Freestanding Office Building with
For Sale
Contact for pricing
1500 West Evans Street, Florence, SC 29501
Well-maintained brick office with private offices, reception, open workspace, and paved side and rear parking.
Property Size2,523 SF
Price / SF$118.51
Days on Market112
Property Features for 1500 West Evans Street
General Information
Standard status
Active
Size
2,523 SF
Property subtype
Retail, Special Purpose
Zoning
City of Florence-Commercial Re-Use
Occupancy
100%
Building Details
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Palmetto Commercial
Listed By:
David Tedder · License #SC 47763
(843) 667-4999
Source:
Crexi
Added: May 19
Changed: Sep 3
Last Checked: Sep 7 at 7:53AM
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.
This leased, freestanding brick office building offers a functional layout with private offices, open workspace, storage areas, and a reception area. The property is well maintained and includes ample paved parking along the side and rear of the building.
Located along a highly traveled commercial corridor leading into Downtown Florence, the building is positioned for straightforward visibility and access within an established commercial area.
The office configuration is designed to support both focused work and shared open areas, with on-site storage and a defined reception area for incoming visitors.
Located along a highly traveled commercial corridor leading into Downtown Florence, the building is positioned for straightforward visibility and access within an established commercial area.
The office configuration is designed to support both focused work and shared open areas, with on-site storage and a defined reception area for incoming visitors.
Key Highlights
- 2,523 SF freestanding brick office building
- Functional interior layout with private offices, open workspace, reception area, and storage areas
- Well‑maintained property with ample paved parking along the side and rear
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
$19,908
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
6.66%
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%
$398,160
$398.2K
Cap Rate 7%
$284,400
$284.4K
Cap Rate 9%
$221,200
$221.2K
Market Conditions
NOI Build-Up for 2,523 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
$31.8K $12.60/SF
− Vacancy
−$5.2K −$2.08/SF
EGI
$26.5K $10.52/SF
− OpEx
−$6.6K −$2.63/SF
NOI
$19.9K $7.89/SF
Area
Florence County, SC
Vacancy
16.50%
Lease Rate
$12.60 /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%
$398,160
Cap Rate 7%
$284,400
Cap Rate 9%
$221,200
Alternative Uses
Best Use
Office B
$284.4K
$248.9K – $331.8K
NOI $19,908 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$372.0K
$325.5K – $434.0K
NOI $26,037 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
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?
Office building - Well-maintained brick office with private offices, reception, open workspace, and paved side and rear parking.
Where is this office building located?
The property is located at 1500 West Evans Street Florence, SC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,523 SF freestanding brick office building; Functional interior layout with private offices, open workspace, reception area, and storage areas; Well‑maintained property with ample paved parking along the side and rear
