Investing in Ocean Park Resort, Myrtle Beach (2023–2024): Performance & Strategies

Ocean Park Resort in Myrtle Beach, SC is a popular oceanfront “condotel” known for its pet-friendly policy and variety of units. Investors are drawn to its beachfront location, range of studios and multi-bedroom suites, and strong short-term rental demand. This article provides a comprehensive, data-driven analysis of Ocean Park Resort’s 2023–2024 vacation rental performance by unit type – including income, occupancy, and seasonal trends – and explores ROI projections, guest reviews, HOA considerations, and advanced investment strategies. We also compare Ocean Park with similar Myrtle Beach oceanfront resorts (The Palace, Bluewater, Myrtle Beach Resort) to help both first-time and seasoned investors make informed decisions.

Resort Overview: Unit Types & Amenities

Ocean Park Resort sits on the south end of Myrtle Beach (1905 S Ocean Blvd), minutes from Family Kingdom amusement park and the airport. The high-rise features 125 oceanside condos (studio, 1BR, and 2BR lock-out suites) each with private ocean-view balconies. Notably, it’s one of the few dog-friendly oceanfront resorts – guests can bring dogs (up to 2 pets under 40 lbs, for a fee) and enjoy an on-site doggie day care and grooming spa. This pet-friendly focus is a unique selling point that expands the rental market. Other amenities include a large outdoor pool, indoor pool, hot tub, kiddie pool, oceanfront sun deck, fitness center, and direct beach access.

Ocean Park Resort’s oceanfront sun deck, which along with indoor/outdoor pools and hot tubs, provides year-round amenities for guests.

Unit types range from studio/efficiency suites (~330 sq ft, sleeping 2–4) to 1-bedroom suites (separate bedroom + living area, sleeps 4–6) and 2-bedroom lockout combos (essentially two adjoining units, sleeps up to 8–10). All units are individually owned and furnished, with full kitchens or kitchenettes for rental use. The mix of unit types allows targeting different guest segments – from couples and small families in studios/1BRs to larger groups in 2BR suites.

Short-Term Rental Performance by Unit Type (2023–24)

Myrtle Beach’s vacation rental market was robust in 2023, and Ocean Park units reflected those trends. According to market data, a typical Myrtle Beach rental was booked ~226 nights in 2023 (62% occupancy) with an average daily rate (ADR) around $121. Higher-end oceanfront properties achieved even greater revenue – the average booked rate across the area was ~$203/night, indicating strong peak-season pricing. Ocean Park Resort’s performance by unit type can be estimated as follows:

Table: Estimated 2023 rental performance for Ocean Park Resort units. (Gross income and occupancy based on market averages and Ocean Park’s positioning.)

Studios (efficiencies): Gross incomes typically range from the high teens to low $20k’s annually. These compact units (often 1 king or 2 queen beds in one room) appeal to couples and single travelers. They tend to have slightly lower annual occupancy (~55%) than 1BRs, as some families prefer larger units. However, studios often stay occupied in winter by monthly “snowbird” renters escaping cold climates, which helps bolster their off-season use. Peak summer demand is very strong – studios can be occupied nearly 100% in July. Nightly rates range from around $150–$180 in peak season down to $60–$80 in the winter. Owners often offer discounted monthly rates in winter (e.g. $1,000–$1,200/month) to secure 1–3 month snowbird bookings, resulting in ~20% occupancy in the coldest months.

1-Bedroom condos: These are the most common and arguably the best-performing segment. A 1BR at Ocean Park can gross on the order of $25–30k per year in rental income, given ~60% occupancy and moderate-high ADR. In fact, 1BR units often achieve the highest occupancy rates of all unit types – roughly 60% annually (in line with the Myrtle Beach median of 62%), with nearly full booking in summer (95% in July/August) and modest use in winter (~20–25% occupancy in Jan/Feb). Many small families find 1BR suites (which typically have 2 beds plus a sleeper sofa) ideal, and couples who want more space than a studio also choose 1BRs, keeping demand steady. Seasonal rates: In peak summer, 1BR oceanfront suites can command $180–$250 per night (especially weekends) – well above the Myrtle Beach average. Conversely, off-season nightly rates might drop to ~$80–$100 (or lower if owners opt for monthly winter tenants). The seasonal swing is dramatic: a 1BR that might gross $4,000+ in July could make under $1,000 in an entire winter month if rented nightly. Successful owners capitalize on spring and fall shoulder seasons (Mar–May, Sept–Oct), when occupancy often hovers ~50–70% at moderate rates, bridging the gap between peak summer and the quiet winter.

2-Bedroom units: Ocean Park’s 2BR offerings are often “lockout” combinations – e.g. a 1BR unit connected to an adjoining studio, rented together. These larger suites can accommodate 8 or more guests, attracting bigger families and groups, especially in summer. As a result, summer income is excellent – it’s not uncommon for a 2BR lockout to gross $8,000–$10,000 just in June–August. However, the larger size means they see less use in the off-season; occupancy might drop to the mid-teens (%) in winter, unless the owner secures a multi-month tenant (some 2BR owners will lease to snowbirds or traveling professionals for the winter at a flat monthly rate). Overall annual occupancy is often a bit lower (~50% range) simply because these units go empty in many off-season weeks. Rates: 2BR nightly rates in peak summer are very high, often $250–$350 per night (depending on condition and exact configuration), given their capacity – this far exceeds the area’s average ADR. During spring break and summer weekends, a premium 2BR oceanfront unit at Ocean Park can even approach $400/night after fees. In the winter, nightly rates might be ~$100–$125, but there is limited short-stay demand for large units; many owners prefer one renter for January–March at ~$1,500+ per month rather than chasing nightly bookings. Thus, 2BRs yield the highest gross income but can have more pronounced seasonal swings.

