Brick Medical Office
New
For Sale
$1,899,000
116 Professional Park Dr., Conway, SC 29526
Configured for clinical operations with exam rooms, private offices, laboratory, and dedicated computer-room HVAC.
Property Size3,988 SF
Price / SF$476.18
Days on Market1
Property Features for 116 Professional Park Dr.
General Information
Standard status
Active
Size
3,988 SF
Total Parking Spaces
25
Property subtype
CommercialSale
Building Details
Construction
brick
Listing Agency:
Carolina Strand Realty
(843) 945-9006
Listed By:
Brandon Brookshire · License #4212
(843) 458-8551
Source:
Edgarwilson
Added: Sep 13
Last Checked: Sep 13 at 2:42PM
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 Carolina Strand Realty
Investment Insights
Based on property information with market context.
This 3,988-square-foot medical office space features new brick construction and a clinical layout suited to outpatient operations. The interior includes 9 exam rooms, 3 private offices, a reception and lobby area, a medical technician workspace, laboratory and computer rooms, dedicated HVAC for the computer room, and 3 bathrooms. The property also provides 25 parking spaces.
Located at 116 Professional Park Dr. in Conway, the office is next to Conway Medical Center, Coastal Carolina University, and Horry-Georgetown Technical College. The surrounding setting also benefits from high daily traffic counts, supporting convenient access for patients, staff, and visitors.
Located at 116 Professional Park Dr. in Conway, the office is next to Conway Medical Center, Coastal Carolina University, and Horry-Georgetown Technical College. The surrounding setting also benefits from high daily traffic counts, supporting convenient access for patients, staff, and visitors.
Key Highlights
- 3,988 SF medical office space in new brick construction
- 9 exam rooms, 3 private offices, reception area, and lobby
- Medical technician workspace, laboratory room, and computer room with dedicated HVAC
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
$59,631
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
3.14%
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%
$1,192,620
$1.2M
Cap Rate 7%
$851,871
$851.9K
Cap Rate 9%
$662,567
$662.6K
Market Conditions
NOI Build-Up for 3,988 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
$101.9K $25.56/SF
− Vacancy
−$2.5K −$0.64/SF
EGI
$99.4K $24.92/SF
− OpEx
−$39.8K −$9.97/SF
NOI
$59.6K $14.95/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
40.00%
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%
$1,192,620
Cap Rate 7%
$851,871
Cap Rate 9%
$662,567
Alternative Uses
Best Use
Healthcare Medical
$851.9K
$745.4K – $993.9K
NOI $59,631 @ 7.0% cap · market cap 3.14%
Second Best
Office B
$697.3K
$610.2K – $813.6K
NOI $48,813 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$1.01M
$884.4K – $1.18M
NOI $70,750 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29526, SC
51,403
Population
20,301
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
294
Density / Sq Mi
$66,490
Median Household Income
$28,341
Median Earnings
$943
Median Rent
$232,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for clinical operations with exam rooms, private offices, laboratory, and dedicated computer-room HVAC.
Where is this medical office space located?
The property is located at 116 Professional Park Dr. Conway, SC.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: 3,988 SF medical office space in new brick construction; 9 exam rooms, 3 private offices, reception area, and lobby; Medical technician workspace, laboratory room, and computer room with dedicated HVAC
