About Ocean Reef Resort
Located at 7100 Ocean Blvd. N, Myrtle Beach, SC 29572, Ocean Reef Resort in Myrtle Beach, SC, is renowned for its prime oceanfront location, luxurious accommodations, and extensive array of amenities catering to families and vacationers.
Some of its notable features include:
Oceanfront Access: The resort boasts direct access to Myrtle Beach's sandy shoreline, allowing guests to enjoy the beauty of the Atlantic Ocean right at their doorstep.
Luxurious Accommodations include spacious suites to cozy rooms, all designed to provide comfort and relaxation for guests during their stay.
Amenities: The resort features a variety of amenities to enhance guests' experience, including multiple pools (indoor and outdoor), a water park with slides and splash areas, hot tubs, a fitness center, and on-site dining options.
Family-Friendly Environment: With activities and facilities catering to families, Ocean Reef is known for providing a fun and enjoyable vacation experience for guests of all ages.
Hospitality and Service: The resort is praised for its attentive staff and excellent customer service, ensuring that guests feel welcomed and well-cared-for throughout their stay.
One Reviewer said, “Very nice stay. Employees were awesome!”
Overall, Ocean Reef Resort in Myrtle Beach is celebrated for offering a comprehensive vacation experience, combining relaxation, entertainment, and seaside luxury.
The Resort has 3 sections:
Ocean Reef Resort North Tower
Ocean Reef Resort North Tower Penthouse II
Ocean Reef South Tower
Unit 1126 is located in Ocean Reef North Tower PH II.
Units Range from Efficiency to 4-bedrooms, having both oceanfront and Oceanview units, and offer square footage as low as 307 square feet and as high as 1,940 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.
About Oceanfront Condo Unit 1126.
Welcome to your slice of coastal paradise at 7100 Ocean Blvd. N, Myrtle Beach, SC 29572– an investor's dream! Introducing an exquisite corner oceanfront condominium perched on the 11th floor of the renowned Ocean Reef Resort along Myrtle Beach's Golden Mile. Revel in uninterrupted ocean views from every angle in this immaculate unit, boasting fresh carpeting, stylish furnishings, and coastal décor. Floor-to-ceiling windows flood the living area and master bedroom with natural light, while a sprawling wrap-around balcony invites you to soak in the splendor of the Atlantic Coast. With a plethora of amenities including indoor/outdoor pools, a water park, and fitness facilities, this condo is the epitome of luxury beach living.
Accommodation & Amenities.
Accommodations vary by room type but some include Alarm Clock, 2 TVs, Coffee Maker, Complimentary Wi-Fi, Dining Table, Washer and Dryer, Free In-Room Coffee, Hair Dryer, Iron & Ironing Board, In-Room Safe, Kitchen, Private Balcony, Sleeper Sofa.
Ocean Reef Resort in Myrtle Beach, SC, features an onsite restaurant called "Cafe du Port." This restaurant offers a variety of dining options, including breakfast, lunch, and dinner, with a focus on coastal cuisine. Guests can enjoy both indoor and outdoor seating, with views of the ocean adding to the dining experience.
Guests enjoy indoor and outdoor pools, water park, fitness center, on-site dining, direct beach access, kid-friendly activities, business center, meeting spaces, laundry facilities, free Wi-Fi, concierge services, parking facilities.
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 Ocean Reef 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, Common Maint/Repair, Electric In Unit, Internet Access, Pest Control.
How Does the Location Serve My Guests?