Seasonal Pattern Summary: All unit types experience Myrtle Beach’s pronounced seasonality – peak occupancy and ADR in summer, low in winter. Myrtle Beach sees over 17–19 million visitors annually, mostly in late spring through early fall. During June–August, Ocean Park condos are virtually full, and high season weeks (e.g. 4th of July) sell out at premium rates. Spring and fall “shoulder” seasons bring moderate occupancy (e.g. 50–75% in April or October as golfers and retirees visit). Winter is the off-season: monthly occupancy can dip below 20% if units aren’t rented long-term. However, Myrtle Beach’s year-round appeal (golf, holiday shows, mild winters) means many owners mitigate winter vacancy by attracting snowbirds. Overall, Myrtle Beach vacation properties average 60–70% annual occupancy when balanced across all seasons. Ocean Park follows this trend, ending 2023 with roughly 55–60% occupancy for most units and healthy year-over-year growth in average revenue (vacation rental revenues were up a few percent in 2023 vs 2022 in the area).

Revenue, Rates and Operating Expenses

Average Daily Rates (ADR): As noted, Ocean Park’s ADR varies widely by season. In 2023, the overall Myrtle Beach market ADR was about $203/night, but this is skewed by high summer rates. A more representative figure is ~$120–$150/night when averaging year-round for a 1BR oceanfront condo. At Ocean Park, studios might average ~$100/night over the year, 1BRs around ~$130, and 2BRs perhaps ~$150–$180. Peak-season nights are far above these averages (often double), while winter nights are far below. It’s important for owners to use dynamic pricing – adjusting rates for holidays, weekends, and events (e.g. bike week, spring break, sports tournaments) – to maximize income. For example, during a busy summer weekend, a 1BR that’s $130 on a average night might be set at $220+, whereas in an empty January week it might be $75. Ocean Park’s pet-friendly status can justify a small rate premium and pet fee: the resort charges guests an extra $20 per night per dog, which owners receive (minus any management cut) to offset additional cleaning.

Operating expenses for an Ocean Park condo are significant and must be factored into net returns. Key expenses include:

• HOA Fees: Monthly HOA dues are roughly $700–$750 per month for Ocean Park units (exact amount varies by unit size/floor; e.g. a 1BR was noted at $691/mo, and a combined 2BR unit at ~$1,257/mo). These fees are relatively high but inclusive: HOA covers most utilities and services, such as water/sewer, trash pickup, cable TV, internet, telephone, pool/amenity maintenance, common area electricity, building insurance, and on-site management. Notably, in-unit electric usage is not fully included (the HOA covers common area power, but owners pay their condo’s electric bill if not on the rental program). Still, an owner’s separate utility costs are minimal since water, cable, WiFi, etc., are paid by HOA. The HOA also handles exterior building insurance and maintenance; owners need only a “HO-6” condo insurance policy for contents and interior (often <$500/year). Comparison: Ocean Park’s HOA fee of ~$740/mo is higher than some peers (The Palace Resort’s HOA is around $400, for example) but Ocean Park includes more services (like comprehensive cable/internet and on-site amenities) in that fee.

• Property Taxes: South Carolina property taxes for non-owner-occupied condos are relatively modest – approximately 0.8–1.0% of market value annually. For instance, a $170,000 condo might incur ~$1,500 in property tax per year. Horry County offers lower millage rates than many states, making annual taxes on these units quite manageable for investors. (Taxes will vary slightly based on assessed value and any city taxes for Myrtle Beach.)

• Management and Cleaning Fees: Ocean Park owners have flexibility in management (discussed more below under HOA rules). If an owner self-manages via Airbnb/VRBO, they avoid management commissions but should account for cleaning and maintenance costs. Cleanings are typically paid for by guests (cleaning fee) and run ~$100 per turnover for a 1BR. Platforms like Airbnb charge ~3% host fee, and channel marketing may add ~$500–$1,000/year in service fees. If the owner opts for a full-service property manager (like the on-site program by Vacasa/Oceana, or an external firm), the commission is often 20–30% of gross rents. For example, Vacasa might take ~25% plus housekeeping fees. This significantly impacts net income (reducing owner gross by that percentage), but it’s truly hands-off. Many local agencies or self-management with a cleaner are available alternatives. Owners should also budget for maintenance and repairs – in an older building (Ocean Park was built in the 1980s), expect minor repairs, appliance replacements, or even special assessments for building upgrades (e.g. the HOA completed a new roof in 2023 and other upgrades, which improves the property but can occasionally lead to one-time fees to owners).

