Medical Office
New
For Sale
$3,950,000
1608 Main St., Conway, SC 29526
COMMERCIAL/INDUSTRIAL, Conway, SC
Property Size23,777 SF
Lot Size2.91 Acres
Price / SF$166.13
Days on Market6
Property Features for 1608 Main St.
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
NC
Subdivision
21B Conway central between 701 & Long Ave / north of 501
Standard status
Active
Size
23,777 SF
Lot size
2.91 Acres
Building Details
Floors in Building
1
Number of units
3
Listing Agency:
Kingston Properties
(843) 248-2402
Listed By:
Camilla Johnson Nye Smith
(843) 333-2760
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 23 at 6:06AM
MLS# 2623352
Copyright © 2026 Coastal Carolina Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office campus comprises approximately 23,777 square feet across two locations on a combined 2.91 acres. The facilities include exam rooms, private offices, administrative areas, pharmacy space, and a large auditorium or multipurpose area. A detached workshop or facility building, fenced parking area, four additional parking areas, and green space are also included. The property is currently occupied by Health Care Partners, which remains operational while its new facility is completed.
The 1608 Main Street location contains approximately 12,525 square feet and 257 feet of road frontage. The 1708 Oak Street location provides approximately 11,252 square feet and 405 feet of frontage, for 662 feet combined. Access is available from Main Street, Oak Street, and 17th Avenue. NC zoning and the property's position along the Main Street corridor near historic Downtown Conway support medical, professional, and institutional uses identified in the source information.
The 1608 Main Street location contains approximately 12,525 square feet and 257 feet of road frontage. The 1708 Oak Street location provides approximately 11,252 square feet and 405 feet of frontage, for 662 feet combined. Access is available from Main Street, Oak Street, and 17th Avenue. NC zoning and the property's position along the Main Street corridor near historic Downtown Conway support medical, professional, and institutional uses identified in the source information.
Key Highlights
- Approximately 23,777 square feet across two locations on 2.91 acres
- 662 feet of combined road frontage
- 1608 Main Street: approximately 12,525 square feet and 257 feet of frontage
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
$355,528
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
9.00%
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%
$7,110,560
$7.1M
Cap Rate 7%
$5,078,971
$5.1M
Cap Rate 9%
$3,950,311
$4.0M
Market Conditions
NOI Build-Up for 23,777 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
$607.7K $25.56/SF
− Vacancy
−$15.2K −$0.64/SF
EGI
$592.5K $24.92/SF
− OpEx
−$237.0K −$9.97/SF
NOI
$355.5K $14.95/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$25.56 /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%
$7,110,560
Cap Rate 7%
$5,078,971
Cap Rate 9%
$3,950,311
Alternative Uses
Best Use
Healthcare Medical
$5.08M
$4.44M – $5.93M
NOI $355,528 @ 7.0% cap · market cap 9.00%
Second Best
Office B
$4.16M
$3.64M – $4.85M
NOI $291,030 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$6.03M
$5.27M – $7.03M
NOI $421,823 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29526, SC
51,403
Population
20,301
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
294
Density / Sq Mi
$66,490
Median Household Income
$28,341
Median Earnings
$943
Median Rent
$232,100
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - NC-zoned campus with medical suites, professional offices, parking, and access from Main Street, Oak Street, and 17th Avenue.
Where is this medical office space located?
The property is located at 1608 Main St. Conway, SC.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Approximately 23,777 square feet across two locations on 2.91 acres; 662 feet of combined road frontage; 1608 Main Street: approximately 12,525 square feet and 257 feet of frontage
