Fully Occupied Shopping
For Sale
$1,550,000
823-817 S Cashua Drive, Florence, SC 29501
COMMERCIAL - Florence, SC
Property Size15,450 SF
Price / SF$100.32
Days on Market89
Property Features for 823-817 S Cashua Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
GC
Parking
42
Directions
From downtown Florence, take S Irby St (US-52) south. Turn left onto E Palmetto St (US-76). Continue east, then turn right onto S Cashua Dr. Property will be on the right at 817-823 S Cashua Dr.
Subdivision
All Others SC Counties
Standard status
Active
Size
15,450 SF
Utilities
Cooling system
Heat Pump
Building Details
Floors in Building
1
Listing Agency:
Southern Shores Real Estate Group
(803) 298-5155
Listed By:
Chris Barnette
(803) 727-3020
Added: May 20
Changed: Aug 4
Last Checked: Aug 16 at 9:06PM
MLS# 634590
Copyright © 2026 Consolidated MLS, SC. 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 shopping center consists of two connected retail buildings totaling 15,450 square feet. The building at 817 S. Cashua Drive contains 7,450 square feet, while the 823 S. Cashua Drive building adds 8,000 square feet. Both buildings are fully occupied, and the property is zoned GC. Heat pump systems provide cooling for the improvements.
The center is located at 823-817 S Cashua Drive in Florence, South Carolina, directly across from a Walmart Neighborhood Market. The connected configuration combines both addresses into one retail property while maintaining clearly defined building sizes and occupancy across the center.
The center is located at 823-817 S Cashua Drive in Florence, South Carolina, directly across from a Walmart Neighborhood Market. The connected configuration combines both addresses into one retail property while maintaining clearly defined building sizes and occupancy across the center.
Key Highlights
- Fully occupied retail center
- Two connected buildings totaling 15,450 square feet
- 817 S. Cashua Drive building contains 7,450 SF
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
$110,715
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
7.14%
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%
$2,214,300
$2.2M
Cap Rate 7%
$1,581,643
$1.6M
Cap Rate 9%
$1,230,167
$1.2M
Market Conditions
NOI Build-Up for 15,450 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
$176.1K $11.40/SF
− Vacancy
−$18.0K −$1.16/SF
EGI
$158.2K $10.24/SF
− OpEx
−$47.4K −$3.07/SF
NOI
$110.7K $7.17/SF
Area
Florence County, SC
Vacancy
10.20%
Lease Rate
$11.40 /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%
$2,214,300
Cap Rate 7%
$1,581,643
Cap Rate 9%
$1,230,167
Alternative Uses
Best Use
Retail
$1.58M
$1.38M – $1.85M
NOI $110,715 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,444 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
47k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 78%
Shops & Services 22%
Walmart Neighborhood Market
Groceries
36,967 visits/mo
0.2 miles
Circle K
Shops & Services
8,618 visits/mo
0.3 miles
Jackson Hewitt Tax Service
Shops & Services
1,745 visits/mo
0.3 miles
Demographics for 29501, SC
46,528
Population
20,713
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
52.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,618
Median Household Income
$46,246
Median Earnings
$995
Median Rent
$220,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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- Bargain Ben's Treasure Den — 919 S Cashua Dr, Florence, SC 29501
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Frequently Asked Questions
What type of property is this?
Shopping center - Two connected retail buildings sit across from a Walmart Neighborhood Market.
Where is this shopping center located?
The property is located at 823-817 S Cashua Drive Florence, SC.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Fully occupied retail center; Two connected buildings totaling 15,450 square feet; 817 S. Cashua Drive building contains 7,450 SF
