Four-Building Apartment
For Sale
$1,999,000
700 Mitchell Dr., Myrtle Beach, SC 29577
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 Market604
Property Features for 700 Mitchell Dr.
General Information
Standard status
Active
Size
9,208 SF
Lot size
0.66 Acres
Property subtype
Apartment
Zoning
MUH
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
21
Amenities
3
Apartments
Building Details
Year Built
1960
Listing Agency:
Own Myrtle Real Estate, LLC
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Source:
Xome
Added: Jan 12, 2025
Changed: Sep 1
Last Checked: Sep 7 at 5:54AM
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, LLC
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)
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
$85,002
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
4.25%
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%
$1,700,040
$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
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
$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 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%
$1,700,040
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 4.25%
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 authorities.
Property Analytics
Current Use
Lease Details
21
Residential units
Yes
Highway access
Yes
Paved road 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
Questions? Ask Rey
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Frequently Asked Questions
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)
