Unlocking Paradise: Investing in Bay View Resort Condos Unit 1705 in Myrtle Beach, SC!
The Bay View on the Boardwalk Resort is known for its view of the Myrtle Beach Boardwalk and its close proximity to the Skywheel and Pier at 2nd Avenue.
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 400 square feet and as high as 2,200 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. Bay View on the Boardwalk Resort condos provide a range of options to suit your needs.
About Oceanfront Condo Unit 1705.
Welcome to your slice of coastal paradise at 504 N Ocean Blvd #1705, Myrtle Beach, SC – an investor's dream! This fully furnished, turn-key OCEANFRONT condominium offers not just a home, but a potential rental income opportunity.
This "lock out" unit features both A and B sides, each equipped with 2 bedrooms, 2 bathrooms, and spacious living/dining areas. Granite countertops and a breakfast bar adorn the kitchen, perfect for hosting guests. The master bedroom boasts a private balcony, walk-in closet, and ensuite bathroom, while the second bedroom offers ample space for guests, family, or friends.
Step onto your private balcony to soak in the sights and sounds of the ocean, or enjoy a range of amenities including pools, a fitness center, and direct beach access. Located near the vibrant attractions, restaurants, and entertainment of Myrtle Beach, this condo offers both a lifestyle and a potential lucrative rental opportunity.
Don't miss your chance to own a piece of the coastal dream – seize the opportunity to invest in this highly rentable oceanfront resort at 504 N Ocean Blvd, Unit 1705.
Accommodation & Amenities.
Accommodations vary by room type but some include Sleeper sofas, fully equipped kitchens, coffee makers, in-room safe, irons and ironing boards, washer and dryers, free in-room coffee with coffee markers, hair dryers, and some units include private balconies.
Guests enjoy indoor water amenities, life-size games of chess and checkers, Starbucks onsite, shuffleboard overlooking Ocean Boulevard, an outdoor pool and spa, and elegant details within the rooms and condos including private balconies.
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 Bayview Resort, even if you use offsite property management, your tenants can use the amenities.
What does the HOA Include?
The HOA includes Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Landscape/Lawn, Insurance, Manager, Security, Legal and Accounting, Master Antenna/Cable TV, Common Maint/Repair.
How Does the Location Serve My Guests?
2 Minutes from Myrtle Beach Boardwalk and Promenade
8 Minutes from Broadway at the Beach
3 Minutes from Family Kingdom
8 Minutes from Walmart Supercenter
8 Minutes from Top Golf
12 Minutes from Medieval Times Dinner and Tournament
12 Minutes from Market Common/Savannah’s Playground
10 Minutes from Coastal Grand Mall, Costco, and Best Buy
10 Minutes from Springmaid Pier
11 Minutes from Myrtle Beach International Airport
12 Minutes from River Oaks Golf Club
13 Minutes from Myrtlewood Golf Club
14 Minutes from World Tour Golf Links
16 Minutes from Pirates Voyage
16 Minutes from Grand Strand Medical Center
14 Minutes from Tanger Outlets
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 towards Forestbrook (14 Minutes), Pine Island (15 Minutes), or Carolina Forest (25 Minutes) Communities to reach Conway, SC (32 Minutes)
Take Hwy 501 to Hwy 31 and go north to reach Carolina Forest and North Myrtle Beach
Take Hwy 501 to Hwy 31 and go south to reach Socastee
Take Hwy 501 to Hwy 17 Bypass South to reach Garden City and Murrells Inlet
Take Hwy 501 to Hwy 17 Bypass North to merge into Bus 17 and reach North Myrtle Beach and Little River
Depreciation.
Assuming that the purchase price of Unit 1705 is the same as the appraised value at $365,000, when this appraised value is divided over 27.5 years for depreciation, this gives you an annual taxable income deduction of $13,272.72 for this rental property. If that doesn’t get you excited, just wait until you see how this unit has appreciated!
How did Bay View on the Boardwalk Appreciate?
