Drive-Through Restaurant with Walk-Up
New
For Sale
Contact for pricing
1245 South Irby Street, Florence, SC 29505
A walk-up service window and outdoor seating supplement the restaurant’s drive-through setup.
Property Size1,734 SF
Lot Size0.50 Acres
Price / SF$288.35
Days on Market7
Property Features for 1245 South Irby Street
General Information
Standard status
Active
Size
1,734 SF
Lot size
0.50 Acres
Property subtype
Retail
Site & Location
Drive-Thru
Yes
Traffic Count
22,600 vehicles/day
Road Access
Yes
Additional Details
Patio
Yes
Amenities
walk-up window
Building Details
Buildings
1
Listing Agency:
Palmetto Commercial
Listed By:
David Tedder · License #SC 47763
(843) 667-4999
Source:
Crexi
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 26 at 6:50AM
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.
The restaurant building contains ±734 SF and has a double drive-through, a walk-up window, and outdoor seating. It previously operated as a Checkers restaurant. The ±0.50-acre site also includes parking and frontage on South Irby Street.
At 1245 South Irby Street in Florence, the property is along a commercial corridor with restaurants, retail shops, and other businesses. South Irby Street carries approximately 22,600 vehicles per day.
At 1245 South Irby Street in Florence, the property is along a commercial corridor with restaurants, retail shops, and other businesses. South Irby Street carries approximately 22,600 vehicles per day.
Key Highlights
- ±734 SF restaurant building with double drive‑through
- ±0.50‑acre site with South Irby Street frontage
- Approximately 22,600 vehicles per day on South Irby Street
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
$17,510
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
3.50%
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%
$350,200
$350.2K
Cap Rate 7%
$250,143
$250.1K
Cap Rate 9%
$194,556
$194.6K
Market Conditions
NOI Build-Up for 1,734 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
$24.3K $14.04/SF
− Vacancy
−$998 −$0.58/SF
EGI
$23.3K $13.46/SF
− OpEx
−$5.8K −$3.37/SF
NOI
$17.5K $10.10/SF
Area
Florence County, SC
Vacancy
4.10%
Lease Rate
$14.04 /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%
$350,200
Cap Rate 7%
$250,143
Cap Rate 9%
$194,556
Alternative Uses
Best Use
Specialty Retail
$250.1K
$218.9K – $291.8K
NOI $17,510 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$255.6K
$223.7K – $298.3K
NOI $17,895 @ 7.0% cap · market cap 3.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
22,600 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
147k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 34%
Electronics 5%
McDonald's
Dining
35,588 visits/mo
0.5 miles
Tidal Wave Auto Spa
Shops & Services
15,647 visits/mo
0.4 miles
Tropical Smoothie Cafe
Dining
9,520 visits/mo
0.4 miles
Arby's
Dining
9,283 visits/mo
0.4 miles
Wells Fargo
Shops & Services
8,943 visits/mo
0.4 miles
Demographics for 29505, SC
25,269
Population
10,647
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
50.9 sq mi
ZIP Area
496
Density / Sq Mi
$64,194
Median Household Income
$40,594
Median Earnings
$1,084
Median Rent
$174,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - A walk-up service window and outdoor seating supplement the restaurant’s drive-through setup.
Where is this drive through restaurant located?
The property is located at 1245 South Irby Street Florence, SC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: ±734 SF restaurant building with double drive‑through; ±0.50‑acre site with South Irby Street frontage; Approximately 22,600 vehicles per day on South Irby Street
