Oceanfront 54-Unit
For Sale
$7,500,000
606 N Ocean Blvd. 301 7th Ave N, Myrtle Beach, SC 29577
Includes a 2025-renovated restaurant, outdoor pool, and a separate parking parcel.
Property Size23,336 SF
Price / SF$321.39
Days on Market15
Property Features for 606 N Ocean Blvd. 301 7th Ave N
General Information
Standard status
Active
Size
23,336 SF
Listing Agency:
Realty ONE Group Dockside
(843) 222-6357
Listed By:
Liat Edri · License #59354
Source:
Honorableservicerealty
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 29 at 2:57PM
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.
The Diplomat is an oceanfront motel comprising 54 units and street-level restaurant space renovated in 2025. The property includes an outdoor pool, two beach access points, and approximately 200 feet of hotel frontage along the Boardwalk. A separate 0.2-acre parcel at 301 7th Ave North is used for parking, while the main building occupies a 0.6-acre oceanfront parcel.
The property is located at 606 N. Ocean Blvd. in Myrtle Beach’s entertainment district, near the Myrtle Beach SkyWheel, Ripley’s Believe It or Not, the Gay Dolphin, The Bowery, Sling Shot, and I LOVE SUGAR. The surrounding area includes restaurants, attractions, and the Boardwalk, supporting pedestrian access to nearby beach and entertainment destinations.
The property is located at 606 N. Ocean Blvd. in Myrtle Beach’s entertainment district, near the Myrtle Beach SkyWheel, Ripley’s Believe It or Not, the Gay Dolphin, The Bowery, Sling Shot, and I LOVE SUGAR. The surrounding area includes restaurants, attractions, and the Boardwalk, supporting pedestrian access to nearby beach and entertainment destinations.
Key Highlights
- 54‑unit oceanfront motel with street‑level restaurant space
- Restaurant renovated in 2025
- Separate 0.2‑acre parking parcel at 301 7th Ave North
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
$384,974
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
5.13%
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%
$7,699,480
$7.7M
Cap Rate 7%
$5,499,629
$5.5M
Cap Rate 9%
$4,277,489
$4.3M
Market Conditions
NOI Build-Up for 23,336 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
$526.5K $22.56/SF
− Vacancy
−$13.2K −$0.56/SF
EGI
$513.3K $22.00/SF
− OpEx
−$128.3K −$5.50/SF
NOI
$385.0K $16.50/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$7,699,480
Cap Rate 7%
$5,499,629
Cap Rate 9%
$4,277,489
Alternative Uses
Best Use
Specialty Retail
$5.50M
$4.81M – $6.42M
NOI $384,974 @ 7.0% cap · market cap 5.13%
Second Best
Hotel Hospitality
$2.14M
$1.87M – $2.49M
NOI $149,642 @ 7.0% cap · market cap 2.00%
Theoretical Best
Office A
$5.91M
$5.17M – $6.90M
NOI $413,999 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
40k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 24%
Hotels & Casinos 2%
Circle K
Shops & Services
13,036 visits/mo
0.3 miles
Waffle House
Dining
5,077 visits/mo
0.4 miles
KFC
Dining
4,404 visits/mo
0.4 miles
Bank of America
Shops & Services
3,846 visits/mo
0.4 miles
TD Bank
Shops & Services
3,189 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Motel - Includes a 2025-renovated restaurant, outdoor pool, and a separate parking parcel.
Where is this motel located?
The property is located at 606 N Ocean Blvd. 301 7th Ave N Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 54‑unit oceanfront motel with street‑level restaurant space; Restaurant renovated in 2025; Separate 0.2‑acre parking parcel at 301 7th Ave North
