Four-Building Apartment
700 Mitchell Dr. Myrtle Beach, SC 29577
700 Mitchell Dr., Myrtle Beach, SC, 29577
$1,999,000
For Sale
$1,999,000
Four-building multifamily compound with 21 total units, including 16 efficiencies and five two-bedroom apartments.
Property Size9,208 SF
Lot Size0.66 Acres
Price / SF$217.09
Days on Market511
Property Features for 700 Mitchell Dr.
General Information
- Standard status
- Active
- Size
- 9,208 SF
- Lot size
- 0.66 Acres
- Property subtype
- Apartment
Building Details
- Year Built
- 1960
Listing agency
(516) 233-0601
Listed by
Own Myrtle Real Estate
(843) 457-9780
Source
Xome
Added: Feb 27, 2025 Updated: Jul 20 at 6:51PM Checked: Jul 23 at 3:57AM
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 Own Myrtle Real Estate
Investment Insights
Based on property information with market context.
This for-sale multifamily compound consists of four separate buildings totaling 21 residential units. The unit mix includes 16 efficiency apartments and five two-bedroom apartments, providing flexibility across different tenancy profiles.
The property is located at 700 Mitchell Dr., in Myrtle Beach, South Carolina, and is described as being positioned between Ocean Blvd and Highway 17 Business. Public remarks also reference MUH as the governing highest-density zoning designation.
The compound is offered on 0.66 acres and totals 9,208 square feet per the provided information.
The property is located at 700 Mitchell Dr., in Myrtle Beach, South Carolina, and is described as being positioned between Ocean Blvd and Highway 17 Business. Public remarks also reference MUH as the governing highest-density zoning designation.
The compound is offered on 0.66 acres and totals 9,208 square feet per the provided information.
Key Highlights
- Four‑building multifamily compound with 21 total units on 0.66 acres
- Unit mix includes 16 efficiencies and 5 two‑bedroom apartments
- Zoned for apartments (MUH stated in remarks)
Local 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
Location Intelligence
Current Use by Public Records
Imperial Hospitality LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Four-building multifamily compound with 21 total units, including 16 efficiencies and five two-bedroom apartments.
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: Four‑building multifamily compound with 21 total units on 0.66 acres; Unit mix includes 16 efficiencies and 5 two‑bedroom apartments; Zoned for apartments (MUH stated in remarks)