• Other Operating Costs: These include unit interior upkeep (furnishings, wear-and-tear), supplies (stocking toiletries, etc. if self-managing), and insurance. If renting short-term, owners often carry liability coverage (sometimes included if in a rental program). Fortunately, Ocean Park does not charge additional resort fees to owners or require paid parking (1 parking spot is provided per unit for guests).

In summary, a typical annual expense breakdown for a 1BR Ocean Park condo might be: HOA ~$8,400; property tax ~$1,500; insurance ~$500; maintenance/reserves ~$1,000; and if self-managed, perhaps $1,000 in cleaning/fees (net of guest-paid cleaning). That totals around $12,000–$13,000 in yearly costs (excluding a mortgage). Against a ~$25,000 gross income, the Net Operating Income (NOI) would be roughly ~$12,000 – $13,000 (if self-managed). This yields a solid cap rate, as we explore next.

ROI and Cap Rate Projections (Cash vs. Financed)

Investors will want to know: what return can I expect? Let’s analyze return on investment (ROI) and cap rates for Ocean Park units under different financing scenarios, using a 1BR as an example.

Industry experts often target an 8–10% cap rate for vacation rentals to ensure a good return. Cap rate is calculated as NOI (rent income minus all operating expenses) divided by purchase price. Ocean Park’s numbers can approach this range, especially if managed efficiently. Below is a sample projection for a 1-bedroom unit:

Example: 1BR Oceanfront Condo purchased for $170,000 (market rate mid-2024). Assume it grosses $25,000/year in rentals and incurs ~$11,400 in expenses (HOA, tax, etc., self-managed scenario from above), yielding NOI = $13,600.

• All-Cash Purchase: With NOI ~$13,600 on a $170k investment, the cap rate is about 8.0% (13.6/170) – right in line with the recommended range. This 8% would also be the cash-on-cash ROI since no financing is used.

• Financed (75% LTV): Suppose the investor puts 25% down (~$42,500) and finances the rest ($127,500) with a 30-year condo loan at 7% interest. Annual debt service is roughly ~$9,000 (approximately a 7% mortgage rate). The NOI ($13,600) minus mortgage ($9,000) leaves $4,600 in pre-tax cash flow. This results in a cash-on-cash return of about 10.8% on the ~$42.5k cash investment. In other words, leveraging boosts the return on the cash invested – even though the cap rate (property yield) stays 8%, the power of financing at ~7% interest improves the investor’s cash ROI to ~10+%. (If interest rates were higher or the rental income lower, this gap would shrink.)

• With Property Management: If the owner in the above example hired a rental manager at ~25% commission, the gross $25k would net ~$18,750 before fixed expenses. After $11,400 expenses, NOI becomes ~$7,350. The cap rate then drops to ~4.3% (7.35/170). This is a big hit – and indeed many “hands-off” investors in Myrtle Beach accept cap rates in the 4–6% range. Under financing, that scenario might barely break even on cash flow (since $7,350 NOI would be mostly consumed by ~$9k debt). Thus, self-management or low-cost management is key to achieving high cap rates at Ocean Park. By self-managing (or using a low 10% commission service), investors can keep the cap rate closer to 8%, whereas full-service management could halve the net yield.

In North Myrtle Beach, for comparison, Vacasa’s 2023 report showed average vacation rental cap rates around 3.75% (with ~$29k annual revenue on higher-priced homes). Ocean Park’s lower purchase prices mean investors can potentially attain higher cap rates than that, especially with smart management. ROI Tip: Savvy investors often aim to maximize “cash-on-cash” returns by using financing prudently (e.g. a 50–75% loan) to leverage their capital. So long as the interest rate is below the unlevered cap rate, leverage can improve cash returns. In our example, a ~8% cap and a 7% interest rate created a positive spread yielding ~10% cash-on-cash. If interest rates rise or an investor opts for an interest-only loan, these dynamics change, but the principle remains: Ocean Park condos can generate mid-to-high single digit returns in percentage terms for cash buyers, and potentially double-digit % returns on equity for financed deals, if managed efficiently.

Lastly, appreciation potential should be noted. Condo values in Myrtle Beach appreciated strongly in 2021–2022 and stabilized in 2023. An investor might not bank on huge appreciation in an 1980s-era resort, but modest price growth (or at least an inflation hedge) is likely over time. Ocean Park units remain relatively affordable (<$200k for many), so even if they appreciate 3–5% annually, that adds to the total ROI when combined with rental income. And, crucially, rental rates tend to rise with inflation – recent data showed MB rental revenues up ~3–6% year-over-year, supporting growing ROI in future years.

Guest Reviews and Ratings (Airbnb/VRBO/Booking)

Actual guest satisfaction plays a huge role in rental success – repeat bookings and positive reviews drive future income. Ocean Park Resort generally enjoys positive feedback, though with some caveats common to older oceanfront properties. Let’s examine review trends across platforms:

• Booking.com: Ocean Park is listed as an aparthotel; recent aggregate rating is 7.6 out of 10 (“Good”) from over 800 reviews. Guests frequently praise the beachfront location and pet-friendly amenities. For example, one Booking.com reviewer in 2025 noted the stay was “close and convenient…right on the beach,” though not perfect in value. A 7.6 score indicates most guests had a good experience, albeit with some noting room for improvement (more on that below). By contrast, The Palace Resort nearby holds around a 6.8/10 (“Pleasant”), suggesting Ocean Park is viewed more favorably than some peers.

