Free-Standing Bank Branch Ground
For Sale
Contact for pricing
245 S Herlong Ct, Rock Hill, SC 29732
Free-standing bank branch on a corner site across from Piedmont Medical Center, offered with a ground lease.
Property Size3,058 SF
Lot Size1.10 Acres
Price / SF$456.18
Days on Market94
Property Features for 245 S Herlong Ct
General Information
Standard status
Active
Size
3,058 SF
Lot size
1.10 Acres
Property subtype
LAND
Listing Agency:
SVN | Southern Commercial
(803) 325-1000
Listed By:
Randy Graham · License #11640
(803) 322-7228
Source:
Moodyscre
Added: Jun 3
Changed: Jul 25
Last Checked: Sep 2 at 12:48AM
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 offering is a ground lease for a free-standing bank branch. The building is approximately 3,058 square feet and is situated on a roughly 1/10-acre site at a corner location.
The property is located at 245 S Herlong Ct in Rock Hill, SC and sits across from Piedmont Medical Center.
The lease term has more than five years remaining, with renewal options.
The property is located at 245 S Herlong Ct in Rock Hill, SC and sits across from Piedmont Medical Center.
The lease term has more than five years remaining, with renewal options.
Key Highlights
- Ground lease for a free‑standing bank branch
- 5+ years remaining on the ground lease with renewal options
- Approx. 3,058 SF building
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
$41,353
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
2.96%
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%
$827,060
$827.1K
Cap Rate 7%
$590,757
$590.8K
Cap Rate 9%
$459,478
$459.5K
Market Conditions
NOI Build-Up for 3,058 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
$61.3K $20.04/SF
− Vacancy
−$2.2K −$0.72/SF
EGI
$59.1K $19.32/SF
− OpEx
−$17.7K −$5.80/SF
NOI
$41.4K $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%
$827,060
Cap Rate 7%
$590,757
Cap Rate 9%
$459,478
Alternative Uses
Best Use
Retail
$590.8K
$516.9K – $689.2K
NOI $41,353 @ 7.0% cap · market cap 2.96%
Second Best
Specialty Retail
$587.7K
$514.2K – $685.6K
NOI $41,136 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$719.1K
$629.2K – $839.0K
NOI $50,338 @ 7.0% cap · market cap 3.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
127k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 78%
Shops & Services 22%
McDonald's
Dining
28,904 visits/mo
0.5 miles
Bojangles' Famous Chicken 'n Biscuits
Dining
15,649 visits/mo
0.4 miles
Starbucks
Dining
13,106 visits/mo
0.5 miles
Wendy's
Dining
11,795 visits/mo
0.5 miles
BP
Shops & Services
8,173 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Free-standing bank branch on a corner site across from Piedmont Medical Center, offered with a ground lease.
Where is this bank located?
The property is located at 245 S Herlong Ct Rock Hill, SC.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Ground lease for a free‑standing bank branch; 5+ years remaining on the ground lease with renewal options; Approx. 3,058 SF building
