Medical Office
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For Sale
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685 S Oak Street, Seneca, SC 29678
Established medical office property with a lease renewal option and convenient access to Seneca, Clemson, and US-123.
Property Size4,200 SF
Price / SF$185.71
Days on Market7
Property Features for 685 S Oak Street
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Office
Investment Type
Net Lease
Net Operating Income
$54,600
Building Details
Buildings
1
Tenancy
Single
Building Size
4,200 SF
Listing Agency:
Pintail
Listed By:
Ross Kester · License #SC 50616
Source:
Crexi
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 3:02PM
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 Pintail
Investment Insights
Based on property information with market context.
This 4,200-square-foot medical office building occupies an established professional-services setting at 685 S. Oak Street in Seneca. The property is positioned among medical and healthcare-related providers, with a configuration suited to continued medical office use.
The location provides access to downtown Seneca, Clemson, and US-123. A five-year lease renewal option is available in March 2026, with 2% annual rent increases during the applicable lease period.
The location provides access to downtown Seneca, Clemson, and US-123. A five-year lease renewal option is available in March 2026, with 2% annual rent increases during the applicable lease period.
Key Highlights
- 4,200 SF medical office building
- Five‑year lease renewal option in March 2026
- 2% annual rent bumps
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
$53,657
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
6.88%
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%
$1,073,140
$1.1M
Cap Rate 7%
$766,529
$766.5K
Cap Rate 9%
$596,189
$596.2K
Market Conditions
NOI Build-Up for 4,200 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
$84.2K $20.04/SF
− Vacancy
−$12.6K −$3.01/SF
EGI
$71.5K $17.03/SF
− OpEx
−$17.9K −$4.26/SF
NOI
$53.7K $12.78/SF
Area
Oconee County, SC
Vacancy
15.00%
Lease Rate
$20.04 /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%
$1,073,140
Cap Rate 7%
$766,529
Cap Rate 9%
$596,189
Alternative Uses
Best Use
Office B
$766.5K
$670.7K – $894.3K
NOI $53,657 @ 7.0% cap · market cap 6.88%
Second Best
Healthcare Medical
$739.2K
$646.8K – $862.4K
NOI $51,742 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$1.05M
$922.5K – $1.23M
NOI $73,802 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29678, SC
23,700
Population
11,742
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
85%
High-School Grad
79.8 sq mi
ZIP Area
297
Density / Sq Mi
$49,699
Median Household Income
$33,779
Median Earnings
$943
Median Rent
$205,600
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?
Medical Office Space - Established medical office property with a lease renewal option and convenient access to Seneca, Clemson, and US-123.
Where is this medical office space located?
The property is located at 685 S Oak Street Seneca, SC.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: 4,200 SF medical office building; Five‑year lease renewal option in March 2026; 2% annual rent bumps
