Oceanfront Lockout Condominium
New
For Sale
$1,100,000
2201 S Ocean Blvd., Myrtle Beach, SC 29577
Two furnished oceanfront residences offer flexible layouts, private balconies, and access to extensive resort amenities.
Property Size3,602 SF
Price / SF$305.39
Days on Market6
Property Features for 2201 S Ocean Blvd.
General Information
Standard status
Active
Size
3,602 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/3BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
indoor pool
outdoor pool
kiddie pool
lazy river
hot tub/spa
fitness center
on-site restaurant
Tiki Bar
private oceanfront balcony
washer/dryer
Building Details
Year Built
2006
Listing Agency:
Realty ONE Group Dockside
(843) 222-6357
Listed By:
Liat Edri · License #6170
Source:
Costacoastalproperties
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 31 at 1:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Dockside
Investment Insights
Based on property information with market context.
This offering includes two direct oceanfront condominium units at Paradise Resort, identified as Unit 801/802 and Unit 1601/1602. The residences were built in 2006 and together provide 3,602 square feet. Each features a lockout design that can function as a 4-bedroom, 3-bath configuration or as a 3-bedroom, 2-bath residence with a separate efficiency and 1-bath lockout. Interior improvements include remodeled finishes, granite countertops, full kitchens, ceramic tile flooring, furnishings, appliances, washer/dryer, and housewares. Private oceanfront balconies extend the living area toward the Atlantic.
Property amenities include indoor and outdoor pools, a kiddie pool, lazy river, hot tub/spa, fitness center, on-site restaurant, and Tiki Bar. The property is located at 2201 S Ocean Blvd. in Myrtle Beach, South Carolina, near Market Common, shopping, dining, golf, entertainment, and Grand Strand attractions.
Property amenities include indoor and outdoor pools, a kiddie pool, lazy river, hot tub/spa, fitness center, on-site restaurant, and Tiki Bar. The property is located at 2201 S Ocean Blvd. in Myrtle Beach, South Carolina, near Market Common, shopping, dining, golf, entertainment, and Grand Strand attractions.
Key Highlights
- Two direct oceanfront condominium units at Paradise Resort
- 3,602 square feet across the offering; built in 2006
- Lockout layout supports a 4‑bedroom, 3‑bath configuration
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,251
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$665,020
$665.0K
Cap Rate 7%
$475,014
$475.0K
Cap Rate 9%
$369,456
$369.5K
Market Conditions
NOI Build-Up for 3,602 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.1K $17.52/SF
− Vacancy
−$2.7K −$0.74/SF
EGI
$60.5K $16.78/SF
− OpEx
−$27.2K −$7.55/SF
NOI
$33.3K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$665,020
Cap Rate 7%
$475,014
Cap Rate 9%
$369,456
Alternative Uses
Best Use
Apartment 5plus
$475.0K
$415.6K – $554.2K
NOI $33,251 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$912.9K
$798.8K – $1.07M
NOI $63,902 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two furnished oceanfront residences offer flexible layouts, private balconies, and access to extensive resort amenities.
Where is this short term rental property located?
The property is located at 2201 S Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two direct oceanfront condominium units at Paradise Resort; 3,602 square feet across the offering; built in 2006; Lockout layout supports a 4‑bedroom, 3‑bath configuration
