Office Building with Reception
For Sale
Contact for pricing
2222 W Palmetto St, Florence, SC 29501
Configured with private offices, a work or conference room, break room, and customer reception.
Property Size1,456 SF
Price / SF$164.15
Days on Market132
Property Features for 2222 W Palmetto St
General Information
Standard status
Active
Size
1,456 SF
Class
B
Total Parking Spaces
20
Property subtype
Office
Building Details
Year Built
1984
Buildings
1
Listing Agency:
ERA Leatherman Realty Inc
(843) 229-7420
Listed By:
Jean leatherman · License #SC
Source:
Crexi
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 11:31AM
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 ERA Leatherman Realty Inc
Investment Insights
Based on property information with market context.
This 1,456-square-foot office building, constructed in 1984, is arranged for day-to-day business operations. The interior includes a front reception area with an oversized counter, three private offices, a separate work area or conference room, a break room, and one bathroom. The configuration is also identified as suitable for retail or service-based business use.
Located at 2222 W Palmetto St in Florence, the property is 0.5 mile from Florence Mall and offers easy access, high traffic volume, and more than 20 on-site parking spaces. The combination of customer-facing reception, private work areas, and dedicated support space provides a practical setup for an office-oriented commercial user.
Located at 2222 W Palmetto St in Florence, the property is 0.5 mile from Florence Mall and offers easy access, high traffic volume, and more than 20 on-site parking spaces. The combination of customer-facing reception, private work areas, and dedicated support space provides a practical setup for an office-oriented commercial user.
Key Highlights
- 1,456‑square‑foot office building constructed in 1984
- Three private offices plus a dedicated work area or conference room
- Front reception area includes an oversized counter
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
$11,489
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
4.81%
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%
$229,780
$229.8K
Cap Rate 7%
$164,129
$164.1K
Cap Rate 9%
$127,656
$127.7K
Market Conditions
NOI Build-Up for 1,456 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
$18.3K $12.60/SF
− Vacancy
−$3.0K −$2.08/SF
EGI
$15.3K $10.52/SF
− OpEx
−$3.8K −$2.63/SF
NOI
$11.5K $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%
$229,780
Cap Rate 7%
$164,129
Cap Rate 9%
$127,656
Alternative Uses
Best Use
Office B
$164.1K
$143.6K – $191.5K
NOI $11,489 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$214.7K
$187.8K – $250.4K
NOI $15,026 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
775
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 - Configured with private offices, a work or conference room, break room, and customer reception.
Where is this office building located?
The property is located at 2222 W Palmetto St Florence, SC.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,456‑square‑foot office building constructed in 1984; Three private offices plus a dedicated work area or conference room; Front reception area includes an oversized counter
