Freestanding Office Building For
For Sale
Contact for pricing
1221 West Evans Street, Florence, SC 29501
Leased office building with immediate income potential in Florence.
Property Size1,085 SF
Price / SF$161.29
Days on Market96
Property Features for 1221 West Evans Street
General Information
Standard status
Active
Size
1,085 SF
Property subtype
Retail, Office
Zoning
B-3
Occupancy
100%
Building Details
Year Renovated
2021
Buildings
1
Tenancy
Single
Listing Agency:
Palmetto Commercial
(843) 667-4999
Listed By:
David Tedder · License #SC 47763
Source:
Crexi
Added: May 21
Changed: Aug 23
Last Checked: Aug 23 at 2:56PM
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 Palmetto Commercial
Investment Insights
Based on property information with market context.
This freestanding office building, totaling approximately 1,085 square feet, is available for purchase. The property is currently leased and offers a functional layout that includes three private offices, a conference room, a break room, and a reception area. The building is situated along a well-traveled commercial corridor that provides access to Downtown Florence. The property is well-maintained and features both front and rear parking. The location offers strong visibility and accessibility within an established commercial area. The current tenant is long-standing, providing immediate income potential for the new owner.
Key Highlights
- Stable investment opportunity with immediate income potential.
- Freestanding office building in a high‑traffic commercial corridor.
- Long‑standing tenant currently occupies the property.
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
$8,561
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
4.89%
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%
$171,220
$171.2K
Cap Rate 7%
$122,300
$122.3K
Cap Rate 9%
$95,122
$95.1K
Market Conditions
NOI Build-Up for 1,085 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
$13.7K $12.60/SF
− Vacancy
−$2.3K −$2.08/SF
EGI
$11.4K $10.52/SF
− OpEx
−$2.9K −$2.63/SF
NOI
$8.6K $7.89/SF
Area
Florence County, SC
Vacancy
16.50%
Lease Rate
$12.60 /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%
$171,220
Cap Rate 7%
$122,300
Cap Rate 9%
$95,122
Alternative Uses
Best Use
Office B
$122.3K
$107.0K – $142.7K
NOI $8,561 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$160.0K
$140.0K – $186.6K
NOI $11,197 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 29501, SC
46,528
Population
20,713
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
52.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,618
Median Household Income
$46,246
Median Earnings
$995
Median Rent
$220,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Leased office building with immediate income potential in Florence.
Where is this office building located?
The property is located at 1221 West Evans Street Florence, SC.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Stable investment opportunity with immediate income potential.; Freestanding office building in a high‑traffic commercial corridor.; Long‑standing tenant currently occupies the property.
