Myrtle Beach Multifamily
700 Mitchell Dr. Myrtle Beach, SC 29577
For Sale
$1,999,000
MULTI_FAMILY - Myrtle Beach, SC
Property Size9,208 SF
Lot Size0.66 Acres
Price / SF$217.09
Days on Market466
Property Features for 700 Mitchell Dr.
General Information
- Property type
- Residential Multi Family
- Property subtype
- Apartment
- Standard status
- Active
- Size
- 9,208 SF
- Lot size
- 0.66 Acres
Building Details
- Year built
- 1960
- Number of units
- 21
Listing Agency:
Own Myrtle Real Estate
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Added: Apr 15, 2025
Changed: Jun 1
Last Checked: Jul 24 at 1:06PM
MLS# 2509474
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.
This unique compound features four buildings situated in the highest-density zoning available, MUH, spanning 0.66 acres. The property includes 21 total units, made up of 16 efficiencies and 5 two-bedroom apartments, offering flexibility for both short-term and long-term rental opportunities. The property is positioned between Ocean Blvd and Highway 17 Business, a short distance from the beach, restaurants, and shopping. The property contains 9,208 square feet of space and is located in Myrtle Beach, South Carolina.
Key Highlights
- Prime location near beach, restaurants, and shopping, situated between Ocean Blvd and Highway 17 Business.
- High‑density zoning (MUH) on 0.66 acres.
- 21 total units: Featuring 16 efficiencies and 5 two‑bedroom apartments.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.3k | $17.52 |
| − Vacancy | −$6.8k | −$0.74 |
| EGI | $154.5k | $16.78 |
| − OpEx | −$69.5k | −$7.55 |
| NOI | $85.0k | $9.23 |
9,208 SF · lease $17.52/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,002 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,357 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Imperial Hospitality LLC
(Bike/Boat/Book/etc) Store
FAQs
What type of property is this?
Apartment building - 21-unit multifamily property near beach, restaurants, and shopping.
Where is this apartment building located?
The property is located at 700 Mitchell Dr. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Prime location near beach, restaurants, and shopping, situated between Ocean Blvd and Highway 17 Business.; High‑density zoning (MUH) on 0.66 acres.; 21 total units: Featuring 16 efficiencies and 5 two‑bedroom apartments.
