Historic Beachside
For Sale
$2,480,000
7501 N Ocean Blvd., Myrtle Beach, SC 29572
Remodeled hospitality property with a pool courtyard, cabana, and furnished outdoor areas near the Atlantic beach.
Property Size13,310 SF
Price / SF$186.33
Days on Market26
Property Features for 7501 N Ocean Blvd.
General Information
Standard status
Active
Size
13,310 SF
Building Details
Year Built
1965
Listing Agency:
RE/MAX Southern Shores
(888) 874-2121
Listed By:
Richard Singleton
Source:
Honorableservicerealty
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 25 at 4:52AM
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 RE/MAX Southern Shores
Investment Insights
Based on property information with market context.
This 13,310-square-foot motel at 7501 N Ocean Blvd. dates to 1965 and is listed on the National Register of Historic Places. The property has been remodeled, redecorated, and refurbished, with 24 motel rooms, a three-bedroom cottage, and an owner’s suite. Sale includes all FF&E.
Outdoor amenities include a palm-lined courtyard, swimming pool, covered cabana, and newly installed deck furniture. The property is positioned on the second row from the beach, with the Atlantic shoreline a short walk away. MU-H zoning applies, and the property is required to remain a motel. Its North Ocean Boulevard address places it near dining and entertainment in the north strand area of Myrtle Beach.
Outdoor amenities include a palm-lined courtyard, swimming pool, covered cabana, and newly installed deck furniture. The property is positioned on the second row from the beach, with the Atlantic shoreline a short walk away. MU-H zoning applies, and the property is required to remain a motel. Its North Ocean Boulevard address places it near dining and entertainment in the north strand area of Myrtle Beach.
Key Highlights
- 13,310‑square‑foot motel on North Ocean Boulevard
- Listed on the National Register of Historic Places
- 24 motel rooms plus a 3‑bedroom cottage and owner’s suite
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
$85,350
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
3.44%
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%
$1,707,000
$1.7M
Cap Rate 7%
$1,219,286
$1.2M
Cap Rate 9%
$948,333
$948.3K
Market Conditions
NOI Build-Up for 13,310 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
$199.7K $15.00/SF
− Vacancy
−$20.0K −$1.50/SF
EGI
$179.7K $13.50/SF
− OpEx
−$94.3K −$7.09/SF
NOI
$85.4K $6.41/SF
Area
Horry County, SC
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,707,000
Cap Rate 7%
$1,219,286
Cap Rate 9%
$948,333
Alternative Uses
Best Use
Hotel Hospitality
$1.22M
$1.07M – $1.42M
NOI $85,350 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.94M
NOI $236,130 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29572, SC
10,711
Population
14,313
Households
0.7
Avg Household Size
57
Median Age
43%
College-Educated
95%
High-School Grad
8.9 sq mi
ZIP Area
1,203
Density / Sq Mi
$75,388
Median Household Income
$36,121
Median Earnings
$1,148
Median Rent
$385,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Carolina Dunes — 6810 N Ocean Blvd, Myrtle Beach, SC 29572
- Monterey Bay Suites — 6804 N Ocean Blvd, Myrtle Beach, SC 29572
- The Beach House — 6800 N Ocean Blvd, Myrtle Beach, SC 29572
- Ocean front one bedroom at Caravelle-Sleeps 6! — 6900 ocean blvd, myrtle beach, sc 29572
- Beach House Golf & Racquet Club — 6800 N Ocean Blvd, Myrtle Beach, SC 29572
Frequently Asked Questions
What type of property is this?
Motel - Remodeled hospitality property with a pool courtyard, cabana, and furnished outdoor areas near the Atlantic beach.
Where is this motel located?
The property is located at 7501 N Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $2,480,000.
What are key features of this property?
This property features: 13,310‑square‑foot motel on North Ocean Boulevard; Listed on the National Register of Historic Places; 24 motel rooms plus a 3‑bedroom cottage and owner’s suite
