Historic Downtown Florence Building For
For Sale
$2,700,000
248 258 and 268 W Evans St., Florence, SC 29501
16,000 SF historic building in downtown Florence for sale.
Property Size16,304 SF
Lot Size1.47 Acres
Price / SF$165.60
Days on Market150
Property Features for 248 258 and 268 W Evans St.
General Information
Standard status
Active
Size
16,304 SF
Lot size
1.47 Acres
Property subtype
Mixed Use
Zoning
General Commercial
Building Details
Building Size
16,304 SF
Year Built
1935
Stories
2
Listing Agency:
Coldwell Banker Commercial Seaboard McMillan
(843) 665-8803
Listed By:
Joe McMillan · License #SC140676
(843) 665-8803
Source:
Cbcworldwide
Added: Mar 27
Changed: Aug 23
Last Checked: Aug 21 at 9:13PM
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 historic 16,000 square foot building is located in downtown Florence. The property, set on 1.47 acres, is currently home to a Law Firm occupying 13,759 square feet with 23 offices, 7 bathrooms, 8 boardrooms and meeting spaces, a kitchen area, a library, and a designated reception and waiting area. Additionally, H&R Block occupies 1,977 square feet, and Smith Hair Studio occupies 568 square feet. The property offers over 100 parking spaces. This versatile space is suitable for a variety of uses and provides ample room for growth and development.
Key Highlights
- Prime downtown Florence location in a thriving area.
- Large 16,000 sq ft historic building with limitless potential.
- Versatile space suitable for a variety of uses.
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
$128,651
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
4.76%
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%
$2,573,020
$2.6M
Cap Rate 7%
$1,837,871
$1.8M
Cap Rate 9%
$1,429,456
$1.4M
Market Conditions
NOI Build-Up for 16,304 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
$205.4K $12.60/SF
− Vacancy
−$33.9K −$2.08/SF
EGI
$171.5K $10.52/SF
− OpEx
−$42.9K −$2.63/SF
NOI
$128.7K $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%
$2,573,020
Cap Rate 7%
$1,837,871
Cap Rate 9%
$1,429,456
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.14M
NOI $128,651 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,257 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,251
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 - 16,000 SF historic building in downtown Florence for sale.
Where is this office building located?
The property is located at 248 258 and 268 W Evans St. Florence, SC.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Prime downtown Florence location in a thriving area.; Large 16,000 sq ft historic building with limitless potential.; Versatile space suitable for a variety of uses.
