Medical Office Building with
For Sale
$1,500,000
1706 Second Loop Rd., Florence, SC 29501
Multi-room medical office building with 13 exam rooms, imaging room, and 62 parking spaces on 1.34 acres.
Property Size8,300 SF
Lot Size1.34 Acres
Price / SF$180.72
Days on Market588
Property Features for 1706 Second Loop Rd.
General Information
Standard status
Active
Size
8,300 SF
Total Parking Spaces
62
Lot size
1.34 Acres
Property subtype
Office
Zoning
CI
Amenities
covered patient drop-off
four-bay carport
Central Air
3
Comm
Handicapped Access.
Listing Agency:
Scalise Realty Powered by KW
(843) 450-1950
Listed By:
Matt Scalise · License #SC140676
(843) 450-1950
Source:
Xome
Added: Jan 12, 2025
Changed: Aug 23
Last Checked: Aug 22 at 5:05PM
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 Scalise Realty Powered by KW
Investment Insights
Based on property information with market context.
1706 2nd Loop Road is an 8,300-square-foot commercial facility designed for healthcare use, formerly operating as a cardiology practice. The building features 13 exam rooms, an X-ray room, a reception lobby, multiple executive and administrative offices, a board room, and extensive storage including a fully floored attic.
Exterior improvements include a covered patient drop-off, a four-bay carport, and 62 parking spaces. The property is described as having outstanding visibility and is listed with CI zoning, offering an accommodating footprint for medical, professional, or institutional use.
Exterior improvements include a covered patient drop-off, a four-bay carport, and 62 parking spaces. The property is described as having outstanding visibility and is listed with CI zoning, offering an accommodating footprint for medical, professional, or institutional use.
Key Highlights
- 8,300 sq ft commercial facility built in 1996 on 1.34 acres
- 13 exam rooms plus an X‑ray room, reception lobby, executive/administrative offices, board room, and extensive storage
- Fully floored attic provides additional storage space
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
$77,646
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
5.18%
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%
$1,552,920
$1.6M
Cap Rate 7%
$1,109,229
$1.1M
Cap Rate 9%
$862,733
$862.7K
Market Conditions
NOI Build-Up for 8,300 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
$141.4K $17.04/SF
− Vacancy
−$12.0K −$1.45/SF
EGI
$129.4K $15.59/SF
− OpEx
−$51.8K −$6.24/SF
NOI
$77.6K $9.35/SF
Area
Florence County, SC
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
40.00%
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%
$1,552,920
Cap Rate 7%
$1,109,229
Cap Rate 9%
$862,733
Alternative Uses
Best Use
Healthcare Medical
$1.11M
$970.6K – $1.29M
NOI $77,646 @ 7.0% cap · market cap 5.18%
Second Best
Office B
$935.6K
$818.7K – $1.09M
NOI $65,493 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,656 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-room medical office building with 13 exam rooms, imaging room, and 62 parking spaces on 1.34 acres.
Where is this medical office space located?
The property is located at 1706 Second Loop Rd. Florence, SC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 8,300 sq ft commercial facility built in 1996 on 1.34 acres; 13 exam rooms plus an X‑ray room, reception lobby, executive/administrative offices, board room, and extensive storage; Fully floored attic provides additional storage space
