Historic Downtown Office
For Sale
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248-260 W Evans st., Florence, SC 29506
Historic office building in downtown Florence with multiple tenant suites and over 100 parking spaces.
Property Size16,304 SF
Lot Size1.47 Acres
Price / SF$165.60
Days on Market188
Property Features for 248-260 W Evans st.
General Information
Standard status
Active
Size
16,304 SF
Lot size
1.47 Acres
Property subtype
Special Purpose
Amenities
8 boardrooms and meeting spaces
kitchen area
library
reception and waiting area
Building Details
Year Built
1939
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Seaboard McMillan
Listed By:
William J. McMillan Jr. · License #19719
(843) 601-7710
Source:
Crexi
Added: Mar 11
Changed: Sep 7
Last Checked: Sep 14 at 6:03AM
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 office building offers approximately 16,300 square feet of versatile interior space currently occupied by a law firm, H&R Block, and a hair studio. The law firm portion includes 23 offices, multiple boardrooms and meeting spaces, a designated reception and waiting area, a kitchen area, a library, and 7 bathrooms. The building’s configuration supports a mix of private offices and collaborative meeting space.
The property is located in the heart of downtown Florence, SC, with more than 100 parking spaces available on site. Spanning 1.47 acres, it provides a substantial footprint for a downtown setting.
The existing tenant layout and sizable parking count make this building workable for continued office use, professional services, or redevelopment into other uses where the existing improvements can be leveraged.
The property is located in the heart of downtown Florence, SC, with more than 100 parking spaces available on site. Spanning 1.47 acres, it provides a substantial footprint for a downtown setting.
The existing tenant layout and sizable parking count make this building workable for continued office use, professional services, or redevelopment into other uses where the existing improvements can be leveraged.
Key Highlights
- Historic 1939 commercial office building totaling 16,000 SF in downtown Florence, SC
- Currently leased/occupied by a law firm (13,759 SF), H&R Block (1,977 SF), and a hair studio (568 SF)
- Law firm suite features 23 offices, 7 bathrooms, 8 boardrooms/meeting spaces, kitchen, library, plus reception and waiting areas
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
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Open Analytics
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 29506, SC
19,967
Population
8,710
Households
2.3
Avg Household Size
37
Median Age
15%
College-Educated
80%
High-School Grad
120.8 sq mi
ZIP Area
165
Density / Sq Mi
$38,441
Median Household Income
$25,677
Median Earnings
$802
Median Rent
$114,400
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Historic office building in downtown Florence with multiple tenant suites and over 100 parking spaces.
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: Historic 1939 commercial office building totaling 16,000 SF in downtown Florence, SC; Currently leased/occupied by a law firm (13,759 SF), H&R Block (1,977 SF), and a hair studio (568 SF); Law firm suite features 23 offices, 7 bathrooms, 8 boardrooms/meeting spaces, kitchen, library, plus reception and waiting areas