• Airbnb/VRBO: Individual Ocean Park condos on these platforms often carry 4.2–4.8 out of 5 stars. For instance, a Vacasa-managed studio (unit 0910) has an Airbnb rating of 4.2/5, and a third-floor 1BR (unit 0322) shows a full 5.0 for host communication. On VRBO, a sample Ocean Park 1BR condo (unit 1102) holds 4.3/5 stars from guest reviews. Common compliments include: cleanliness of rooms, friendly staff, and excellent ocean views. Vacasa’s AI-generated summary for one unit highlights “incredible views,” an “accommodating atmosphere,” and very clean rooms, earning “high praise for its quality”. Indeed, a guest named Mike C. wrote: “Excellent place to come if you have dogs. Very pet friendly and right on the beach.”. Such feedback underscores the resort’s niche strength: travelers with pets feel welcome and enjoy the convenience of beach access.

  Complaints: Some reviews do mention issues. As an older building, a frequent critique is that units or facilities can feel a bit dated or have maintenance needs. A few guests on VRBO/Expedia noted things like worn furnishings or minor pest sightings in their rooms (e.g. one review mentioned seeing a couple of cockroaches, not uncommon in the humid climate, but still alarming to guests). Others have cited noise or disturbances: since Ocean Park is popular with families (and occasionally spring breakers or pet owners), a few reviews mentioned noise in hallways or late-night disruptions. The resort has addressed some concerns by upgrading infrastructure (as noted, new roof and HVAC improvements in 2023) and by having Vacasa’s local team manage issues promptly. On balance, the vast majority of guests are satisfied – Ocean Park’s TripAdvisor rating is roughly 3.5–4.0 out of 5 (TripAdvisor ranks it #50 of 184 Myrtle Beach hotels, which is top 30%) – and many are repeat visitors. Guests love the “value for money” (as one reviewer put it) – they feel they get a beachfront condo with great amenities at a fair price compared to high-end hotels.

Impact on investors: High guest ratings lead to more bookings and justify premium pricing. Owners should strive to maintain their individual unit in top condition (modern décor, comfy beds, reliable A/C) because units with 5-star reviews on Airbnb/VRBO will get significantly more bookings. Quick responsiveness to guest messages and proactive hospitality (providing beach chairs, a welcome basket, etc.) can translate into better reviews and repeat stays. Ocean Park’s consistent “good/not great” aggregate reviews suggest that while the resort delivers on expectations for most, there is an opportunity for exceptional hosts to stand out. Some units managed by attentive owners have dozens of 5-star reviews and clearly outperform the average in rental income. In summary, guest sentiment is largely positive – especially regarding location, staff, and pet-friendliness – and any common issues (dated decor or minor maintenance) are within an owner’s power to improve, yielding a direct payoff in rental performance.

HOA Rules, Fees, and Owner Considerations

Before investing in Ocean Park, one must understand the HOA (Homeowners’ Association) rules, fees, and any restrictions on usage or rentals:

• HOA Fee & Inclusions: As discussed, the HOA fee is around $740/month for a typical unit. This fee includes virtually all routine costs: building insurance, flood insurance, water/sewer, trash, cable TV, internet/WiFi, telephone landline in unit, pest control, common area maintenance, pool and lawn care, and security. It even covers amenities like the dog play area and fitness room upkeep. Not included in the HOA: unit electric (owners/guests pay the power bill for their unit, unless enrolled in the on-site rental program which sometimes blends that cost), and property taxes. There are no separate resort fees charged to owners or guests beyond the HOA and normal booking fees. Overall, owners benefit from a very hands-off HOA that handles all exterior and many interior services – an important factor for out-of-town investors.

• Rental Management and Restrictions: Importantly, Ocean Park Resort does not mandate that owners use an on-site rental program. Owners are free to self-manage or hire any third-party management. This flexibility is crucial – some other Myrtle Beach resorts require using their in-house manager or have penalties if you rent on your own, but Ocean Park’s HOA does not impose such restrictions. The on-site desk is actually managed by Vacasa (as of 2024, Vacasa acquired Oceana Resorts). Owners can choose to join that program for convenience, but many opt to list on Airbnb/VRBO independently. The only requirement is that short-term renters abide by resort policies (pet rules, no smoking, etc.), and owners must obtain a Myrtle Beach business license and pay hospitality taxes on rental income (standard for STRs). There is no minimum stay rule enforced by the HOA – nightly rentals are fine. Some condo HOAs only allow long-term rentals, but Ocean Park is specifically designed for nightly/weekly rentals, so it’s very investor-friendly. (Contrast: Myrtle Beach Resort down the road restricts some towers to “owner and 2nd home only” with no STRs, which is not the case at Ocean Park.)

• Owner Use: Owners can, of course, use their condo for personal stays whenever they like (blocking it off from rentals). There is no limitation on owner usage – except that to classify the property as a rental for tax purposes or 1031 exchange (see later), your personal use should stay within certain limits (generally <14 days or 10% of rented days, per IRS rules). But the HOA itself places no cap on owner stays. Many owners use their condo in the off-season and rent it during peak season to maximize rental income (and some do the opposite – using prime weeks themselves, sacrificing some income for personal enjoyment).

