Office Building with Medical
For Sale
Contact for pricing
1460 Tobias Gadson Boulevard, Charleston, SC 29407
Office property with updated HVAC, onsite parking, and nearby public transportation.
Property Size50,246 SF
Price / SF$228.87
Days on Market118
Property Features for 1460 Tobias Gadson Boulevard
General Information
Standard status
Active
Size
50,246 SF
Property subtype
Office
Zoning
City of Charleston - GO - General Office
Occupancy
82%
Additional Details
Public Transit
Yes
Building Details
Year Built
2006
Listing Agency:
CBRE - Charleston
(843) 367-6053
Listed By:
Chip Shealy · License #SC 83757
Source:
Crexi
Added: May 5
Changed: Aug 30
Last Checked: Aug 30 at 1:24AM
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 CBRE - Charleston
Investment Insights
Based on property information with market context.
The 50,246-square-foot office building was constructed in 2006 and is undergoing conversion for a medical tenant. HVAC units have been replaced, and the property includes onsite parking. The asset is zoned City of Charleston - GO - General Office.
Located at 1460 Tobias Gadson Boulevard in Charleston, the property offers access to the Lowcountry and is near public transportation. Occupancy is 82%, with long-term leases in place. The combination of office configuration, ongoing medical conversion, updated mechanical systems, and existing leasing provides a defined platform for continued commercial use.
Located at 1460 Tobias Gadson Boulevard in Charleston, the property offers access to the Lowcountry and is near public transportation. Occupancy is 82%, with long-term leases in place. The combination of office configuration, ongoing medical conversion, updated mechanical systems, and existing leasing provides a defined platform for continued commercial use.
Key Highlights
- 50,246‑square‑foot office building constructed in 2006
- 82% leased with long‑term leases in place
- Medical tenant conversion currently in process
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
$708,583
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
6.16%
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%
$14,171,660
$14.2M
Cap Rate 7%
$10,122,614
$10.1M
Cap Rate 9%
$7,873,144
$7.9M
Market Conditions
NOI Build-Up for 50,246 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
$1.30M $25.80/SF
− Vacancy
−$115.4K −$2.30/SF
EGI
$1.18M $23.50/SF
− OpEx
−$472.4K −$9.40/SF
NOI
$708.6K $14.10/SF
Area
Charleston, SC
Vacancy
8.90%
Lease Rate
$25.80 /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%
$14,171,660
Cap Rate 7%
$10,122,614
Cap Rate 9%
$7,873,144
Alternative Uses
Best Use
Healthcare Medical
$10.12M
$8.86M – $11.81M
NOI $708,583 @ 7.0% cap · market cap 6.16%
Second Best
Office B
$10.07M
$8.82M – $11.75M
NOI $705,250 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$13.60M
$11.90M – $15.86M
NOI $951,820 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
82%
Occupancy
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
Explore this area
Business Placement
Demographics for 29407, SC
35,373
Population
18,723
Households
1.9
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
2,297
Density / Sq Mi
$80,568
Median Household Income
$51,827
Median Earnings
$1,388
Median Rent
$407,300
Median Home Value
Market
Vacancy Rate% for Office in Charleston, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office property with updated HVAC, onsite parking, and nearby public transportation.
Where is this office building located?
The property is located at 1460 Tobias Gadson Boulevard Charleston, SC.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: 50,246‑square‑foot office building constructed in 2006; 82% leased with long‑term leases in place; Medical tenant conversion currently in process
