Leased Medical Office Building with Ground
For Sale
Contact for pricing
245-1665 Herlong Ct, Rock Hill, SC 29732
Fully leased medical office building with a Truist Bank ground lease, positioned across from a regional medical center.
Property Size9,572 SF
Price / SF$315.50
Days on Market94
Property Features for 245-1665 Herlong Ct
General Information
Standard status
Active
Size
9,572 SF
Property subtype
OFFICE
Occupancy
100%
Listing Agency:
SVN | Southern Commercial
(803) 325-1000
Listed By:
Randy Graham · License #11640
(803) 322-7228
Source:
Moodyscre
Added: Jun 3
Changed: Aug 8
Last Checked: Sep 2 at 3:09PM
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 SVN | Southern Commercial
Investment Insights
Based on property information with market context.
This for-sale property is a fully leased medical office building totaling 9,572 square feet, supported by an investment structure featuring a ground lease to Truist Bank. The offering is presented as an income-producing asset with the medical office building in place and occupied.
The building is located at 245-1665 Herlong Ct in Rock Hill, South Carolina. Public remarks note the property sits across from a regional medical center, creating a concentrated healthcare-oriented setting.
From an operator and tenant perspective, the asset is best suited for healthcare-related uses that fit a medical office environment, given its existing medical office configuration and current fully leased status. For buyers, the presence of a Truist Bank ground lease and the fully leased building provide a defined tenant framework at the property level, with long-term use anchored by the medical-focused location across from a regional medical center.
The building is located at 245-1665 Herlong Ct in Rock Hill, South Carolina. Public remarks note the property sits across from a regional medical center, creating a concentrated healthcare-oriented setting.
From an operator and tenant perspective, the asset is best suited for healthcare-related uses that fit a medical office environment, given its existing medical office configuration and current fully leased status. For buyers, the presence of a Truist Bank ground lease and the fully leased building provide a defined tenant framework at the property level, with long-term use anchored by the medical-focused location across from a regional medical center.
Key Highlights
- Fully leased medical office building
- Ground lease to Truist Bank
- Property is positioned across from a regional medical center
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
$129,442
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
4.29%
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%
$2,588,840
$2.6M
Cap Rate 7%
$1,849,171
$1.8M
Cap Rate 9%
$1,438,244
$1.4M
Market Conditions
NOI Build-Up for 9,572 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
$191.8K $20.04/SF
− Vacancy
−$6.9K −$0.72/SF
EGI
$184.9K $19.32/SF
− OpEx
−$55.5K −$5.80/SF
NOI
$129.4K $13.52/SF
Area
York County, SC
Vacancy
3.60%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,588,840
Cap Rate 7%
$1,849,171
Cap Rate 9%
$1,438,244
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.16M
NOI $129,442 @ 7.0% cap · market cap 4.29%
Second Best
Specialty Retail
$1.84M
$1.61M – $2.15M
NOI $128,761 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,567 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29732, SC
59,417
Population
24,926
Households
2.4
Avg Household Size
41
Median Age
40%
College-Educated
95%
High-School Grad
52.8 sq mi
ZIP Area
1,125
Density / Sq Mi
$79,936
Median Household Income
$44,650
Median Earnings
$1,293
Median Rent
$301,300
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?
Medical Office Space - Fully leased medical office building with a Truist Bank ground lease, positioned across from a regional medical center.
Where is this medical office space located?
The property is located at 245-1665 Herlong Ct Rock Hill, SC.
What is the asking price?
The asking price for this property is $3,020,000.
What are key features of this property?
This property features: Fully leased medical office building; Ground lease to Truist Bank; Property is positioned across from a regional medical center
