Building Details

Year Built 1990

Listing Agency: Modern + Main Realty, LLC

Listed By: Jennifer Lusk · License #61809

Source: Crexi

Added: May 2 Changed: Aug 29 Last Checked: Aug 29 at 3:47PM

Report an Issue

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 Modern + Main Realty, LLC

Investment Insights

Based on property information with market context.

This 2,134-square-foot office property, completed in 1990, offers a practical arrangement for professional operations. The interior includes a reception area, 3–4 private offices, a separate administrative office, storage closets, a lounge or additional office area, a kitchen, and three half baths.

Exterior features include a fenced backyard positioned apart from the side lot and parking area. The property sits within town limits, approximately one block from Highway 52, providing convenient access to the surrounding community. Its configuration may accommodate office, daycare, professional-service, or other commercial applications subject to town approval.

Key Highlights

• 2,134‑square‑foot office property built in 1990
• 3–4 private offices plus a dedicated administrative office
• Reception area, lounge or additional office, kitchen, storage closets, and three half baths

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

$28,809

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

8.23%

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%

$576,180 $576.2K

Cap Rate 7%

$411,557 $411.6K

Cap Rate 9%

$320,100 $320.1K

Market Conditions

NOI Build-Up for 2,134 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

$51.2K $24.00/SF

− Vacancy

−$5.1K −$2.40/SF

EGI

$46.1K $21.60/SF

− OpEx

−$17.3K −$8.10/SF

NOI

$28.8K $13.50/SF

Area

Berkeley County, SC

Vacancy

10.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

37.50%

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%

$576,180

Cap Rate 7%

$411,557

Cap Rate 9%

$320,100

Alternative Uses

Best Use

Mixed Use

$411.6K

$360.1K – $480.2K (±1% cap)

NOI $28,809 @ 7.0% cap · market cap 8.23%

Second Best

Office B

$408.1K

$357.1K – $476.2K (±1% cap)

NOI $28,569 @ 7.0% cap · market cap 8.16%

Theoretical Best

Office A

$577.5K

$505.3K – $673.8K (±1% cap)

NOI $40,425 @ 7.0% cap · market cap 11.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office Units

Suggested Use

Top Pick Building Supply Auto Parts Store Furniture & Home Goods Auto Repair Shop (Bike/Boat/Book/etc) Store Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

183

Businesses Nearby

Explore this area Business Placement

Demographics for 29479, SC

6,598

Population

2,804

Households

2.4

Avg Household Size

44

Median Age

13%

College-Educated

85%

High-School Grad

90.8 sq mi

ZIP Area

73

Density / Sq Mi

$48,245

Median Household Income

$36,250

Median Earnings

$878

Median Rent

$104,900

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office units located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Office units - The flexible layout includes private offices, administrative space, storage, kitchen facilities, and multiple half baths.

Where is this office units located?

The property is located at 111 Welch Street Saint Stephen, SC.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: 2,134‑square‑foot office property built in 1990; 3–4 private offices plus a dedicated administrative office; Reception area, lounge or additional office, kitchen, storage closets, and three half baths