4-Unit Brick
For Sale
$824,000
706 Mitchell Dr., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size2,650 SF
Price / SF$310.94
Days on Market223
Property Features for 706 Mitchell Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
East of Bus. 17
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
2,650 SF
Building Details
Year built
1998
Number of units
4
Listing Agency:
Own Myrtle Real Estate
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Added: Jan 19
Changed: Aug 19
Last Checked: Aug 30 at 1:06PM
MLS# 2601686
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.
Investment Insights
Based on property information with market context.
This 4-unit brick quadplex offers a straightforward, low-maintenance residential income setup, built in 1998 and totaling 2,650 square feet. Each unit has its own electric meter, which can simplify utility responsibility and support independent unit operations.
The property is located at 706 Mitchell Dr. in Myrtle Beach, South Carolina. It is positioned in the heart of Myrtle Beach, just minutes from the beach as well as nearby shopping and attractions.
With FHA financing eligibility noted for the property, this asset may fit investors and operators seeking a brick quadplex with separate electric metering and an established residential configuration for either short-term or long-term rental use.
The property is located at 706 Mitchell Dr. in Myrtle Beach, South Carolina. It is positioned in the heart of Myrtle Beach, just minutes from the beach as well as nearby shopping and attractions.
With FHA financing eligibility noted for the property, this asset may fit investors and operators seeking a brick quadplex with separate electric metering and an established residential configuration for either short-term or long-term rental use.
Key Highlights
- 4‑unit brick quadplex totaling 2,650 square feet
- Built in 1998
- Each unit has its own electric meter
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit brick quadplex with individual electric meters and FHA financing eligibility, built in 1998.
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: 4‑unit brick quadplex totaling 2,650 square feet; Built in 1998; Each unit has its own electric meter
