New Medical Office
For Sale
$1,899,000
116 Professional Park Dr., Conway, SC 29526
COMMERCIAL/INDUSTRIAL, Conway, SC
Property Size3,988 SF
Lot Size0.78 Acres
Price / SF$476.18
Days on Market92
Property Features for 116 Professional Park Dr.
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Medical
Exterior features
Handicap Access, Inside Storage, Office(s), Reception Area, Restrooms - Private, Restrooms - Public
Accessibility
Accessible Approach with Ramp
Subdivision
23A Conway Area--South of Conway between 501 & Wacc. River
Standard status
Active
Size
3,988 SF
Lot size
0.78 Acres
Building Details
Floors in Building
1
Number of units
1
Additional Structures
Storage
Listing Agency:
Carolina Strand Realty
(843) 945-9006
Listed By:
Brandon Brookshire · License #4212
(843) 458-8551
Added: Jun 5
Changed: Aug 19
Last Checked: Sep 4 at 3:06AM
MLS# 2614477
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 brand-new brick medical office provides a purpose-built layout for clinical operations, including 9 exam rooms, 3 private offices, a reception and lobby area, medical technician workspace, laboratory room, computer room with dedicated HVAC, and 3 bathrooms. The property also includes private and public restrooms, inside storage, office areas, and an accessible approach with ramp.
The office is situated within Singleton Ridge Professional Business Park on Singleton Ridge Road, next to Conway Medical Center, Coastal Carolina University, and Horry-Georgetown Technical College. The property occupies 0.78 acres and contains 3,988 square feet, with 25 parking spaces serving the building. Medical zoning supports the property's stated healthcare-oriented configuration.
The office is situated within Singleton Ridge Professional Business Park on Singleton Ridge Road, next to Conway Medical Center, Coastal Carolina University, and Horry-Georgetown Technical College. The property occupies 0.78 acres and contains 3,988 square feet, with 25 parking spaces serving the building. Medical zoning supports the property's stated healthcare-oriented configuration.
Key Highlights
- 3,988‑square‑foot brand‑new brick medical office
- 9 exam rooms and 3 private offices
- Laboratory room, medical technician workspace, 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
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical space with exam rooms, private offices, laboratory facilities, and dedicated HVAC for the computer room.
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‑square‑foot brand‑new brick medical office; 9 exam rooms and 3 private offices; Laboratory room, medical technician workspace, and computer room with dedicated HVAC
