21-Unit Apartment
For Sale
$1,900,000
700 Mitchell Dr., Myrtle Beach, SC 29577
Four residential buildings offer a mix of efficiency and two-bedroom apartments.
Property Size9,208 SF
Lot Size0.66 Acres
Price / SF$206.34
Days on Market558
Property Features for 700 Mitchell Dr.
General Information
Standard status
Active
Size
9,208 SF
Lot size
0.66 Acres
Property subtype
Apartment
Zoning
Apartments
Units
Unit Mix
16 x efficiency, 5 x 2BR
Multifamily Units
21
Additional Details
Cap Rate
9.7%
Highway Access
Yes
Building Details
Building Size
9,208 SF
Year Built
1960
Buildings
4
Listing Agency:
Own Myrtle Real Estate
Listed By:
Ester Esti Simantov
(516) 233-0601
Source:
Barefootrealty
Added: Apr 15, 2025
Changed: Oct 22
Last Checked: Oct 23 at 4:54PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 21-unit apartment property comprises four buildings on 0.66 acres. The unit mix includes 16 efficiency apartments and 5 two-bedroom apartments, with a total of 9,208 square feet. The property was built in 1960, and the listed zoning is Apartments.
The site is between Ocean Boulevard and Highway 17 Business in Myrtle Beach, with the beach, restaurants, and shopping nearby. The stated cap rate is 9.7%.
The site is between Ocean Boulevard and Highway 17 Business in Myrtle Beach, with the beach, restaurants, and shopping nearby. The stated cap rate is 9.7%.
Key Highlights
- 21 apartments across four buildings
- Unit mix of 16 efficiencies and 5 two‑bedroom apartments
- 9,208 square feet on 0.66 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$85,002
Cap Rate
4.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,700,040
$1.7M
Cap Rate 7%
$1,214,314
$1.2M
Cap Rate 9%
$944,467
$944.5K
Market Conditions
NOI Build-Up for 9,208 SF
Gross rent
$161.3K $17.52/SF
− Vacancy
−$6.8K −$0.74/SF
EGI
$154.5K $16.78/SF
− OpEx
−$69.5K −$7.55/SF
NOI
$85.0K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,700,040
Cap Rate 7%
$1,214,314
Cap Rate 9%
$944,467
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,002 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,357 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
21
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four residential buildings offer a mix of efficiency and 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 $1,900,000.
What are key features of this property?
This property features: 21 apartments across four buildings; Unit mix of 16 efficiencies and 5 two‑bedroom apartments; 9,208 square feet on 0.66 acres