In 2014, the average unit across all types had a purchase price of $177,333. In 2023, the average unit across all types had a purchase price of $308,500. This an increase in appreciated value of $131,167. In the last 10 years, Bay View on the Boardwalk appreciated 74%.
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.
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.
All Rental Types Compared to Oceanfront Condo Unit 1705
The 2022-2023 Avg Gross Rental Income for Unit 1705 is $60,152.48. By investing in Oceanfront Condo Unit 1705, compared to all types of rentals in Myrtle Beach South Carolina, you come out making atleast $26,974.48 more but could stand to make as much as $37,601.48. It’s clear to me that Oceanfront Condos are the way to go in our market.
2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.
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.
Run Facebook Ads Targeting Groups that Visit Our Market for Local Events and Golf.
Here are my picks for your top 4 groups to run Facebook Ads to in order to increase your occupancy:
1. Golfers. Myrtle Beach has over 90 Golf Courses. Spring time is when golfers begin arriving.
2. Marathon Runners. Myrtle Beach Marathon: Held typically in late February or early March, this event attracts runners from all over the country. It includes a full marathon, half marathon, and other races.
3. Country Music Lovers. Carolina Country Music Fest: Held in June, this multi-day music festival features some of the biggest names in country music performing on stages set up along the Myrtle Beach Boardwalk.
4. Bikers. Myrtle Beach Bike Week: Both spring and fall editions of Bike Week attract motorcycle enthusiasts to the area for rallies, rides, and entertainment.
Do I Buy an Oceanfront Condo as a Second Home or Investment Property?
Buying 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.
Buying 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.
When you buy as an investment property, you will have to pay personal property taxes on the furnishings in your unit.
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.
I had a client once that listed their property with a different agent before me and couldn’t get it sold. Based on feedback from showings after the property was listed with me, we remodeled the unit. The property went under contract in only 23 days after the remodel, when before it wouldn’t sell.
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Bayview on the Boardwalk Market Report.
This Market Report is as of 03-07-2023.
Active Properties.
10 Active
Average Price: $329,160
Average Days on Market: 117 days
Sellers are more likely to reduce their price due to high competition.
Under Contract.
2 Properties Under Contract
Average Price: $286,500
Average Days on Market: 59 days
Sold Properties.
6 Properties Sold in last 6 months
Average Price: $312,800
Average Days on Market: 104 days
Properties are selling so don’t let another buyer get the best deal on the condo you want.
For current information, please Click Here.
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What is the Projected Profitability for these Units?
Between 2022 and 2023, this type 2 Bedroom Oceanfront unit at Beach Colony Resort brought in an Average Gross Rental Income of $60,152.48.
Paying with Cash.
As of 2022-2023, this 2 Bedroom Oceanfront unit generates an average of $60,152.48 in Gross Rental income. If using a property manager that charges 10%, your expense should be $6,015.25 which brings you to a subtotal of $54,137.23 after property management fees are paid.
With estimated taxes—based on 2020—at $3,290.83, cleaning services—based on 27 bookings annually at $150 per cleaning—at $4,050, and annualized HOA dues at $13,644, your estimated expenses are $20,984.83.
Subtracting from your subtotal (after property management fees) of $54,137.23, for your total estimated expenses of $20,984.83, your projected profit is $33,152.40.
Paying with Financing.
As of 2022-2023, this 2 Bedroom Oceanfront unit generates an average of $60,152.48 in Gross Rental income. If using a property manager that charges 10%, your expense should be $6,015.25 which brings you to a subtotal of $54,137.23 after property management fees are paid.
At a purchase price of $365,000, your 15% down payment is $54,750. Assuming an 8.24 interest rate for 30 years with a down payment of 15%, your principal and interest totals $28,896. With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually—at $4,050, and annualized HOA dues at $13,644, your estimated expenses are $49,880.83.
Subtracting from your subtotal (after property management fees) of $54,137.23, for your total estimated expenses of $49,880.83, your projected profit is $4,256.40. Bayview 2-bedroom Oceanfront Condos are some of the rare “Unicorns” that yield a projected profit even when financing!
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.