Two-Story Office
For Sale
Contact for pricing
1516 West Palmetto Street, Florence, SC 29501
Professional office property with flexible two-level access, reception, multiple offices, and fenced rear parking.
Property Size2,884 SF
Price / SF$143
Days on Market61
Property Features for 1516 West Palmetto Street
General Information
Standard status
Active
Size
2,884 SF
Total Parking Spaces
10
Property subtype
Office
Zoning
City of Florence Activity Center-Mixed Use
Investment Type
Owner/User
Building Details
Buildings
1
Stories
2
Units
1
Listing Agency:
Palmetto Commercial
(843) 667-4999
Listed By:
Andrew Chaplin III · License #SC 94480
Source:
Crexi
Added: Jul 2
Changed: Aug 29
Last Checked: Aug 29 at 4:56PM
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 two-story office building provides approximately 2,884 square feet of workspace in Florence’s established 5 Points commercial district. The layout includes seven offices, lobby areas, restrooms, break areas, storage on both floors, and a first-floor reception area. Separate access at each level supports flexible occupancy and professional office use.
The property fronts West Palmetto Street and occupies approximately 0.43 acres. A fenced rear parking area provides 10 lined spaces. The site is zoned City of Florence Activity Center-Mixed Use.
The property fronts West Palmetto Street and occupies approximately 0.43 acres. A fenced rear parking area provides 10 lined spaces. The site is zoned City of Florence Activity Center-Mixed Use.
Key Highlights
- 2,884 SF two‑story office building
- Seven total offices with lobby areas, restrooms, break areas, and storage
- First‑floor reception area
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
$22,757
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
5.52%
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%
$455,140
$455.1K
Cap Rate 7%
$325,100
$325.1K
Cap Rate 9%
$252,856
$252.9K
Market Conditions
NOI Build-Up for 2,884 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
$36.3K $12.60/SF
− Vacancy
−$6.0K −$2.08/SF
EGI
$30.3K $10.52/SF
− OpEx
−$7.6K −$2.63/SF
NOI
$22.8K $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%
$455,140
Cap Rate 7%
$325,100
Cap Rate 9%
$252,856
Alternative Uses
Best Use
Office B
$325.1K
$284.5K – $379.3K
NOI $22,757 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$425.2K
$372.0K – $496.1K
NOI $29,763 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
843
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 - Professional office property with flexible two-level access, reception, multiple offices, and fenced rear parking.
Where is this office building located?
The property is located at 1516 West Palmetto Street Florence, SC.
What is the asking price?
The asking price for this property is $412,412.
What are key features of this property?
This property features: 2,884 SF two‑story office building; Seven total offices with lobby areas, restrooms, break areas, and storage; First‑floor reception area
