Oceanfront 54-Unit Motel with
For Sale
$7,500,000
606 N Ocean Blvd., Myrtle Beach, SC 29577
COMMERCIAL - Myrtle Beach, SC
Property Size23,336 SF
Lot Size0.80 Acres
Price / SF$321.39
Days on Market107
Property Features for 606 N Ocean Blvd.
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU-H Mixed
Exterior features
220-Volt Power, 440-Volt Power, Display Windows, Elevator-Passenger, Fixtures/Furniture, Inside Storage, Kitchen Facility, Reception Area, Restrooms - Private, Restrooms - Public, Sign
Accessibility
Accessible Elevator Installed
Subdivision
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
Standard status
Active
Size
23,336 SF
Lot size
0.80 Acres
Amenities
exterior pool
beach access
Building Details
Floors in Building
3
Number of units
54
Additional Structures
Storage
Listing Agency:
Realty ONE Group Dockside
(843) 492-4030
Listed By:
Liat Edri · License #59354
(843) 222-6357
Added: Apr 29
Changed: Aug 13
Last Checked: Aug 13 at 8:06AM
MLS# 2611121
Copyright © 2026 Coastal Carolina Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Diplomat is an oceanfront motel with 54 units and a street-level restaurant that was redone in 2025. The property includes an exterior pool, passenger elevator, private and public restrooms, kitchen facilities, storage, display windows, signage, and installed accessible elevator service. A separate parcel at 301 7th Ave North provides parking, complementing the main property at 606 N. Ocean Blvd.
The property fronts the Myrtle Beach Boardwalk and includes two beach accesses, one on each side of the hotel. It is positioned within the downtown entertainment district, with Ripley's Believe It or Not, the Myrtle Beach SkyWheel, Sling Shot, The Gay Dolphin, The Bowery, and other restaurants located nearby. The site is also within walking distance of several area attractions and dining destinations.
The property fronts the Myrtle Beach Boardwalk and includes two beach accesses, one on each side of the hotel. It is positioned within the downtown entertainment district, with Ripley's Believe It or Not, the Myrtle Beach SkyWheel, Sling Shot, The Gay Dolphin, The Bowery, and other restaurants located nearby. The site is also within walking distance of several area attractions and dining destinations.
Key Highlights
- 54‑unit oceanfront motel with street‑level restaurant space
- Restaurant was redone in 2025
- Separate 0.2‑acre parcel at 301 7th Ave North used for parking
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
Mixed Use
$4.23M
$3.70M – $4.94M
NOI $296,134 @ 7.0% cap · market cap 3.95%
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,366
Businesses Nearby
33k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 28%
Home Improvements & Furnishings 2%
Circle K
Shops & Services
7,947 visits/mo
0.5 miles
Waffle House
Dining
5,460 visits/mo
0.4 miles
Dollar General
Shops & Services
5,229 visits/mo
0.3 miles
AutoZone
Shops & Services
3,551 visits/mo
0.4 miles
Family Dollar
Shops & Services
2,653 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
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- Sea Dunes Ocean Front — 605 S Ocean Blvd, Myrtle Beach, SC 29577
Frequently Asked Questions
What type of property is this?
Motel - Oceanfront lodging property includes a renovated street-level restaurant and separate parking parcel.
Where is this motel located?
The property is located at 606 N Ocean Blvd. 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 was redone in 2025; Separate 0.2‑acre parcel at 301 7th Ave North used for parking
