Historic Downtown Office
For Sale
$2,700,000
260 W Evans St, Florence, SC 29501
A 16,000-square-foot historic office building with multiple suites, including a law firm and other tenants, plus over 100 parking spaces.
Property Size16,000 SF
Lot Size1.47 Acres
Price / SF$168.75
Days on Market48
Property Features for 260 W Evans St
General Information
Standard status
Active
Size
16,000 SF
Total Parking Spaces
100
Lot size
1.47 Acres
Property subtype
Other
Occupancy
100%
Additional Details
Office Units
23
Building Details
Year Built
1939
Tenancy
Multi
Listing Agency:
Coldwell Banker McMillan and Associates
Listed By:
William J. McMillan Jr.
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 14
Last Checked: Aug 29 at 6:37AM
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 McMillan and Associates
Investment Insights
Based on property information with market context.
This historic office building offers approximately 16,000 square feet and is currently configured for multiple tenants. The property includes a law firm space of 13,759 square feet with 23 offices, seven bathrooms, eight boardrooms and meeting spaces, a kitchen area, a library, and designated reception and waiting areas. Additional occupied areas include H&R Block at 1,977 square feet and Smith Hair Studio at 568 square feet.
Set on 1.47 acres, the building is located in downtown Florence, SC at 260 W Evans St. The property also provides more than 100 parking spaces, an uncommon amenity for a downtown setting.
With its mix of meeting rooms, office areas, and common front-end reception/waiting space, the building’s interior layout supports professional office uses and similar operating environments.
Set on 1.47 acres, the building is located in downtown Florence, SC at 260 W Evans St. The property also provides more than 100 parking spaces, an uncommon amenity for a downtown setting.
With its mix of meeting rooms, office areas, and common front-end reception/waiting space, the building’s interior layout supports professional office uses and similar operating environments.
Key Highlights
- Historic 16,000 sq ft office building built in 1939
- Current tenants include a law firm (13,759 sq ft), H&R Block (1,977 sq ft), and a hair studio (568 sq ft)
- Law firm space features 23 offices, 7 bathrooms, 8 boardrooms/meeting spaces, plus kitchen, library, and reception/waiting area
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
$126,252
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
4.68%
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%
$2,525,040
$2.5M
Cap Rate 7%
$1,803,600
$1.8M
Cap Rate 9%
$1,402,800
$1.4M
Market Conditions
NOI Build-Up for 16,000 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
$201.6K $12.60/SF
− Vacancy
−$33.3K −$2.08/SF
EGI
$168.3K $10.52/SF
− OpEx
−$42.1K −$2.63/SF
NOI
$126.3K $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%
$2,525,040
Cap Rate 7%
$1,803,600
Cap Rate 9%
$1,402,800
Alternative Uses
Best Use
Office B
$1.80M
$1.58M – $2.10M
NOI $126,252 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,120 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
23
Office units
100%
Occupancy
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 - A 16,000-square-foot historic office building with multiple suites, including a law firm and other tenants, plus over 100 parking spaces.
Where is this office building located?
The property is located at 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 16,000 sq ft office building built in 1939; Current tenants include a law firm (13,759 sq ft), H&R Block (1,977 sq ft), and a hair studio (568 sq ft); Law firm space features 23 offices, 7 bathrooms, 8 boardrooms/meeting spaces, plus kitchen, library, and reception/waiting area