What's nearby
Grande Dunes Marketplace - 3 min drive
Myrtle Beach Boardwalk - 7 min drive
Broadway at the Beach - 7 min drive
Myrtle Beach Convention Center - 7 min drive
Apache Pier - 8 min drive
Airport
Myrtle Beach Intl. Airport (MYR) - 19 min drive
Restaurants
Starbucks - 2 min drive
Fiesta Mexicana - 6 min walk
River City Cafe - 3 min walk
McDonald's - 2 min drive
Mango's On The Beach - 5 min walk
Golf
8 Minutes from Top Golf
12 Minutes from River Oaks Golf Club
13 Minutes from Myrtlewood Golf Club
14 Minutes from World Tour Golf Links
Other Attractions
3 Minutes from Family Kingdom
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
16 Minutes from Pirates Voyage
Groceries
8 Minutes from Walmart Supercenter
4 Minutes from Publix
Shopping
14 Minutes from Tanger Outlets
Medical
16 Minutes from Grand Strand Medical Center
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 1126 is the same as the appraised value at $590,000, when this appraised value is divided over 27.5 years for depreciation, this gives you an annual taxable income deduction of $21,454.55 for this rental property. If that doesn’t get you excited, just wait until you see how this unit has appreciated!
How did Ocean Reef Appreciate?
In 2014, the average unit across all types had a purchase price of $146,029. In 2023, the average unit across all types had a purchase price of $198,917. This an increase in appreciated value of $52,888. In the last 10 years, Ocean Reef across all unit types appreciated 36%.
However, in 2014, a 4-bedroom unit had a purchase price of $280,000. In 2023, a 4-bedroom had a purchase price of $590,000. This an increase in appreciated value of $280,000. In the last 10 years, Ocean Reef 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. Let’s take a look at how 4-bedroom rental properties perform across all property types in Myrtle Beach, SC and then compare 4-bedroom units across all property types in Myrtle Beach, SC to Oceanfront Condo unit 1126.
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.
All Rental Types Compared to Oceanfront Condo Unit 1126
The 2023 Avg Gross Rental Income for Unit 1126 is $104,400.12. By investing in Oceanfront Condo Unit 1126, compared to all types of rentals in Myrtle Beach South Carolina, you come out making atleast $26,972.12 more but could stand to make as much as $48,318.12. It’s clear to me that Oceanfront Condos are the way to go in our market.
Which unit type should I invest in?
The top performers in our market were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501 according to Evolve property management. However, this question is much larger than occupancy and average daily rate. Are you playing the appreciation game or the income game? Are you more interested in how well the property appreciates so that when you sell it you can maximize on the increased value or are you interested in a property that generates great projected profitability annually so that you can bolster your current income? This is one of the initial steps to understanding which oceanfront condo is right for you.
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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Ocean Reef Market Report.
This Market Report is as of 03-30-2023.
Active Properties.
31 Active
Average Price: $226,618
Average Days on Market: 127 days
Sellers are more likely to reduce their price due to high competition.
Under Contract.
0 Properties Under Contract
Sold Properties.
12 Properties Sold in last 6 months
Average Price: $190,083
Average Days on Market: 110 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?
In 2023, this 4 Bedroom Oceanfront unit at Ocean Reef Resort brought in an Average Gross Rental Income of $104,400.12.
Paying with Cash.
As of 2023, this 4 Bedroom Oceanfront unit generated $104,400.12 in Gross Rental income. If using a property manager that charges 10%, your expense should be $10,440.01 which brings you to a subtotal of $93,960.11 after property management fees are paid.
With estimated taxes—based on 2020—at $5,316.35, cleaning services—based on 27 bookings annually at $250 per cleaning—at $6,750, and annualized HOA dues at $31,080, your estimated expenses are $45,146.35.
Subtracting from your subtotal (after property management fees) of $93,960.11, for your total estimated expenses of $45,146.35, your projected profit is $50,813.76.
Paying with Financing.
As of 2023, this 4 Bedroom Oceanfront unit generated $104,400.12 in Gross Rental income. If using a property manager that charges 10%, your expense should be $10,440.01 which brings you to a subtotal of $93,960.11 after property management fees are paid.
At a purchase price of $590,000, your 15% down payment is $88,500. Assuming an 8.24 interest rate for 30 years with a down payment of 15%, your principal and interest totals $46,668. With estimated taxes—based on 2020—at $5,316.35, cleaning services—based on 27 bookings annually—at $6,750, and annualized HOA dues at $31,080, your estimated expenses are $89,814.35.
Subtracting from your subtotal (after property management fees) of $93,960.11, for your total estimated expenses of $89,814.35, your projected profit is $4,145.76. Ocean Reef 4-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.