• Pet Policy: As an owner, you are allowed pets (it’s a pet-friendly resort for owners year-round). Ocean Park uniquely also allows renters to bring dogs (with weight/breed restrictions and fees). This is a major plus but also something to be aware of – your unit will host dogs at times. HOA rules require any pet damage to be addressed (typically the pet fee covers extra cleaning). If an owner strongly prefers not to have renters’ pets in their unit, they could opt out of that (e.g. list as no pets on their Airbnb). But doing so would lose a competitive advantage. The HOA’s stance is that it welcomes dogs (no cats for renters, though). The presence of the on-site dog spa is a big draw and indicates HOA commitment to this niche. As an investor, embracing the pet-friendly aspect can yield higher occupancy – pet-friendly rentals are in high demand and often can charge an extra cleaning fee or pet fee.

• Renovations and Assessments: Owners are responsible for interior renovations of their unit. The HOA occasionally passes special assessments for major projects (e.g. structural work, painting, etc.). It’s wise to inquire about any recent or upcoming assessments. The mention of a new roof and HVAC in 2023 suggests the HOA invested in improvements recently, which could mean no major assessments in the near future (if they’ve been paid). On the flip side, those improvements add value and reduce future maintenance risk. Always review the HOA financials and meeting minutes when purchasing, to see if reserves are healthy. Ocean Park’s HOA appears proactive – covering big-ticket items like roof, and maintaining amenities (the pools, etc., are well kept according to guests).

• Insurance: The HOA carries a master insurance policy (including wind/flood). Owners need a separate HO-6 insurance for contents and liability. A HO-6 is typically inexpensive (few hundred dollars annually) and is required by most lenders and recommended by the HOA. It covers things like interior damage, theft, or if a guest gets injured inside the unit (beyond what the HOA covers in common areas).

• Financing Note: While not a “rule,” it’s worth noting for investors: financing condotels like Ocean Park can require local lenders or higher down payments. Many buyers use 20–30% down loans via local banks or credit unions familiar with Myrtle Beach resort condos. Rates might be ~1% higher than primary home rates. Ensure you work with a lender who lends on “resort condominiums” – this is a common hiccup for first-timers. Cash purchases are common too (hence lower loan delinquency risk in HOA). This financing nuance is not an HOA restriction, but a market reality to plan for.

In summary, Ocean Park’s HOA is investor-friendly: it provides comprehensive services (making remote ownership easier), it allows maximum rental flexibility, and it actively promotes features (like pet-friendliness) that enhance rental potential. The costs are predictable and the rules are reasonable – treat your guests well, follow city laws, and you won’t have issues. Always double-check the HOA disclosure documents before purchase for any updates, but as of 2024, there are no red flags: owners have successfully rented via Airbnb/VRBO for years at Ocean Park without issue.

Investment Strategies for Maximizing Returns

Whether you’re a first-time investor or a seasoned real estate owner, there are several strategies and tools to consider for Ocean Park Resort investments. Here are key approaches, including tax-deferral techniques, retirement account investing, and self-management tips:

1. 1031 Exchange Opportunities: Ocean Park condos qualify as like-kind property for a 1031 exchange, which can be a powerful tax strategy. If you are selling another investment property, you can defer capital gains taxes by exchanging into a Ocean Park unit (or vice versa when you sell the condo). The IRS requires that the property be held for investment (not primarily personal use). Vacation rentals do qualify as long as you use them mostly for rental. A common rule of thumb is to rent it at least 14 days a year and limit personal use to 14 days (or 10% of rental days) to be safe. Ocean Park units easily meet the rental days test given strong demand. By using a 1031 exchange, an investor can trade up from a smaller condo to a larger one or consolidate gains into multiple condos, all tax-deferred. For example, a seasoned investor might sell a property elsewhere and buy two Ocean Park condos via 1031, thereby expanding their rental portfolio without immediate tax impact. Always consult a 1031 intermediary and CPA – timelines (45-day identification, 180-day close) and rules must be followed. But in practice, 1031s are a great way to reposition your real estate holdings into Myrtle Beach’s high-yield market.

2. Using Retirement Funds (IRA/401k) to Invest: Some investors consider purchasing a condo using a self-directed IRA or solo 401(k). It is possible to hold real estate in an IRA, but there are strict rules. A Self-Directed IRA (SDIRA) can buy a rental condo, and all rental income must go back into the IRA, and all expenses paid from the IRA. One crucial rule: you (and your family) cannot use the property personally if it’s owned by your IRA. It must purely be an investment asset. That means no sneaking in a weekend vacation for yourself – it’s disallowed “self-dealing.” If you’re comfortable with that, an SDIRA can be a way to leverage retirement funds. Alternatively, some use a Solo 401(k) (if self-employed) to purchase real estate similarly. Another route is taking a loan from your 401(k) (many plans allow up to 50% of your account or $50k max) to help fund the down payment – essentially borrowing from yourself and paying yourself back with interest. This can be a quick source of capital for a deal, though it does put part of your retirement at risk if something goes awry. In short, yes, you can use retirement funds to invest in Ocean Park, but be mindful of the rules: no personal use (if directly owned by the retirement account), all rent must funnel into the IRA, and if you leverage inside an IRA, it has to be a non-recourse loan. Many prefer simply to use after-tax cash or a 401k loan for simplicity. Pro tip: If you plan to retire to Myrtle Beach eventually, you could hold the condo in an IRA for some years as a rental, then distribute it to yourself (paying taxes on distribution) when you’re ready to use it – effectively turning pre-tax savings into a vacation home. This is complex, so get professional advice to avoid IRS pitfalls.

