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    Property profile & analytics

    611 Bay St Beaufort, SC 29902

    • Office Properties & Spaces
    • 5,805 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Tupper Grimsley Dean & Canaday / Law Firm / Child Welfare Organization
    • Ghost Walk / Charitable Organization

    Property Details for 611 Bay St

    Property size
    5,805 SF
    Property type
    Office Properties & Spaces

    Description

    This stunning 5,805 square foot executive office building, known as the Wallace House, is situated at 611 Bay Street in the heart of historic downtown Beaufort, South Carolina. Built in 1907, this imposing brick building boasts a prominent corner location at Bay and Carteret Streets, offering picturesque waterfront views of the scenic Woods Memorial Bridge and the Intracoastal Waterway (ICW). The property's T5DC zoning allows for a variety of uses, providing exceptional flexibility for potential buyers. A separate section of the building facing Carteret Street offers additional space suitable for office or retail purposes. The unique design and prime location make this property ideal for a retail shop, restaurant, or office space, and it could even be adapted for a live/work arrangement. The Wallace House presents a rare opportunity to own a piece of Beaufort's rich history and establish a presence in one of the city's most desirable locations. The asking price is $1,795,000. The property's address is 611 Bay St, Beaufort, SC 29902.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Beaufort
    County
    Beaufort
    State
    South Carolina
    Longitude
    -80.6698
    Latitude
    32.4307

    Comparable in this City

    • Value Estimation by Request
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      2201 Boundary St

      Office space • 1,200 SF
      2201 Boundary St, Beaufort, SC 29902
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      2,700 SF

      1611 Nn St

      OFFICE (GENERAL) • 2,700 SF
      1611 Nn St, Beaufort, SC 29902-4815
      View Details
    • Value Estimation
      $4,590,000
      32,289 SF

      2015 Boundary St Ste, Unit 300

      OFFICE (GENERAL) • 32,289 SF
      2015 Boundary St Ste, Beaufort, SC 29902-6805
      View Details
    • Value Estimation by Request

      200 Carteret St

      Coworking space
      200 Carteret St, Beaufort, SC 29902
      View Details
    • Value Estimation
      $1,125,000
      10,254 SF

      209 Charles St

      OFFICE (GENERAL) • 10,254 SF
      209 Charles St, Beaufort, SC 29902-5529
      View Details

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    Similar Nearby for Lease

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      112 SF office space in downtown Beaufort with shared amenities.
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    • New
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      Downtown Beaufort Office Space Rental

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      Downtown Beaufort Office Suite

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      711 Bladen Street Ln, Beaufort, SC 29902
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    611 Bay St
    Beaufort, SC 29902
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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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