Medical Office Building with 13 Exam
For Sale
Under Contract
$1,650,000
1706 2nd Loop Rd., Florence, SC 29501
COMMERCIAL/INDUSTRIAL, Florence, SC
Property Size8,300 SF
Lot Size1.34 Acres
Price / SF$199.01
Days on Market45
Property Features for 1706 2nd Loop Rd.
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Freestanding
Subdivision
FLORENCE
Standard status
Active Under Contract
Size
8,291 SF
Lot size
1.34 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1996
Flooring type
Tile
Building materials
Brick
Listing Agency:
C/B McMillan and Assoc. · Coldwell Banker Real Estate
(843) 667-1100
Listed By:
William McMillan · License #19719
(843) 601-7710
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 23 at 11:06AM
MLS# 2602795
Copyright © 2026 Pee Dee Realtor Association. 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.
1706 2nd Loop Rd. is an 8,300 sq ft brick medical office facility on 1.34 acres, built in 1996. The interior is configured for clinical use with 13 exam rooms, an X-ray room, a reception lobby, multiple executive and administrative offices, a board room, and extensive storage, including a fully floored attic. Heating is provided by heat pump and cooling is offered via central air, and flooring includes tile.
The exterior includes a covered patient drop-off, a four-bay carport, and 62 parking spaces. The property is listed with CI zoning.
Originally a cardiology practice, the building is suited for medical, professional, or institutional uses and provides a substantial mix of exam, office, meeting, and storage areas for day-to-day operations.
The exterior includes a covered patient drop-off, a four-bay carport, and 62 parking spaces. The property is listed with CI zoning.
Originally a cardiology practice, the building is suited for medical, professional, or institutional uses and provides a substantial mix of exam, office, meeting, and storage areas for day-to-day operations.
Key Highlights
- 8,300 sq ft medical office building on 1.34 acres
- CI zoning
- 13 exam rooms plus an X‑ray room
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
$77,562
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
4.70%
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%
$1,551,240
$1.6M
Cap Rate 7%
$1,108,029
$1.1M
Cap Rate 9%
$861,800
$861.8K
Market Conditions
NOI Build-Up for 8,291 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
$141.3K $17.04/SF
− Vacancy
−$12.0K −$1.45/SF
EGI
$129.3K $15.59/SF
− OpEx
−$51.7K −$6.24/SF
NOI
$77.6K $9.35/SF
Area
Florence County, SC
Vacancy
8.50%
Lease Rate
$17.04 /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%
$1,551,240
Cap Rate 7%
$1,108,029
Cap Rate 9%
$861,800
Alternative Uses
Best Use
Healthcare Medical
$1.11M
$969.5K – $1.29M
NOI $77,562 @ 7.0% cap · market cap 4.70%
Second Best
Office B
$934.6K
$817.8K – $1.09M
NOI $65,422 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,563 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Balanced
Demand for This Use
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
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 - CI-zoned medical office facility with 13 exam rooms, covered patient drop-off, and 62 parking spaces.
Where is this medical office space located?
The property is located at 1706 2nd Loop Rd. Florence, SC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 8,300 sq ft medical office building on 1.34 acres; CI zoning; 13 exam rooms plus an X‑ray room