3. Self-Management and Hosting Excellence: To truly maximize ROI, consider self-managing the rental (or at least using a low-cost service) rather than a large property manager. Thanks to platforms like Airbnb, VRBO, and Booking.com, many Ocean Park owners successfully manage their rentals remotely. Here are actionable self-management tips to outperform the market:

• Optimized Listings: Create an attractive listing with professional photos (ocean views and well-lit interiors are key) and a compelling description. Highlight unique features: “Pet-friendly oceanfront condo with resort amenities – pools, hot tubs, and dog spa!” This will draw clicks from pet owners and others. Accurate and enticing listings set the stage.

• Dynamic Pricing: Use pricing tools or manually adjust rates for seasonality and local events. Don’t leave the same rate year-round. For instance, leverage tools like BeyondPricing or AirDNA’s rentalizer to set high rates for July 4th week, Labor Day, etc., and lower rates in slow weeks. Also consider last-minute discounts to fill gaps.

• Fast Response and Great Communication: Airbnb’s algorithm favors hosts who respond to inquiries quickly and have high ratings. Be prompt and courteous in all guest communications. Setting up automated messages (for check-in instructions, etc.) helps streamline. Ocean Park’s front desk is limited (no 24-hour check-in via staff), so as host you’ll likely use keyless entry codes (Vacasa and many owners use digital locks). Make check-in seamless by providing clear instructions in advance.

• Cleanliness and Maintenance: Nothing ruins reviews faster than a dirty or poorly maintained unit. Hire reliable cleaners who do hotel-quality turnover cleans. Provide them a checklist (and pay extra for deep cleans periodically). Address maintenance issues immediately – have a local handyman on call. Many owners arrange regular preventive maintenance during off-season. Given some older aspects of the resort, ensure your unit is in top shape: e.g. update the decor, paint, replace older appliances as needed. These improvements can pay for themselves in higher nightly rates and ratings.

• Stocking & Amenities: Go above the basics. Stock your condo with plenty of towels, kitchenware, even beach gear (chairs, umbrella). Little touches like offering a Pack ’n Play (for families), or dog bowls for pet guests, can earn rave reviews. High-speed WiFi (already included via HOA) and a smart TV or streaming options are expected amenities. Some owners provide Netflix/Disney+ for guest use.

• Encourage Reviews: After a successful stay, kindly encourage guests to leave a review. Superhost status on Airbnb (4.8+ rating, low cancellation, high response) can significantly boost your booking rate. Ocean Park’s internal guest book isn’t as relevant as the online public reviews for your unit.

• Leverage Off-Season: Don’t let your condo sit empty all winter. Market specifically to snowbirds – perhaps list on snowbird rental sites or Facebook groups. Offer a discounted monthly rate including utilities. It’s better to have 3 months at $1,100 than near-zero at nightly rates. Also consider traveling nurses or military personnel – Myrtle Beach has some in the winter who need 1-3 month housing. This keeps occupancy and cash flow up in the slow season.

• Insurance and Protection: Use the platforms’ security deposits or damage waiver options for peace of mind. Airbnb allows you to charge guests for damages (with documentation) and VRBO/HomeAway have optional damage insurance guests can buy. Ocean Park’s front desk will charge pet fees and enforce rules, but as a self-manager you also should screen guests (rent to responsible groups). Having a ring camera at your front door (if allowed by HOA in common area – if not, maybe a noise monitor device inside) can help ensure no parties or extra unregistered guests.

By self-managing attentively, owners save that 20–30% commission and often deliver a better guest experience than a mass-managed unit. This translates to higher occupancy and rate. Many first-time investors worry about the workload, but once systems are in place (cleaners, automated messaging, pricing tool), it can be quite manageable – often just a few hours a week of coordination, yielding thousands of dollars in savings.

4. Reinvesting and Scaling: As you gain experience and profits from one unit, you might scale up – perhaps acquire a second unit at Ocean Park or diversify into another resort. Using your accumulated cash flow or leveraging a cash-out refinance (if the property appreciates) can provide capital for expansion. Some seasoned investors in Myrtle Beach own multiple condotel units across different buildings to spread risk and capture various niches (one pet-friendly like Ocean Park, one luxury resort unit, etc.). Ocean Park could be the starting point – for example, using a 1031 exchange from Ocean Park sale down the line to move into a bigger condo or even a beach house when you’re ready to scale into a different market segment.

5. Tax Benefits: In addition to the 1031 exchange deferral, remember that rental property owners get significant tax write-offs. Mortgage interest, property taxes (now fully deductible for businesses even with the SALT cap issue, since this is business interest), HOA dues, depreciation, insurance, and even travel to inspect the property are tax-deductible against rental income. The depreciation on a condo (building value portion) can often shelter a large portion of the rental income from taxes on paper. In some cases, investors qualify as real estate professionals or use short-term rental tax loopholes to deduct losses against ordinary income – a topic beyond our scope, but worth exploring with a CPA. In essence, the after-tax return on Ocean Park investments can be higher than the nominal because of these write-offs.

