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    Property profile & analytics

    1815 Palmetto St Florence, SC 29501

    • Turn key restaurants
    • 2,119 SF
    • 0.99 lot acres
    For Lease
    View listing
    Last Sale
    Apr 02, 2024
    $550,000
    Value Estimations
    $500,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-2310989
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 1815 Palmetto St

    Year built
    1958
    Lot size
    0.99 lot acres
    Property size
    2,119 SF
    Zone code
    B3
    Property type
    Turn key restaurants
    APN
    90025-05-004
    APU
    9002505004

    Description

    This exceptional .99-acre commercial land parcel presents a remarkable development opportunity in Florence County, South Carolina. Strategically located near the bustling 5 Points area, this property boasts unparalleled visibility along US-76, enjoying approximately 93 feet of road frontage. The B3 zoning designation allows for a diverse range of commercial uses, making it suitable for retail establishments, restaurants, or service-oriented businesses seeking a high-traffic location. The site's prominent position ensures maximum exposure to a large volume of passing vehicles, providing an ideal platform for businesses aiming to enhance their brand awareness and customer reach. The development process is further simplified by the readily available utilities at the site. This property offers a unique blend of location, zoning flexibility, and accessibility, making it an exceptional investment for discerning developers and entrepreneurs. The parcel is identified by APN 90025-05-004 within Florence County. This single-tenant land lease presents a compelling opportunity to establish a thriving commercial presence in a vibrant and growing area. The property's size and location make it an attractive option for a variety of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $500,000
      ML approach
      $415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $493,000
      Market price range: $295k - $1.09M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Florence
    State
    South Carolina
    Longitude
    -79.8033
    Latitude
    34.1901
    CBSA code
    22500
    CBSA name
    FLORENCE, SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,559
    $10,387
    $0.00
    $10,387
    -
    $259,674
    $0.00
    $259,674

    Comparable in this City

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      $205,000
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      2004 Lucas St

      RESTAURANT • 13,720 SF
      2004 Lucas St, Florence, SC 29501-1203
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      $140,000
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      130 Dunbarton Dr

      RESTAURANT • 10,878 SF
      130 Dunbarton Dr, Florence, SC 29501-1991
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    • Value Estimation by Request
      2,070 SF

      223 Mcqueen St

      RESTAURANT • 2,070 SF
      223 Mcqueen St, Florence, SC 29501-4440
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    • Value Estimation
      $120,000
      12,804 SF

      Florence, SC 29501

      RESTAURANT • 12,804 SF
      Florence, SC 29501
      View Details
    • Value Estimation
      $795,000
      1,501 SF

      Florence, SC 29501

      RESTAURANT • 1,501 SF
      Florence, SC 29501
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,202 SF

      Wendy’s Restaurant in Florence, SC

      Wendy’s restaurant for sale on high-traffic retail corridor.
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    • Contact for pricing
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      Wendy's Restaurant For Sale

      Wendy’s in Florence, South Carolina, leased for 20 years.
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      View Details
    • $4,750,000
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      Walgreens Investment Opportunity

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      Florence Retail Investment Opportunity

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      Florence, SC Medical Facility

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      Florence Retail Investment Opportunity

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    Similar Nearby for Lease

    • $7,680 /Mo
      4,190 SF

      Restaurant Space Near I-95

      Restaurant space for lease with high visibility and traffic.
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      View Details
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      Downtown Florence Mixed-Use Gem

      Historic District, prime location, flexible space.
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    • $7,680 /Mo
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      Restaurant Space Near I-95

      Restaurant space for lease with high visibility and traffic.
      3751 W Palmetto St, Florence, SC 29501
      View Details
    • $90 SF/Yr
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      West End District Warehouse

      36,360 SF Warehouse, Prime Location
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      View Details
    • Contact for pricing
      8,000 SF

      Retail Space in Florence, SC

      8,000 SF retail space available for lease.
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      View Details
    • $5,000 /Mo
      11,390 SF

      Versatile Commercial Space in Florence

      Commercial property with bay doors, ideal for automotive or warehouse.
      374 Darlington St, Florence, SC 29501
      View Details
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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
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