Two-Location Medical Office
New
For Sale
$3,950,000
1608 Main St. 1708 Oak St, Conway, SC 29526
Medical and professional facilities offer exam rooms, offices, administrative areas, pharmacy space, and a multipurpose auditorium.
Property Size23,777 SF
Lot Size2.91 Acres
Days on Market3
Property Features for 1608 Main St. 1708 Oak St
General Information
Standard status
Active
Size
23,777 SF
Lot size
2.91 Acres
Zoning
NC
Additional Details
Road Access
Yes
Amenities
8038075415
Active
Medical/Dental
Professional/Office
3
no
Office
One
yes
1
23777
Central Air
Public Sewer
Public Records
Building Details
Building Size
23,777 SF
Buildings
3
Listing Agency:
Saltwater Grande Realty, LLC
Listed By:
Betty Robey · License #93122
(843) 315-3444
Source:
Saltwatergrande.idxbroker
Added: Sep 22
Last Checked: Sep 24 at 6:42AM
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 Saltwater Grande Realty, LLC
Investment Insights
Based on property information with market context.
This medical office campus comprises two properties totaling nearly 24,000 square feet on 2.91 acres. The 1608 Main Street facility contains approximately 12,525 square feet, while 1708 Oak Street provides approximately 11,252 square feet. Existing improvements include exam rooms, private offices, administrative areas, pharmacy space, and a large auditorium or multipurpose area. The campus also includes a detached workshop or facility building, fenced private parking, four parking areas, and additional green space.
The properties provide access from Main Street, Oak Street, and 17th Avenue, with 662 feet of combined road frontage. Zoned NC – Neighborhood Commercial, the campus is located along the Main Street corridor near historic Downtown Conway, SC. Health Care Partners currently operates from the property and will remain open while its new facility is completed.
The properties provide access from Main Street, Oak Street, and 17th Avenue, with 662 feet of combined road frontage. Zoned NC – Neighborhood Commercial, the campus is located along the Main Street corridor near historic Downtown Conway, SC. Health Care Partners currently operates from the property and will remain open while its new facility is completed.
Key Highlights
- Two‑property medical campus on 2.91 acres with nearly 24,000 square feet
- 1608 Main Street includes approximately 12,525 square feet and 257 feet of road frontage
- 1708 Oak Street offers approximately 11,252 square feet and 405 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
Current Use
Lease Details
Yes
Paved road access
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical and professional facilities offer exam rooms, offices, administrative areas, pharmacy space, and a multipurpose auditorium.
Where is this medical office space located?
The property is located at 1608 Main St. 1708 Oak 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: Two‑property medical campus on 2.91 acres with nearly 24,000 square feet; 1608 Main Street includes approximately 12,525 square feet and 257 feet of road frontage; 1708 Oak Street offers approximately 11,252 square feet and 405 feet of frontage
