Versatile Commercial Building on
For Sale
$500,000
511 Irby Street, Florence, SC 29501
Single-tenant building with showroom, warehouse, and fenced yard.
Property Size6,120 SF
Lot Size1.09 Acres
Days on Market156
Property Features for 511 Irby Street
General Information
Standard status
Active
Size
6,120 SF
Lot size
1.09 Acres
Property subtype
Mixed Use
Zoning
commercial
Building Details
Building Size
6,120 SF
Listing Agency:
Coldwell Banker Commercial Seaboard McMillan
(843) 665-8803
Listed By:
Danny Wright · License #31875
(843) 665-8803
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 single-tenant commercial building features both showroom and warehouse space. The property includes two rollup doors and is fully fenced. It is situated on a 1.09-acre lot.
Key Highlights
- 1.09 acre lot
- Single tenant building
- Ample showroom and warehouse space
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
$45,441
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
9.09%
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%
$908,820
$908.8K
Cap Rate 7%
$649,157
$649.2K
Cap Rate 9%
$504,900
$504.9K
Market Conditions
NOI Build-Up for 6,120 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
$80.8K $13.20/SF
− Vacancy
−$8.1K −$1.32/SF
EGI
$72.7K $11.88/SF
− OpEx
−$27.3K −$4.46/SF
NOI
$45.4K $7.42/SF
Area
Florence County, SC
Vacancy
10.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
37.50%
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%
$908,820
Cap Rate 7%
$649,157
Cap Rate 9%
$504,900
Alternative Uses
Best Use
Mixed Use
$649.2K
$568.0K – $757.4K
NOI $45,441 @ 7.0% cap · market cap 9.09%
Second Best
Retail
$626.5K
$548.2K – $730.9K
NOI $43,856 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$902.3K
$789.5K – $1.05M
NOI $63,158 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,146
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 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?
Mixed-use property - Single-tenant building with showroom, warehouse, and fenced yard.
Where is this mixed-use property located?
The property is located at 511 Irby Street Florence, SC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1.09 acre lot; Single tenant building; Ample showroom and warehouse space
