Summerville Office Redevelopment
For Sale
Contact for pricing
1632 Central Ave, Summerville, SC 29483
High-visibility commercial land with existing structure for renovation or redevelopment.
Property Size831 SF
Lot Size0.34 Acres
Price / SF$263.54
Days on Market167
Property Features for 1632 Central Ave
General Information
Standard status
Active
Size
831 SF
Class
D
Lot size
0.34 Acres
Property subtype
Office
Zoning
OI_DC
Investment Type
Owner/User
Building Details
Year Built
1965
Listing Agency:
Coldwell Banker Commercial
(803) 553-6902
Listed By:
Jie ZHENG, CCIM · License #111221
Source:
Crexi
Added: Mar 18
Changed: Aug 19
Last Checked: Aug 28 at 10:23PM
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 Coldwell Banker Commercial
Investment Insights
Based on property information with market context.
This property presents an opportunity in the Knightsville area of Summerville, zoned OI (Office Institutional). Situated on Central Avenue, the approximately 0.34-acre lot offers exposure and accessibility along a commercial corridor. The property includes an 831-square-foot structure currently configured for office use, along with two detached garage/storage buildings totaling approximately 1,713 square feet. The existing improvements require renovation prior to occupancy, presenting a value-add opportunity for owner-users, investors, or redevelopment. Recent improvements include a 2025 survey and site clearing/landscaping in 2026, with large trees and brush removed to enhance usability of the site. The property is located just two parcels from the Walmart Neighborhood Market. It is ideal for professional office, small business, service users, or potential mixed office/residential use, subject to zoning verification. The property is being sold AS-IS, WHERE-IS. Buyer to verify all information and permitted uses.
Key Highlights
- High‑visibility location on Central Avenue in rapidly growing Knightsville/Summerville.
- OI (Office Institutional) zoning offers flexibility for various business or mixed‑use possibilities (subject to verification).
- Large ±0.34‑acre lot provides ample space for development or expansion.
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
$16,508
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
7.54%
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%
$330,160
$330.2K
Cap Rate 7%
$235,829
$235.8K
Cap Rate 9%
$183,422
$183.4K
Market Conditions
NOI Build-Up for 831 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
$24.7K $29.76/SF
− Vacancy
−$2.7K −$3.27/SF
EGI
$22.0K $26.49/SF
− OpEx
−$5.5K −$6.62/SF
NOI
$16.5K $19.86/SF
Area
Dorchester County, SC
Vacancy
11.00%
Lease Rate
$29.76 /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%
$330,160
Cap Rate 7%
$235,829
Cap Rate 9%
$183,422
Alternative Uses
Best Use
Office B
$235.8K
$206.4K – $275.1K
NOI $16,508 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$621.9K
$544.2K – $725.6K
NOI $43,533 @ 7.0% cap · market cap 19.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Explore this area
Business Placement
Demographics for 29483, SC
56,778
Population
23,133
Households
2.5
Avg Household Size
38
Median Age
30%
College-Educated
92%
High-School Grad
53.3 sq mi
ZIP Area
1,065
Density / Sq Mi
$82,194
Median Household Income
$42,929
Median Earnings
$1,220
Median Rent
$303,400
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 units - High-visibility commercial land with existing structure for renovation or redevelopment.
Where is this office units located?
The property is located at 1632 Central Ave Summerville, SC.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: High‑visibility location on Central Avenue in rapidly growing Knightsville/Summerville.; OI (Office Institutional) zoning offers flexibility for various business or mixed‑use possibilities (subject to verification).; Large ±0.34‑acre lot provides ample space for development or expansion.
