Medical Office Building with Excess
New
For Sale
$1,400,000
8532 Old State Rd, Holly Hill, SC 29059
Medical office property with adjacent excess land for future expansion, parking, or owner-user planning.
Property Size6,280 SF
Price / SF$222.93
Days on Market3
Property Features for 8532 Old State Rd
General Information
Standard status
Active
Size
6,280 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NNN
Additional Details
Cap Rate
5.61%
Amenities
Contractual Lease Obligations Provide Income Security Through April 2028
Value-Add Opportunity with Below-Market Rents and Excess Land for Future Expansion
Supply-Constrained Medical Office Market with Limited New Development
Offered Well Below Replacement Cost with Strong Long-Term Appreciation
Additional Residential Property Included in the Sale, Currently Leased at $750/Month with 1,296 Square Feet and Lease Terms Remaining Through November 30, 2026
Building Details
Building Size
6,280 SF
Buildings
1
Owner Occupied
No
Listing Agency:
Marcus & Millichap | Charlotte Uptown
(704) 831-4639
Listed By:
CJ Wilson · License #License(s): SC: 130948, NC: 353533
(704) 831-4639
Source:
Marcusmillichap
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 4:42AM
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 Marcus & Millichap | Charlotte Uptown
Investment Insights
Based on property information with market context.
The offering comprises a 6,280-square-foot medical office building at 8532 Old State Rd in Holly Hill, South Carolina. Although the facility is vacant, an existing lease obligation keeps the tenant responsible through April 2028. The property also includes adjacent excess land that may support additional parking, expansion, or other site improvements.
The surrounding medical office submarket is reported at 0% vacancy, while medical office development has declined 45% year over year. These conditions provide relevant context for future leasing or occupancy planning. The reported 5.61% cap rate and lease obligation through April 2028 add further measurable investment characteristics to the offering.
The surrounding medical office submarket is reported at 0% vacancy, while medical office development has declined 45% year over year. These conditions provide relevant context for future leasing or occupancy planning. The reported 5.61% cap rate and lease obligation through April 2028 add further measurable investment characteristics to the offering.
Key Highlights
- 6,280‑square‑foot medical office building at 8532 Old State Rd
- Tenant remains responsible for lease obligations through April 2028
- Adjacent excess land supports potential expansion or additional parking
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
$46,346
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
3.31%
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%
$926,920
$926.9K
Cap Rate 7%
$662,086
$662.1K
Cap Rate 9%
$514,956
$515.0K
Market Conditions
NOI Build-Up for 6,280 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
$75.4K $12.00/SF
− Vacancy
−$13.6K −$2.16/SF
EGI
$61.8K $9.84/SF
− OpEx
−$15.4K −$2.46/SF
NOI
$46.3K $7.38/SF
Area
Orangeburg County, SC
Vacancy
18.00%
Lease Rate
$12.00 /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%
$926,920
Cap Rate 7%
$662,086
Cap Rate 9%
$514,956
Alternative Uses
Best Use
Office B
$662.1K
$579.3K – $772.4K
NOI $46,346 @ 7.0% cap · market cap 3.31%
Second Best
Healthcare Medical
$211.9K
$185.4K – $247.2K
NOI $14,830 @ 7.0% cap · market cap 1.06%
Theoretical Best
Specialty Retail
$909.8K
$796.1K – $1.06M
NOI $63,687 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29059, SC
5,662
Population
2,801
Households
2
Avg Household Size
46
Median Age
16%
College-Educated
85%
High-School Grad
109.2 sq mi
ZIP Area
52
Density / Sq Mi
$37,993
Median Household Income
$28,917
Median Earnings
$698
Median Rent
$111,100
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office property with adjacent excess land for future expansion, parking, or owner-user planning.
Where is this medical office space located?
The property is located at 8532 Old State Rd Holly Hill, SC.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6,280‑square‑foot medical office building at 8532 Old State Rd; Tenant remains responsible for lease obligations through April 2028; Adjacent excess land supports potential expansion or additional parking
