Renovated Flex Space with
For Sale
$968,000
2728 Depot Rd, Beaufort, SC 29902
Recently renovated flex space with warehouse and long-term corporate tenant.
Property Size5,050 SF
Price / SF$191.68
Days on Market328
Property Features for 2728 Depot Rd
General Information
Standard status
Active
Size
5,050 SF
Listing Agency:
Principal Advisors
(843) 986-7396
Listed By:
Reynolds Robinson · License #129060
(843) 986-7396
Source:
Exprealty
Added: Oct 1, 2025
Changed: Aug 23
Last Checked: Aug 22 at 4:37PM
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 Principal Advisors
Investment Insights
Based on property information with market context.
Located on Depot Road in Beaufort's artisan corridor, this property features a flex site directly fronting the Spanish Moss Trail. The property includes a building of approximately 5,050 square feet, which underwent significant renovations and a minor expansion in 2023 and 2024. The front section of the building offers around 2,800 square feet of newly updated flex space, equipped with a 2024 central HVAC system. The rear section comprises approximately 2,250 square feet of warehouse space, characterized by tall ceilings, a partially climate-controlled workspace, a large bay door, and a fenced storage yard. The flexible T4-NA zoning accommodates light industrial and various commercial uses. The property will be conveyed with a newly executed, long-term lease with a corporate tenant, presenting an income-based opportunity with potential upside for investors.
Key Highlights
- Newly executed, long‑term lease with corporate tenancy provides stable income and strong upside for investors.
- Recently renovated (~2023/24) ~5,050 SF building with ~2,800 SF of updated flex space and a ~2,250 SF warehouse.
- Warehouse features tall ceilings, climatized workspace, large bay door, and fenced storage yard.
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
$30,224
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
3.12%
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%
$604,480
$604.5K
Cap Rate 7%
$431,771
$431.8K
Cap Rate 9%
$335,822
$335.8K
Market Conditions
NOI Build-Up for 5,050 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
$45.5K $9.00/SF
− Vacancy
−$2.3K −$0.45/SF
EGI
$43.2K $8.55/SF
− OpEx
−$13.0K −$2.56/SF
NOI
$30.2K $5.98/SF
Area
Beaufort County, SC
Vacancy
5.00%
Lease Rate
$9.00 /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%
$604,480
Cap Rate 7%
$431,771
Cap Rate 9%
$335,822
Alternative Uses
Best Use
Flex RnD
$1.29M
$1.13M – $1.51M
NOI $90,597 @ 7.0% cap · market cap 9.36%
Second Best
Industrial
$431.8K
$377.8K – $503.7K
NOI $30,224 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,656 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29902, SC
16,692
Population
7,131
Households
2.3
Avg Household Size
36
Median Age
38%
College-Educated
96%
High-School Grad
18.1 sq mi
ZIP Area
922
Density / Sq Mi
$72,564
Median Household Income
$36,468
Median Earnings
$1,157
Median Rent
$306,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated flex space with warehouse and long-term corporate tenant.
Where is this flex space located?
The property is located at 2728 Depot Rd Beaufort, SC.
What is the asking price?
The asking price for this property is $968,000.
What are key features of this property?
This property features: Newly executed, long‑term lease with corporate tenancy provides stable income and strong upside for investors.; Recently renovated (~2023/24) ~5,050 SF building with ~2,800 SF of updated flex space and a ~2,250 SF warehouse.; Warehouse features tall ceilings, climatized workspace, large bay door, and fenced storage yard.
