Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Downtown Florence Commercial Property Title is generated by Realmo AI

    329 N Irby St, Florence, SC 29501

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Historic building in downtown Florence, suitable for commercial use.

    Type:Office
    Property size:
    12,411 SF
    Lot size:
    1.55 Acres
    Price / SF:
    $88/SF
    Added:
    Oct 4, 2024
    Days on Market:
    605
    Last Refresh:
    May 12 at 9:56 pm

    Property Features for 329 N Irby St

    General Information

    Standard status
    Active
    Size
    12,411 SF
    Lot size
    1.55 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1948

    We can help!

    Listing Contact
    John Etheridge
    John Etheridge

    Listing agent John Etheridge License #sc 74462

    Listing office PLC Commercial

    Listing date Oct 4, 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 PLC Commercial

    HighLights

    • Historic property listed on the National Register of Historic Places.
    • Located in the heart of downtown Florence.
    • Situated on the corner of Irby and Darlington Streets.
    • Building size of approximately 12,411 square feet.
    • Property occupies approximately 1.55 acres.
    • Building constructed in 1948.

    Overview

    This is a historic property situated in downtown Florence. The Griffin Motor Company building, listed on the National Register of Historic Places, is located on the corner of Irby and Darlington Streets. The one-story building occupies approximately 1.55 acres and has an estimated size of 12,411 square feet. The property is suitable for commercial real estate.

    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 $156.4k $12.60
    − Vacancy −$25.8k −$2.08
    EGI $130.6k $10.52
    − OpEx −$32.6k −$2.63
    NOI $97.9k $7.89
    12,411 SF · lease $12.60/SF/yr · vacancy 16.50% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.40M
    $1.22M – $1.63M (±1% cap)
    NOI $97,932 @ 7.0% cap · market cap 8.90%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.83M
    $1.60M – $2.13M (±1% cap)
    NOI $128,082 @ 7.0% cap · market cap 11.64%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Florence
    State
    South Carolina
    Longitude
    -79.7687437
    Latitude
    34.201243

    Nearby Similar for Sale

    • $320,000
      2,165 SF

      Remodeled Commercial Building Near Downtown

      Turnkey commercial property in prime location with excellent visibility.
      910 W Evans st, Florence, SC 29501
      View Details
    • $2,700,000
      16,304 SF

      Historic Downtown Florence Commercial Building

      16,000 SF historic building in thriving downtown Florence.
      248-260 W Evans st., Florence, SC 29501-3428
      View Details
    • $1,650,000
      15,450 SF

      Fully Occupied Retail Center

      Retail center in good condition with high traffic count.
      823-817 S Cashua Drive, Florence, SC 29501
      View Details
    • $700,000

      Florence, SC Mobile Home Portfolio

      High-performing 10-unit mobile home portfolio with strong cash flow.
      3103 Meadowbrook Dr, Flornce, SC 29501
      View Details
    • $285,000
      2,067 SF

      Commercial Property Near Walmart Market

      Commercial property for sale next to Walmart market in Florence.
      822 S Cashua, Florence, SC 29501
      View Details
    • $950

      Apartment Complex in Florence, SC

      Two-bedroom apartment with modern amenities in Florence, South Carolina.
      116 Apt A6 S Aiken Drive, Florence, SC 29501
      View Details
    • $185,000

      Florence Duplex with Rental Potential

      Duplex in Florence, SC, offering strong rental income potential.
      163 S Sunset Drive, Florence, SC 29501
      View Details
    • $1,000

      Florence Duplex with Recent Improvements

      Duplex in Florence, SC with recent bathroom upgrades.
      163A S Sunset Drive, Florence, SC 29501
      View Details
    • $1,500,000
      7,517 SF

      Florence Office Building For Sale

      7,517 SF office building on 1.34 acres in Florence.
      1706 Second Loop Rd., Florence, SC 29501
      View Details
    • $79,000
      1,200 SF

      Florence Commercial Building on Evans

      Standalone building on Evans Street with redevelopment potential.
      617 W Evans St, Florence, SC 29501
      View Details
    • $449,900

      Florence, SC Income Property

      Income-producing property featuring multiple homes, apartments, and mobile home lots.
      130 N Mustang Road, Florence, SC 29506
      View Details
    • $175,000

      Florence Duplex with Rental Income

      Brick duplex in Florence, SC, with existing leases.
      906/908 Sherwood Drive, Florence, SC 29501
      View Details

    FAQs

    What type of property is this?
    Office building - Historic building in downtown Florence, suitable for commercial use.
    Where is this office building located?
    The property is located at 329 N Irby St Florence, SC.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Historic property listed on the National Register of Historic Places.; Located in the heart of downtown Florence.; Situated on the corner of Irby and Darlington Streets.
    (843) 702-9685 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing John Etheridge
    John Etheridge
    Real Estate License ID: sc 74462
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    329 N Irby St, Florence, SC 29501
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!