Fully Leased Medical Office
For Sale
$1,650,000
1665 Herlong Ct, Rock Hill, SC 29732
Office building is fully leased, situated across from Piedmont Medical Center.
Property Size6,514 SF
Price / SF$253.30
Days on Market94
Property Features for 1665 Herlong Ct
General Information
Standard status
Active
Size
6,514 SF
Class
B
Property subtype
Office
Occupancy
100%
Building Details
Building Size
6,514 SF
Year Built
1991
Tenancy
Multi
Listing Agency:
SVN | Southern Commercial
Listed By:
Randy Graham · License #11640
(803) 322-7228
Source:
Svn
Added: Jun 3
Changed: Aug 26
Last Checked: Sep 2 at 3:11PM
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 SVN | Southern Commercial
Investment Insights
Based on property information with market context.
This fully leased medical office building totals approximately 6,514 square feet and is positioned across from Piedmont Medical Center. The property includes at least two suites with current occupancy: Suite D is leased to Dr. Tracy Timony through 9/30/29, and Suite B is leased to Metrolina Neurological through 7/31/29.
The building’s location is described as directly across from Piedmont Medical Center in Rock Hill, South Carolina, providing an immediate relationship to an active medical destination.
With the current tenant leases in place through the noted expiration dates, the building offers a stabilized, multi-suite medical office configuration.
The building’s location is described as directly across from Piedmont Medical Center in Rock Hill, South Carolina, providing an immediate relationship to an active medical destination.
With the current tenant leases in place through the noted expiration dates, the building offers a stabilized, multi-suite medical office configuration.
Key Highlights
- Fully leased medical office building, built in 1991
- +/-6,514 SF office building across from Piedmont Medical Center in Rock Hill, SC
- Suite D leased to Dr. Tracy Timony through 9/30/29
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
$86,793
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
5.26%
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%
$1,735,860
$1.7M
Cap Rate 7%
$1,239,900
$1.2M
Cap Rate 9%
$964,367
$964.4K
Market Conditions
NOI Build-Up for 6,514 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
$123.5K $18.96/SF
− Vacancy
−$7.8K −$1.19/SF
EGI
$115.7K $17.77/SF
− OpEx
−$28.9K −$4.44/SF
NOI
$86.8K $13.32/SF
Area
York County, SC
Vacancy
6.30%
Lease Rate
$18.96 /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%
$1,735,860
Cap Rate 7%
$1,239,900
Cap Rate 9%
$964,367
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.45M
NOI $86,793 @ 7.0% cap · market cap 5.26%
Second Best
Healthcare Medical
$1.00M
$876.3K – $1.17M
NOI $70,100 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,228 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29732, SC
59,417
Population
24,926
Households
2.4
Avg Household Size
41
Median Age
40%
College-Educated
95%
High-School Grad
52.8 sq mi
ZIP Area
1,125
Density / Sq Mi
$79,936
Median Household Income
$44,650
Median Earnings
$1,293
Median Rent
$301,300
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 - Office building is fully leased, situated across from Piedmont Medical Center.
Where is this medical office space located?
The property is located at 1665 Herlong Ct Rock Hill, SC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Fully leased medical office building, built in 1991; +/-6,514 SF office building across from Piedmont Medical Center in Rock Hill, SC; Suite D leased to Dr. Tracy Timony through 9/30/29
