Medical Office Suite with Exam
For Sale
Contact for pricing
1470 Tobias Gadson Boulevard Suite 201, Charleston, SC 29407
Second-floor medical condominium with a ready-made clinical layout, private offices, patient areas, and on-site parking.
Property Size3,622 SF
Price / SF$345.11
Days on Market44
Property Features for 1470 Tobias Gadson Boulevard Suite 201
General Information
Standard status
Active
Size
3,622 SF
Class
A
Property subtype
Office
Zoning
City of Charleston - GO - General Office
Additional Details
Floor
2
Office Units
1
Building Details
Year Built
2002
Listing Agency:
Palmetto Commercial Properties
Listed By:
Conyers Hallman
Source:
Crexi
Added: Jul 21
Changed: Sep 1
Last Checked: Sep 1 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 Properties
Investment Insights
Based on property information with market context.
Suite 201 is a 3,622-square-foot medical office condominium on the second floor of the Tobias Gadson “A” Horizontal Property Regime. Built in 2002, the property carries City of Charleston GO—General Office zoning and is configured for medical operations.
The interior includes five exam rooms, two procedure rooms, five private offices, a reception area, waiting room, consulting room, file room, lab, break room, bullpen area, and three restrooms. One restroom includes a shower. Free on-site parking is available for the suite.
The interior includes five exam rooms, two procedure rooms, five private offices, a reception area, waiting room, consulting room, file room, lab, break room, bullpen area, and three restrooms. One restroom includes a shower. Free on-site parking is available for the suite.
Key Highlights
- 3,622‑square‑foot medical office condominium
- Five exam rooms and two procedure rooms
- Five private offices plus reception, waiting, and consulting areas
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
$51,078
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
4.09%
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%
$1,021,560
$1.0M
Cap Rate 7%
$729,686
$729.7K
Cap Rate 9%
$567,533
$567.5K
Market Conditions
NOI Build-Up for 3,622 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
$93.4K $25.80/SF
− Vacancy
−$8.3K −$2.30/SF
EGI
$85.1K $23.50/SF
− OpEx
−$34.1K −$9.40/SF
NOI
$51.1K $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%
$1,021,560
Cap Rate 7%
$729,686
Cap Rate 9%
$567,533
Alternative Uses
Best Use
Healthcare Medical
$729.7K
$638.5K – $851.3K
NOI $51,078 @ 7.0% cap · market cap 4.09%
Second Best
Office B
$726.3K
$635.5K – $847.3K
NOI $50,838 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$980.2K
$857.7K – $1.14M
NOI $68,612 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - Second-floor medical condominium with a ready-made clinical layout, private offices, patient areas, and on-site parking.
Where is this medical office space located?
The property is located at 1470 Tobias Gadson Boulevard Suite 201 Charleston, SC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 3,622‑square‑foot medical office condominium; Five exam rooms and two procedure rooms; Five private offices plus reception, waiting, and consulting areas
