One-Story Office
For Sale
$750,000
Pending
120 Morgan Street NW, Aiken, SC 29801
Commercial Sale, Aiken, SC
Property Size6,464 SF
Lot Size1.71 Acres
Days on Market307
Property Features for 120 Morgan Street NW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office, Historic Overlay
Directions
From downtown, south on Laurens Street, West on Richland Ave, property on right.
Subdivision
NW
Standard status
Pending
APN
104-20-22-002
Size
6,464 SF
Lot size
1.71 Acres
Taxes and HOA fees
Tax Description
Pursuant to the legal instrument, the deed.
Legal Description
Pursuant to the legal instrument, the deed.
Building Details
Floors in Building
1
Listing Agency:
Coward & McNeill Real Estate, LLC
(803) 648-8298
Listed By:
Michael S. McNeill · License #95939
(803) 645-1480
Added: Oct 22, 2025
Changed: Aug 19
Last Checked: Aug 24 at 2:06PM
MLS# 220115
Copyright © 2026 Aiken 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 6,464 GLSF office building occupies a 1.71-acre site and is arranged on one level. The former county council facility includes an auditorium, conference room, executive office with private restroom, seven support offices, five additional restrooms, storage areas, and mechanical rooms. A separate morgue building remains on the property.
Access and visibility are provided from Richland Avenue and Morgan Street, with an extensive asphalt-paved parking lot serving the site. The property is zoned O—Office and lies within the Historic Overlay. The existing configuration is suited to office-oriented reuse, including the medical, dental, and legal office applications identified for the property.
Access and visibility are provided from Richland Avenue and Morgan Street, with an extensive asphalt-paved parking lot serving the site. The property is zoned O—Office and lies within the Historic Overlay. The existing configuration is suited to office-oriented reuse, including the medical, dental, and legal office applications identified for the property.
Key Highlights
- 6,464 GLSF one‑story office building on 1.71 acres
- Auditorium, conference room, executive office, and seven support offices
- Five additional restrooms plus storage and mechanical rooms
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
Lease Details
Yes
Paved road access
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 - Historic Overlay zoning, multiple offices, and extensive asphalt parking support a flexible office configuration.
Where is this office building located?
The property is located at 120 Morgan Street 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: 6,464 GLSF one‑story office building on 1.71 acres; Auditorium, conference room, executive office, and seven support offices; Five additional restrooms plus storage and mechanical rooms