Comparison with Similar Myrtle Beach Resorts

Ocean Park is one of several oceanfront condo-resorts catering to short-term renters in Myrtle Beach. How does it stack up against some peers? Let’s compare key factors for The Palace Resort, Bluewater Resort, and Myrtle Beach Resort:

• The Palace Resort (1605 S Ocean Blvd): Just a few blocks north of Ocean Park, The Palace is another oceanfront high-rise with primarily 1BR and 2BR condos. It’s a slightly older resort with fewer unique amenities (no dog daycare, etc., and only a modest pool setup). HOA fees at The Palace are notably lower – around $400/month – but that doesn’t include as much (for instance, electric and WiFi might not be fully included). Guest reviews for The Palace are a bit mixed; Booking.com shows ~6.8/10, with common complaints of dated units and cleanliness issues. That’s lower than Ocean Park’s reputation. From an investment view, Palace units often sell a bit cheaper per square foot (some 1BRs in the ~$150k or less range), and their rental income is comparable but slightly lower than Ocean Park’s units. They cater to the same tourist base, but Palace is not pet-friendly for renters (only owners can have pets, typically). Therefore, Ocean Park often edges out The Palace in winter occupancy because it captures the pet-traveler segment, whereas Palace units might sit empty or rely on monthly renters without that niche. If considering Palace vs Ocean Park: Palace’s pro is lower HOA (hence slightly higher net if income were equal), but Ocean Park’s higher average rental rates and broader appeal may offset that. Many investors choose Ocean Park for the pet-friendly policy and on-site support.

• Bluewater Resort (2001 S Ocean Blvd): Essentially Ocean Park’s next-door neighbor, Bluewater is another oceanfront condo building. It has a mix of units (studios to 2BR) and a decent amenity lineup (pools, a lazy river, restaurant). HOA fees at Bluewater are in the same ballpark: roughly $600–$700/month depending on unit, and they do include in-unit electric and insurance, etc., similar to Ocean Park. Bluewater’s management and rental environment are similar – owners can self-manage freely. However, one key difference: Bluewater Resort, while it allows owners to have pets, does not allow renters to bring pets (most Myrtle Beach resorts don’t – Ocean Park is the exception). So Bluewater cannot capitalize on that niche market. In peak summer, Bluewater and Ocean Park likely have similar occupancy and rates (both are mid-range oceanfronts appealing to families). In off-season, Bluewater might see a bit more vacancy without pet travelers. Bluewater’s guest ratings are around average; not significantly different from Ocean Park’s – perhaps a ~3.5/5 on TripAdvisor as well. One potential advantage: Bluewater has a larger resort complex with multiple buildings and a seasonal tiki bar, etc., which some guests like. But from an investment perspective, the performance of a Bluewater 1BR vs an Ocean Park 1BR is likely within the same range of gross income. Investors often decide between the two based on unit price/condition or HOA differences. Notably, Ocean Park’s recent upgrades (roof, etc.) may reduce near-term maintenance risk vs. Bluewater which may face similar aging issues (both built in mid-1980s). Bottom line: Bluewater is a strong competitor, but lacks pet-friendliness and has an HOA cost only slightly lower than Ocean Park’s while achieving similar rental rates – making Ocean Park a slightly more differentiated choice.

• Myrtle Beach Resort (5905 S Kings Hwy): This is a large resort at the south end of Myrtle Beach (technically near Surfside) comprising several buildings (including the Renaissance Tower, etc.) and extensive amenities (multiple pools, a water park, lazy river, tennis courts, etc.). It’s a bit different from Ocean Park: a gated 57-acre resort with a mix of condo types and a campground feel. Many units at Myrtle Beach Resort are condo-tels as well, but some buildings restrict short-term rentals. For example, the high-rise Renaissance Tower has historically had “owner and 2nd home only” rules, meaning you can’t do Airbnb there. Other sections of the resort do allow weekly rentals. So an investor must choose the right building if targeting MB Resort. In terms of rental performance, Myrtle Beach Resort is further from downtown (about 4-5 miles south of Ocean Park), so it appeals to families who want a self-contained resort and don’t mind driving to attractions. Summer rentals are strong (it’s very popular with families on a budget), and winter snowbird occupancy is actually quite good there – many retirees spend winter in MB Resort because of the community atmosphere and indoor amenities. The HOAs vary by building but can be similar (around $600–$800+ depending on size, since it’s an older complex with lots of facilities to maintain). Price-wise, units at MB Resort can be cheaper – e.g. a 2BR in the Five Seasons section might be $150k – but you must confirm you can rent it short-term. When comparing ROI, an MB Resort unit that is eligible for STR might gross slightly less than an Ocean Park unit because the location is less central and not walking distance to Myrtle’s downtown. However, the massive amenity package can attract longer stays. One strategy could be targeting winter rentals at MB Resort (where there’s an established snowbird program) and summer at Ocean Park. Some investors own one of each to balance – MB Resort’s HOA recently was noted around $700 but with rental limitations in some towers. If purely looking at yield: a Myrtle Beach Resort 2BR might gross $20–25k on a $140k purchase, but if you can only rent 90 days minimum (in some HOA rules), that limits STR potential. Ocean Park has no such rental duration limits. So for consistent short-term rental use, Ocean Park is superior. MB Resort might be more of a hybrid rental+personal-use or seasonal rental play.

