Freestanding Flex Warehouse
For Sale
$942,500
Pending
864 Kingswood Dr, Conway, SC 29526
Freestanding flex building with reception/office/showroom area, unconditioned warehouse, and a rear metal storage building.
Property Size6,050 SF
Days on Market63
Property Features for 864 Kingswood Dr
General Information
Standard status
Pending
Size
6,050 SF
Site & Location
Traffic Count
37,300 vehicles/day
Highway Access
Yes
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
2
Listing Agency:
CB Sea Coast Commercial
(843) 650-0998
Listed By:
Drew Parks · License #22382
(843) 455-0216
Source:
Exprealty
Added: Jul 13
Changed: Aug 20
Last Checked: Sep 12 at 3:25PM
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 CB Sea Coast Commercial
Investment Insights
Based on property information with market context.
A freestanding flex building totaling approximately 6,050 SF, featuring about 2,975 SF of conditioned space that includes reception, office/showroom areas, three restrooms, and a kitchenette/break room. The layout also includes an upstairs storage/office area. The remaining approximately 3,075 SF is an unconditioned warehouse with 15' eaves and two 12x12 overhead doors.
The property includes a separate 1,250 SF metal storage building located at the rear of the site. Positioned off Hwy 544 in Conway on Kingswood Dr just off Hwy 544, the site benefits from an Average Daily Traffic count of 37,300 on Hwy 544. It is located near Coastal Carolina University (2.8 miles), Conway Medical Center (3.3 miles), and Horry Georgetown Technical College (3.8 miles).
The property includes a separate 1,250 SF metal storage building located at the rear of the site. Positioned off Hwy 544 in Conway on Kingswood Dr just off Hwy 544, the site benefits from an Average Daily Traffic count of 37,300 on Hwy 544. It is located near Coastal Carolina University (2.8 miles), Conway Medical Center (3.3 miles), and Horry Georgetown Technical College (3.8 miles).
Key Highlights
- 6,050 SF freestanding flex building off Hwy 544 in Conway near SC‑31 (Carolina Bays Pkwy) and Coastal Carolina University
- Approx. 2,975 SF conditioned reception/office/showroom with 3 restrooms, kitchenette/break room, and upstairs storage/office area
- Approx. 3,075 SF unconditioned warehouse with 15' eaves and two 12x12 overhead doors
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
$77,636
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
8.24%
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%
$1,552,720
$1.6M
Cap Rate 7%
$1,109,086
$1.1M
Cap Rate 9%
$862,622
$862.6K
Market Conditions
NOI Build-Up for 6,050 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
$117.6K $19.44/SF
− Vacancy
−$6.7K −$1.11/SF
EGI
$110.9K $18.33/SF
− OpEx
−$33.3K −$5.50/SF
NOI
$77.6K $12.83/SF
Area
Horry County, SC
Vacancy
5.70%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
30.00%
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%
$1,552,720
Cap Rate 7%
$1,109,086
Cap Rate 9%
$862,622
Alternative Uses
Best Use
Warehouse
$1.35M
$1.18M – $1.57M
NOI $94,272 @ 7.0% cap · market cap 10.00%
Second Best
Industrial
$1.11M
$970.5K – $1.29M
NOI $77,636 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,332 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
15 ft
Clear height
2
Drive-in doors
37,300 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
104
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding flex building with reception/office/showroom area, unconditioned warehouse, and a rear metal storage building.
Where is this flex space located?
The property is located at 864 Kingswood Dr Conway, SC.
What is the asking price?
The asking price for this property is $942,500.
What are key features of this property?
This property features: 6,050 SF freestanding flex building off Hwy 544 in Conway near SC‑31 (Carolina Bays Pkwy) and Coastal Carolina University; Approx. 2,975 SF conditioned reception/office/showroom with 3 restrooms, kitchenette/break room, and upstairs storage/office area; Approx. 3,075 SF unconditioned warehouse with 15' eaves and two 12x12 overhead doors
