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    Versatile Office Building For Sale Title is generated by Realmo AI

    603 W Palmetto Street, Florence, SC 29501

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    Functional office building in high traffic area, ideal for professionals.

    Type:Special Purpose
    Property size:
    2,004 SF
    Price / SF:
    $130/SF
    Added:
    Nov 6, 2024
    Days on Market:
    571
    Last Refresh:
    May 12 at 9:56 pm

    Property Features for 603 W Palmetto Street

    General Information

    Standard status
    Active
    Size
    2,004 SF
    Property subtype
    Special Purpose

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Peggy Collins

    Listing agent Peggy Collins License #SC

    Listing office Coldwell Banker McMillan and Associates

    Listing date Nov 6, 2024

    Source Crexi

    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 Coldwell Banker McMillan and Associates

    HighLights

    • High traffic count location ideal for attracting clients.
    • Versatile office building suitable for various professionals.
    • Five offices provide ample space for staff and operations.
    • Large reception area creates a welcoming environment.
    • 10 x 20 wired workshop offers significant storage or workspace.
    • Well‑maintained building with a relatively new roof.

    Overview

    This versatile office building, suitable for an attorney, medical professional, or light retail shop, features wood flooring throughout, with vinyl in the bathrooms. A large reception area provides a welcoming space for clients and visitors. The property includes five offices, offering ample room for staff and operations. One office features a wall lined with bookshelves and a built-in desk area. Three half baths offer convenient access for clients and employees. A kitchen provides a cozy area for breaks and meals. A 10 x 20 wired workshop offers storage space. The building has been well maintained. The roof is approximately 7 years old, and the HVAC was updated approximately 10 years ago. Previously utilized as a frame shop and an attorney's office, this property is ideal for professionals seeking a functional and attractive workspace located in a high traffic count area. The property has a size of 2,004 square feet and is being sold as is.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $25.3k $12.60
    − Vacancy −$4.2k −$2.08
    EGI $21.1k $10.52
    − OpEx −$5.3k −$2.63
    NOI $15.8k $7.89
    2,004 SF · lease $12.60/SF/yr · vacancy 16.50% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $225.9K
    $197.7K – $263.6K (±1% cap)
    NOI $15,813 @ 7.0% cap · market cap 6.02%
    Second Best
    Retail
    $205.2K
    $179.5K – $239.4K (±1% cap)
    NOI $14,361 @ 7.0% cap · market cap 5.47%
    Theoretical Best
    Office A
    $295.4K
    $258.5K – $344.7K (±1% cap)
    NOI $20,681 @ 7.0% cap · market cap 7.88%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Roney's Creative Picture ... (Bike/Boat/Book/etc) Store Kolor Quick of Florence (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Florence
    State
    South Carolina
    Longitude
    -79.7773072
    Latitude
    34.1935128

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    FAQs

    What type of property is this?
    Office building - Functional office building in high traffic area, ideal for professionals.
    Where is this office building located?
    The property is located at 603 W Palmetto Street Florence, SC.
    What is the asking price?
    The asking price for this property is $262,500.
    What are key features of this property?
    This property features: High traffic count location ideal for attracting clients.; Versatile office building suitable for various professionals.; Five offices provide ample space for staff and operations.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Peggy Collins
    Real Estate License ID: SC
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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
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    603 W Palmetto Street, Florence, SC 29501-4301
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