Comparative Conclusion: Ocean Park holds its own among these. It offers a blend of features (pet-friendly, full resort amenities, close to downtown but family-oriented) that neither The Palace nor Bluewater fully match. While Palace has the lowest fees, it also has lower guest ratings and no unique niche. Bluewater is closest in profile; an investor choosing between Bluewater and Ocean Park may decide based on individual unit condition and view (since financials are similar). Myrtle Beach Resort is almost a different product – a great family resort but with some STR restrictions and a farther location. One might see slightly lower cap rates at MB Resort if buying a unit that can’t maximize short-term nights. Ocean Park’s competitive advantages – especially the dog-friendly policy – give it an occupancy edge and arguably a marketing edge (“bring Fido to the beach!” is a strong selling point that few other oceanfronts can claim). According to Oceana Resorts, Ocean Park was even awarded a “Fido’s Favorite” award for maintaining high pet-friendly guest ratings. This, along with recent upgrades and solid management, make Ocean Park a top-tier choice in the value-priced oceanfront condo category.

Conclusion: Is Ocean Park Resort a Good Investment in 2025?

Based on the latest data and trends, Ocean Park Resort in Myrtle Beach presents a compelling investment opportunity for both newcomers and experienced investors. The 2023–2024 rental performance has been strong – with studios, 1BR, and 2BR units generating substantial income ($18k–$40k+) and achieving ~60% annual occupancy on average. Seasonality is a factor, but it can be managed through monthly off-season rentals and aggressive peak pricing. Net yields (cap rates) in the ~7–9% range (unlevered) are attainable with self-management, which in today’s market is quite attractive (far better than beach markets with <5% cap rates).

Investors should take comfort in Ocean Park’s flexible HOA and support structure – the comprehensive HOA dues cover most expenses and allow you to focus on marketing and managing your unit. The resort’s unique pet-friendly amenities carve out a profitable niche, boosting occupancy and guest loyalty. Guest satisfaction is generally positive, especially for units where owners take an active role in quality. There is room to add value by updating units and providing excellent hospitality, which can translate to outperforming the averages discussed.

For first-time investors, Ocean Park offers a relatively low price point to enter the vacation rental market (with condos often $150k–$250k) and a proven track record of income. The key is to do your homework – analyze past rental statements if available, factor in all costs, and decide on a management strategy that suits your time and expertise. Utilize the tips on pricing and hosting to hit the ground running. The Myrtle Beach tourism machine (nearly 20 million visitors a year) provides a steady stream of guests, so a well-run unit at Ocean Park can start paying for itself quickly.

For seasoned investors, Ocean Park can be a great addition to a portfolio – offering diversification (in terms of geography or property type) and strong cash flow. It’s also a candidate for 1031 exchanges when rearranging assets – as either the relinquished or replacement property – given its rental-focus classification. Experienced owners might also experiment with multiple units (e.g. buy a combo unit, rent as 2 separate listings or one large, to maximize flexibility). And with potential economic shifts, having a high-yield rental property provides an income stream that can hedge other investments.

Of course, every investment has risks. Myrtle Beach is a mature market – competition from other rentals is high, and if tourism declines or a recession hits, occupancy could soften. Additionally, being an older building, unexpected repairs or special assessments could occur (though recent improvements mitigate that). However, as of 2025, trends are favorable: vacation rental demand remains robust, Myrtle Beach’s popularity is steady or growing, and the rise of remote work/travel could even extend shoulder seasons.

By leveraging the strategies outlined – from smart financing to self-management and tax advantages – investors can amplify their returns. An Ocean Park condo can generate not only a memorable experience for vacationers but also a healthy financial return for its owner. Many investors find that after a couple of years, their Ocean Park unit is yielding positive cash flow and building equity, effectively paying them to own a piece of the beach. With clarity on the numbers and a focus on guest satisfaction, Ocean Park Resort can indeed be a profitable and rewarding investment in the Myrtle Beach oceanfront real estate market.

Sources:

• Myrtle Beach vacation rental market data (occupancy ~62%, ADR ~$121); high-season ADR ~$203.

• Ocean Park Resort HOA fees and inclusions; pet policy and resort amenities.

• Expert guidance on target cap rates (8–10% for STRs) and 1031 exchange usage in vacation rentals.

• Guest review snapshots: Booking.com 7.6/10 (“Good”); VRBO example 4.3/5; positive pet-friendly feedback; Booking.com Palace Resort 6.8/10 for comparison.

• North Myrtle Beach cap rate (Vacasa 3.75% on $29k avg revenue) indicating Ocean Park’s potential for higher ROI.

• Ocean Breeze PM insights – Myrtle Beach avg occupancy 60–70%.

• Investopedia reminder: IRA-owned real estate cannot be used by owner.

• Vacasa (Expedia) pet fee details and Ocean Park policies.

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.