Gated Flex Space with Highway
For Sale
$899,000
603 Church St, Conway, SC 29526
Fenced, multi-tenant commercial building with four bathrooms and zoning that permits many uses.
Property Size3,855 SF
Price / SF$233.20
Days on Market179
Property Features for 603 Church St
General Information
Standard status
Active
Size
3,855 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Listing Agency:
East Coast Investments
(843) 455-8567
Listed By:
Marzena Grabara · License #78918
(843) 455-8567
Source:
Exprealty
Added: Mar 6
Changed: Aug 31
Last Checked: Aug 31 at 7:54PM
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 East Coast Investments
Investment Insights
Based on property information with market context.
This 3,855-square-foot commercial building is configured for use by one or two tenants. The property is fenced and gated, includes four bathrooms, and occupies a large lot with parking space. Its prior use as a restaurant supports consideration of restaurant, retail, wedding venue, or flex-space applications, subject to verification of applicable city requirements.
The building has almost 120 feet of frontage along Highway 501 and sits next to a traffic light. Highways 701, 378, and 905 are nearby, and the property is within city limits. Zoning permits many uses, providing flexibility for an owner-user or commercial occupant evaluating the site.
The building has almost 120 feet of frontage along Highway 501 and sits next to a traffic light. Highways 701, 378, and 905 are nearby, and the property is within city limits. Zoning permits many uses, providing flexibility for an owner-user or commercial occupant evaluating the site.
Key Highlights
- 3,855 SF commercial building configured for single- or double‑tenant use
- Almost 120 feet of Highway 501 frontage beside a traffic light
- Fenced and gated property within city limits
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
$63,596
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
7.07%
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%
$1,271,920
$1.3M
Cap Rate 7%
$908,514
$908.5K
Cap Rate 9%
$706,622
$706.6K
Market Conditions
NOI Build-Up for 3,855 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
$87.0K $22.56/SF
− Vacancy
−$2.2K −$0.56/SF
EGI
$84.8K $22.00/SF
− OpEx
−$21.2K −$5.50/SF
NOI
$63.6K $16.50/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$22.56 /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%
$1,271,920
Cap Rate 7%
$908,514
Cap Rate 9%
$706,622
Alternative Uses
Best Use
Specialty Retail
$908.5K
$795.0K – $1.06M
NOI $63,596 @ 7.0% cap · market cap 7.07%
Second Best
Retail
$802.8K
$702.5K – $936.7K
NOI $56,199 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$977.0K
$854.9K – $1.14M
NOI $68,391 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29526, SC
51,403
Population
20,301
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
294
Density / Sq Mi
$66,490
Median Household Income
$28,341
Median Earnings
$943
Median Rent
$232,100
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.
Similar Off Market Nearby
- Glorygean’s Eats & Treats — 1607 16th Ave, Conway, SC 29527
Frequently Asked Questions
What type of property is this?
Flex space - Fenced, multi-tenant commercial building with four bathrooms and zoning that permits many uses.
Where is this flex space located?
The property is located at 603 Church St Conway, SC.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 3,855 SF commercial building configured for single- or double‑tenant use; Almost 120 feet of Highway 501 frontage beside a traffic light; Fenced and gated property within city limits
