Commercial Office Property with
For Sale
Contact for pricing
2228 W Palmetto St., Florence, SC 29501
Office-focused commercial property along a high-traffic corridor, offering visibility, accessibility, and ample on-site parking.
Property Size1,405 SF
Price / SF$160.14
Days on Market81
Property Features for 2228 W Palmetto St.
General Information
Standard status
Active
Size
1,405 SF
Property subtype
Special Purpose
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
Coldwell Banker Commercial Seaboard McMillan
(843) 472-0209
Listed By:
Ross McMillan · License #SC140676
Source:
Crexi
Added: Jun 4
Changed: Aug 21
Last Checked: Aug 23 at 5:12PM
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 Seaboard McMillan
Investment Insights
Based on property information with market context.
This commercial office property at 2228 W Palmetto St., Florence, SC is positioned for strong street exposure along a high-traffic corridor. The offering includes office space configured for a range of service-oriented uses, supported by a generous lot that provides ample room for parking. The site also offers flexibility for businesses looking to operate on-site or plan for future expansion within the property footprint.
The property’s location on W Palmetto St. is intended to support visibility and convenient access for customers and day-to-day operations. It is described as being surrounded by established businesses, with steady daily activity that can help support customer-facing professional services.
From a tenant and owner-user perspective, the layout and setting are presented as a good fit for a tax office, professional services, or small business operations. The combination of office-oriented space, high-traffic exposure, and on-site parking is designed to accommodate organizations that want straightforward access for clients while maintaining an operational presence on a well-used commercial street. The property may also appeal to investors or operators seeking a versatile commercial asset in a busy Florence corridor, based on its described location and adaptable use profile.
The property’s location on W Palmetto St. is intended to support visibility and convenient access for customers and day-to-day operations. It is described as being surrounded by established businesses, with steady daily activity that can help support customer-facing professional services.
From a tenant and owner-user perspective, the layout and setting are presented as a good fit for a tax office, professional services, or small business operations. The combination of office-oriented space, high-traffic exposure, and on-site parking is designed to accommodate organizations that want straightforward access for clients while maintaining an operational presence on a well-used commercial street. The property may also appeal to investors or operators seeking a versatile commercial asset in a busy Florence corridor, based on its described location and adaptable use profile.
Key Highlights
- Commercial/industrial property in Florence, SC on high‑traffic W Palmetto St
- Office‑focused layout for professional services or small business operations
- Ample on‑site parking available
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
$11,087
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
4.93%
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%
$221,740
$221.7K
Cap Rate 7%
$158,386
$158.4K
Cap Rate 9%
$123,189
$123.2K
Market Conditions
NOI Build-Up for 1,405 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
$17.7K $12.60/SF
− Vacancy
−$2.9K −$2.08/SF
EGI
$14.8K $10.52/SF
− OpEx
−$3.7K −$2.63/SF
NOI
$11.1K $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%
$221,740
Cap Rate 7%
$158,386
Cap Rate 9%
$123,189
Alternative Uses
Best Use
Office B
$158.4K
$138.6K – $184.8K
NOI $11,087 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$207.1K
$181.3K – $241.7K
NOI $14,500 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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 units - Office-focused commercial property along a high-traffic corridor, offering visibility, accessibility, and ample on-site parking.
Where is this office units located?
The property is located at 2228 W Palmetto St. Florence, SC.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Commercial/industrial property in Florence, SC on high‑traffic W Palmetto St; Office‑focused layout for professional services or small business operations; Ample on‑site parking available
