 1, 2, and 3-bedroom oceanfront units, and less than half the 4-bedrooms, when supply is lower, you can expect to pay more for these units.
Which unit type should I invest in?
The top performers were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501.
Offer Vacation Packages to Increase Occupancy.
It’s simple. Just offer three different vacation packages to your tenants. One at $500, one at $1000, and one at $1500 and then fill those vacation packages with gift cards to the best restaurants, paid for attractions like shows, local events, and concerts, and even include more concierge options like rose pedals, bath robes, and gifts for him and her. You’ll most likely find that your tenants will be thrilled that you put this level of work into their vacation, they’ll gladly pay the convenience fee of each package, and most importantly, want to return year after year.
What’s this do for you? Repeat and Loyal Business.
You’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year—growing your book of business—and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income. They very well could choose to cut expenses elsewhere in their budget because they just don’t want to give up their dream vacation, even when the economy struggles along.
What is the Projected Profitability for these Units?
In 2023, this type 2 Bedroom Oceanfront unit at Beach Colony Resort brought in a high of $72,250 and ranges between $47,000 - $55,000 in Gross Rental Income.
Paying with Cash.
As of 2023, this 2 Bedroom Oceanfront unit generates on the high end of the range $55,000 in Gross Rental income. If using a property manager that charges 10%, your expense should be $5,500 which brings you to a subtotal of $49,500.00 after property management fees are paid.
With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually at $150 per cleaning—at $4,050, estimated HO6 insurance at $1,000, and annualized HOA dues at $10,704, your estimated expenses are $19,047.40.
Subtracting from your subtotal (after property management fees) of $49,500, for your total estimated expenses of $19,047.40, your projected profit is $30,452.60.
Paying with Financing.
As of 2023, this 2 Bedroom Oceanfront unit generates on the high end of the range $55,000 in Gross Rental income. If using a property manager that charges 10%, you’ll expense should be $5,500 which brings you to a subtotal of $49,500.00 after property management fees are paid.
At a purchase price of $421,750, your 15% down payment is $63,262. Assuming an 8.24 interest rate for 30 years with a down payment of 15%, your principal and interest totals $33,396.00. With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually—at $4,050, Estimated HO6 insurance at $1,000, and annualized HOA dues at $10,704.00, your estimated expenses are $ $55,383.40.
Subtracting from your subtotal (after property management fees) of $49,500.00, for your total estimated expenses of $55,383.40, your projected profit is a loss of -$5,883.40.
Do I Buy an Oceanfront Condo as a Second Home or Investment Property?
If You Buy as a Second Home.
If you buy as a Second Home, you cannot rent the property more than 180 days each year.
You must occupy the property 3 weeks out of the year
You must qualify with current and new housing costs
Primary Residence can’t be within 75 miles of the Second Home
If you do buy as a second home, you should get a better interest rate and lower down payment.
If You Buy as an Investment Property.
If you buy as an Investment Property, you can rent the property for more than 180 days each year.
You do not have to occupy the property.
You may not have to qualify with current and new housing costs if the property has historical rental income.
If you buy as an Investment Property, you won’t get as good of an interest rate, and you’ll have a higher down payment, but you have the option of doing a 1031 Like-kind exchange.
Remodeling.
A smart approach for many investors is to buy a dated Oceanfront Condo for cheaper than market price, a unit that needs remodeling, and then remodel the unit so that it maximizes Gross Rental Income. When prospective tenants are searching online for the best vacation rentals, they’re more likely to choose the nicest, more updated units when comparing rentals.
Several things increase the desirability of the unit for tenants such a LVP flooring, fresh paint, new fixtures and faucets, backsplash, barnyard doors, wainscoting, fireplace inserts, flat screen Tv’s, and new furniture to name a few. You might even consider leaving a telescope on the balcony so that your guests can enjoy the stars.
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Beach Colony Market Report.
This Market Report is as of 03-08-2023.
Active Properties.
3 Active
Average Price: $352,250
Average Days on Market: 67 days
Sellers are not likely to reduce their price due to low competition.
Under Contract.
4 Properties Under Contract
Average Price: $262,450
Average Days on Market: 60 days
When a property is nice or updated, it sells quickly. Have your pre-approval or proof of funds ready so you can make an offer when you see a unit you like.
Sold Properties.
5 Properties Sold in last 6 months
Average Price: $216,940
Average Days on Market: 93 days
Sold/Listed$: 96.47%
Almost all properties listed sell in Beach Colony. Come prepared to buy. Properties are selling so don’t let another buyer get the best deal on the condo you want.
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Click Here for More information on Beach Colony Resort on the Boardwalk.
Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737
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.