Flex-Use Industrial Office
For Sale
Contact for pricing
313 Commerce Drive, Pawleys Island, SC 29585
Free-span metal building with four suites, including office and a rear flex area with warehouse, mezzanine, and office space.
Property Size8,812 SF
Lot Size1.20 Acres
Price / SF$136.18
Days on Market67
Property Features for 313 Commerce Drive
General Information
Standard status
Active
Size
8,812 SF
Lot size
1.20 Acres
Property subtype
Office, Special Purpose
Zoning
PD
Building Details
Year Built
1998
Buildings
1
Tenancy
Multi
Construction
free-span metal
Listing Agency:
NAI | The Litchfield Company
Listed By:
Max Jones · License #SC 90439
(843) 979-6754
Source:
Crexi
Added: Jul 2
Changed: Aug 27
Last Checked: Sep 3 at 12:45PM
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 NAI | The Litchfield Company
Investment Insights
Based on property information with market context.
313 Commerce Drive is a versatile commercial property built as a free-span metal building on 1.20 acres. The building is currently divided into four separate suites, offering flexibility for an owner-user to occupy a portion while maintaining the option to rent additional space.
The current configuration includes two professional office suites, a pain management medical practice, and a rear flex suite featuring warehouse space plus mezzanine storage and office space. Three of the four suites are leased on month-to-month agreements.
The property’s suite layout supports multiple operational arrangements within one building, while the rear flex/warehouse component provides added functionality for users seeking both workspace and supporting storage.
The current configuration includes two professional office suites, a pain management medical practice, and a rear flex suite featuring warehouse space plus mezzanine storage and office space. Three of the four suites are leased on month-to-month agreements.
The property’s suite layout supports multiple operational arrangements within one building, while the rear flex/warehouse component provides added functionality for users seeking both workspace and supporting storage.
Key Highlights
- 8,812 SF free‑span metal commercial building on 1.20 acres at the corner of Commerce Dr and Petigru Dr in Pawleys Island’s business district.
- Year built: 1998.
- Building currently divided into four suites, providing multiple income streams and flexibility for an owner‑user to occupy part of the property.
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
$107,399
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
8.95%
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%
$2,147,980
$2.1M
Cap Rate 7%
$1,534,271
$1.5M
Cap Rate 9%
$1,193,322
$1.2M
Market Conditions
NOI Build-Up for 8,812 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
$195.6K $22.20/SF
− Vacancy
−$16.6K −$1.89/SF
EGI
$179.0K $20.31/SF
− OpEx
−$71.6K −$8.13/SF
NOI
$107.4K $12.19/SF
Area
Georgetown County, SC
Vacancy
8.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
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%
$2,147,980
Cap Rate 7%
$1,534,271
Cap Rate 9%
$1,193,322
Alternative Uses
Best Use
Office B
$1.77M
$1.55M – $2.06M
NOI $123,720 @ 7.0% cap · market cap 10.31%
Second Best
Healthcare Medical
$1.53M
$1.34M – $1.79M
NOI $107,399 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$2.42M
$2.11M – $2.82M
NOI $169,190 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29585, SC
16,574
Population
12,061
Households
1.4
Avg Household Size
60
Median Age
50%
College-Educated
96%
High-School Grad
61.8 sq mi
ZIP Area
268
Density / Sq Mi
$83,077
Median Household Income
$42,237
Median Earnings
$1,599
Median Rent
$423,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Sassy Pig — 181 Archer Rd, Pawleys Island, SC 29585
Frequently Asked Questions
What type of property is this?
Flex space - Free-span metal building with four suites, including office and a rear flex area with warehouse, mezzanine, and office space.
Where is this flex space located?
The property is located at 313 Commerce Drive Pawleys Island, SC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8,812 SF free‑span metal commercial building on 1.20 acres at the corner of Commerce Dr and Petigru Dr in Pawleys Island’s business district.; Year built: 1998.; Building currently divided into four suites, providing multiple income streams and flexibility for an owner‑user to occupy part of the property.
