One-Story Office and Council
For Sale
$750,000
Pending
120 Morgan St Nw, Aiken, SC 29801
Single-story office building with council-chamber style rooms, multiple restrooms, and extensive parking for office or medical use.
Property Size6,464 SF
Days on Market320
Property Features for 120 Morgan St Nw
General Information
Standard status
Pending
Size
6,464 SF
Zoning
O - Office
Building Details
Stories
1
Listing Agency:
Coward & McNeill Real Estate, LLC
(803) 648-8298
Listed By:
Michael S. McNeill · License #95939
(803) 645-1480
Source:
Exprealty
Added: Oct 22, 2025
Changed: Aug 22
Last Checked: Sep 5 at 11:42AM
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 Coward & McNeill Real Estate, LLC
Investment Insights
Based on property information with market context.
This mid-century, one-story building was formerly the Aiken County Council chambers and totals approximately 6,464 GLSF. The interior includes an auditorium, a conference room, an executive office with a private restroom, seven additional support offices, and five additional restrooms. The building also has numerous storage and mechanical rooms, supporting a workflow-friendly layout for professional and administrative uses.
The site provides access and visibility from Richland Avenue and Morgan Street, with an extensive asphalt-paved parking lot. In addition to the main former chambers building, a morgue building remains on the property, offering an additional existing structure on site.
Zoned O–Office with a Historic Overlay, the property supports a range of professional configurations, including office and medical office concepts. The room mix, multiple restrooms, and presence of conference and executive space make it well-suited for legal firms, medical or dental practices, or other office-driven uses that require separate work areas and meeting space.
The site provides access and visibility from Richland Avenue and Morgan Street, with an extensive asphalt-paved parking lot. In addition to the main former chambers building, a morgue building remains on the property, offering an additional existing structure on site.
Zoned O–Office with a Historic Overlay, the property supports a range of professional configurations, including office and medical office concepts. The room mix, multiple restrooms, and presence of conference and executive space make it well-suited for legal firms, medical or dental practices, or other office-driven uses that require separate work areas and meeting space.
Key Highlights
- Approx. 6,464 GLSF mid‑century one‑story building formerly Aiken County Council chambers
- Council‑chamber‑style layout includes an auditorium, conference room, and executive office with private restroom
- Additional spaces include seven support offices, numerous storage and mechanical rooms, and five additional restrooms
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
$66,684
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
8.89%
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%
$1,333,680
$1.3M
Cap Rate 7%
$952,629
$952.6K
Cap Rate 9%
$740,933
$740.9K
Market Conditions
NOI Build-Up for 6,464 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
$97.0K $15.00/SF
− Vacancy
−$8.0K −$1.25/SF
EGI
$88.9K $13.76/SF
− OpEx
−$22.2K −$3.44/SF
NOI
$66.7K $10.32/SF
Area
Aiken County, SC
Vacancy
8.30%
Lease Rate
$15.00 /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%
$1,333,680
Cap Rate 7%
$952,629
Cap Rate 9%
$740,933
Alternative Uses
Best Use
Office B
$952.6K
$833.6K – $1.11M
NOI $66,684 @ 7.0% cap · market cap 8.89%
Second Best
Healthcare Medical
$213.8K
$187.1K – $249.4K
NOI $14,965 @ 7.0% cap · market cap 2.00%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,217 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,193
Businesses Nearby
Explore this area
Business Placement
Demographics for 29801, SC
27,613
Population
13,543
Households
2
Avg Household Size
41
Median Age
28%
College-Educated
84%
High-School Grad
88.9 sq mi
ZIP Area
311
Density / Sq Mi
$55,032
Median Household Income
$36,804
Median Earnings
$1,070
Median Rent
$163,900
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 - Single-story office building with council-chamber style rooms, multiple restrooms, and extensive parking for office or medical use.
Where is this office building located?
The property is located at 120 Morgan St Nw Aiken, SC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Approx. 6,464 GLSF mid‑century one‑story building formerly Aiken County Council chambers; Council‑chamber‑style layout includes an auditorium, conference room, and executive office with private restroom; Additional spaces include seven support offices, numerous storage and mechanical rooms, and five additional restrooms
