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    2295 Hoffmeyer Rd Florence, SC 29501

    Sponsored
    For Sale
    $1,500,000

    1.5-acre commercial lot, prime location.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 1.5-acre commercial land parcel presents a unique investment opportunity in Florence, South Carolina's thriving West End District. Located at 2295 Hoffmeyer Road, this unzoned property boasts approximately 245 feet of frontage on Hoffmeyer Road and approximately 250 feet on West Darlington Street, ensuring high visibility and accessibility for any commercial venture. Situated strategically between Florence's two largest malls and the Palmetto Peddlers vendor mall, this corner lot benefits from significant consumer traffic and proximity to established residential areas. The West End District is a dynamic mixed-use development known for its ongoing community engagement and excellent traffic flow. This property's location offers easy access to major transportation arteries, including the I-95 and I-20 interchange, less than two miles away, facilitating both local and regional customer reach. With an AADT of 18,300 (SCDOT 2023) and a rapidly developing surrounding area, this site is poised for substantial growth. All essential utilities are readily available, providing a seamless foundation for development. The property owners are receptive to discussing specific development needs, making this an ideal opportunity for businesses seeking a prime location in a flourishing commercial district. This is one of the last undeveloped parcels in this area. The property is located in Florence County, South Carolina, zip code 29501.

    Property Features for 2295 Hoffmeyer Rd

    General Information

    Property type
    Land
    Lot Size
    65,340 SF

    We can help!

    Listing Contact
    Hayden Harrington
    Hayden Harrington

    Learn more

    Property Insight Report

    HighLights

    • $1,500,000 asking price for 1.5 acres of commercial land.
    • Unzoned 1.5‑acre commercial lot in Florence, SC.
    • Located at 2295 Hoffmeyer Rd, Florence, SC 29501, with approximately 245 feet of frontage on Hoffmeyer Road and 250 feet on W Darlington Street.
    • High‑traffic location (AADT 18,300) in the West End District, near major malls and I‑95/I‑20 interchange.
    • Flexible owner open to discussing buyer's needs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jack and Lu Monogramming Service Palmetto Peddlers Antiques ... Antique Store Goats Head Records Record Store

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Florence
    State
    South Carolina
    Longitude
    -79.811754655026
    Latitude
    34.193654909369

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    FAQs

    What type of property is this?
    Land - 1.5-acre commercial lot, prime location.
    Where is this land located?
    The property is located at 2295 Hoffmeyer Rd Florence, SC.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: $1,500,000 asking price for 1.5 acres of commercial land.; Unzoned 1.5-acre commercial lot in Florence, SC.; Located at 2295 Hoffmeyer Rd, Florence, SC 29501, with approximately 245 feet of frontage on Hoffmeyer Road and 250 feet on W Darlington Street.
    Request Owner's contact information
    2295 Hoffmeyer Rd Florence, SC 29501
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    Florence, SC 29501
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2295 Hoffmeyer Rd Florence, SC 29501
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    We can help!
    Listing Contact
    Hayden Harrington
    Hayden Harrington
    Real Estate License ID: SC 93859
    Learn more
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