Multi-Tenant Office Building For
For Sale
Contact for pricing
1124 Park West Boulevard, Mount Pleasant, SC 29466
Multi-tenant office building with modern lease options and high visibility.
Property Size7,486 SF
Price / SF$347.31
Days on Market164
Property Features for 1124 Park West Boulevard
General Information
Standard status
Active
Size
7,486 SF
Class
A
Property subtype
Office
Zoning
PD - Town of Mt. Pleasant
Building Details
Year Built
2008
Tenancy
Multi
Listing Agency:
NAI Charleston
(843) 637-1974
Listed By:
Scott P. Peevy, CCIM · License #SC 81438
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:37AM
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 NAI Charleston
Investment Insights
Based on property information with market context.
The multi-tenant office building at 1124 Park West Blvd. is available for lease or sale. It features modern and well-appointed lease options, including a first-floor lobby entry suite and a second-floor option. The building is highly visible from Park West Blvd. and is located close to retail and lifestyle amenities, including Publix, high-end retail, and North Mt. Pleasant sports and recreational facilities. The property offers a functional space suitable for professional office users and presents an ownership opportunity for an investor or owner/occupant. The building features a versatile layout, high ceilings, glass doors, and well-appointed finishes.
Key Highlights
- Highly visible location on well‑traveled Park West Blvd.
- Close proximity to retail and lifestyle amenities.
- Turn‑key lease opportunity for professional office users.
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
$156,645
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
6.02%
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%
$3,132,900
$3.1M
Cap Rate 7%
$2,237,786
$2.2M
Cap Rate 9%
$1,740,500
$1.7M
Market Conditions
NOI Build-Up for 7,486 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
$224.6K $30.00/SF
− Vacancy
−$15.7K −$2.10/SF
EGI
$208.9K $27.90/SF
− OpEx
−$52.2K −$6.98/SF
NOI
$156.6K $20.92/SF
Area
Charleston County, SC
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,132,900
Cap Rate 7%
$2,237,786
Cap Rate 9%
$1,740,500
Alternative Uses
Best Use
Office B
$2.24M
$1.96M – $2.61M
NOI $156,645 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,220 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Explore this area
Business Placement
Demographics for 29466, SC
42,316
Population
18,125
Households
2.3
Avg Household Size
42
Median Age
62%
College-Educated
98%
High-School Grad
29.2 sq mi
ZIP Area
1,449
Density / Sq Mi
$130,546
Median Household Income
$62,466
Median Earnings
$2,175
Median Rent
$659,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office building with modern lease options and high visibility.
Where is this office building located?
The property is located at 1124 Park West Boulevard Mount Pleasant, SC.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Highly visible location on well‑traveled Park West Blvd.; Close proximity to retail and lifestyle amenities.; Turn‑key lease opportunity for professional office users.
