Historic Office
For Sale
$2,700,000
248-260 W Evans st., Florence, SC 29501
COMMERCIAL/INDUSTRIAL, Florence, SC
Property Size16,000 SF
Lot Size1.47 Acres
Price / SF$165.60
Days on Market173
Property Features for 248-260 W Evans st.
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Office Center
Subdivision
FLORENCE
Standard status
Active
Size
16,304 SF
Lot size
1.47 Acres
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1939
Listing Agency:
C/B McMillan and Assoc. · Coldwell Banker Real Estate
(843) 667-1100
Listed By:
William McMillan · License #19719
(843) 601-7710
Added: Mar 14
Changed: Aug 19
Last Checked: Sep 2 at 8:06AM
MLS# 2600905
Copyright © 2026 Pee Dee Realtor Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 1939, this historic office property provides a substantial professional setting with multiple occupied areas. The current configuration includes a law firm, H&R Block, and Smith Hair Studio, along with 23 offices, 7 bathrooms, 8 boardrooms and meeting spaces, a kitchen, library, reception area, and waiting space.
The property occupies 1.47 acres in downtown Florence and includes over 100 parking spaces. Central air conditioning is supported by electric and heat-pump heating systems. Its combination of established occupancy, extensive office improvements, and on-site parking creates a distinctive downtown office asset.
The property occupies 1.47 acres in downtown Florence and includes over 100 parking spaces. Central air conditioning is supported by electric and heat-pump heating systems. Its combination of established occupancy, extensive office improvements, and on-site parking creates a distinctive downtown office asset.
Key Highlights
- 1939 construction with historic character
- 1.47‑acre downtown Florence office property
- Over 100 on‑site parking spaces
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
Mixed Use
$1.73M
$1.51M – $2.02M
NOI $121,057 @ 7.0% cap · market cap 4.48%
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
Lease Details
Multi-tenant
Tenancy
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 - Established professional layout with multiple occupants, meeting rooms, reception space, and dedicated parking in downtown Florence.
Where is this office building located?
The property is located at 248-260 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: 1939 construction with historic character; 1.47‑acre downtown Florence office property; Over 100 on‑site parking spaces
