Brick Quadplex Near
For Sale
$824,000
706 Mitchell Dr., Myrtle Beach, SC 29577
Four-unit multifamily property with separately metered electricity and convenient access to Myrtle Beach amenities.
Property Size2,650 SF
Price / SF$310.94
Days on Market404
Property Features for 706 Mitchell Dr.
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Fourplex
Additional Details
Multifamily Units
4
Amenities
3
muh
Brick Trim/Veneer
Building Details
Year Built
1998
Construction
brick
Listing Agency:
(516) 233-0601
Listed By:
Own Myrtle Real Estate
(843) 457-9780
Source:
Xome
Added: Jul 23, 2025
Changed: Aug 30
Last Checked: Aug 30 at 6:47AM
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.
Built in 1998, this 2,650-square-foot quadplex contains four residential units within a brick exterior. Each unit has its own electric meter, providing separate electrical metering across the property. The asset is configured for multifamily rental use and may also support short-term rental operations, subject to applicable requirements.
The property is located on Mitchell Dr. in Myrtle Beach, with the beach, shopping, and local attractions described as minutes away. Its four-unit layout and separately metered utilities provide a straightforward structure for residential income ownership.
The property is located on Mitchell Dr. in Myrtle Beach, with the beach, shopping, and local attractions described as minutes away. Its four-unit layout and separately metered utilities provide a straightforward structure for residential income ownership.
Key Highlights
- Four‑unit quadplex built in 1998
- 2,650‑square‑foot multifamily property
- Separate electric meter for each unit
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
$27,068
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
3.28%
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%
$541,360
$541.4K
Cap Rate 7%
$386,686
$386.7K
Cap Rate 9%
$300,756
$300.8K
Market Conditions
NOI Build-Up for 2,650 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
$40.7K $15.36/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$38.7K $14.59/SF
− OpEx
−$11.6K −$4.38/SF
NOI
$27.1K $10.21/SF
Area
Horry County, SC
Vacancy
5.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$541,360
Cap Rate 7%
$386,686
Cap Rate 9%
$300,756
Alternative Uses
Best Use
Multifamily LT 5
$386.7K
$338.4K – $451.1K
NOI $27,068 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$349.5K
$305.8K – $407.7K
NOI $24,463 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$671.6K
$587.7K – $783.6K
NOI $47,013 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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?
Quadplex - Four-unit multifamily property with separately metered electricity and convenient access to Myrtle Beach amenities.
Where is this quadplex located?
The property is located at 706 Mitchell Dr. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $824,000.
What are key features of this property?
This property features: Four‑unit quadplex built in 1998; 2,650‑square‑foot multifamily property; Separate electric meter for each unit
