21-Unit Apartment
For Sale
$1,900,000
700 Mitchell Dr., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size9,208 SF
Lot Size0.66 Acres
Price / SF$206.34
Days on Market549
Property Features for 700 Mitchell Dr.
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Lot features
East of Highway 17 Bypass
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Subdivision
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
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: Oct 8
Last Checked: Oct 15 at 8:06PM
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.
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Investment Insights
Based on property information with market context.
Four apartment buildings contain 21 units across a 0.66-acre site. The mix includes 16 efficiency apartments and five two-bedroom apartments. Built in 1960, the property totals 9,208 square feet and carries MUH zoning. The stated cap rate is 9.7%.
The property is positioned between Ocean Blvd and Highway 17 Business in Myrtle Beach. The beach, restaurants, and shopping are within a short walk.
The property is positioned between Ocean Blvd and Highway 17 Business in Myrtle Beach. The beach, restaurants, and shopping are within a short walk.
Key Highlights
- 21 apartments across four buildings: 16 efficiencies and five two‑bedroom units
- 0.66‑acre site with MUH zoning
- 9,208 square feet; built in 1960
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.
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Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four buildings offer a mix of compact and two-bedroom rental layouts near the beach.
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: 16 efficiencies and five two‑bedroom units; 0.66‑acre site with MUH zoning; 9,208 square feet; built in 1960
