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    Property profile & analytics

    2451 Hwy 501 Conway, SC 29526-9508

    • Office buildings
    • 32,025 SF
    • 7.93 lot acres
    OFF-MARKET
    Last Sale
    Dec 20, 2024
    $9,320,000
    Value Estimations
    $9,320,000
    Show details
    Cap Rate Potential
    4.5%
    Office buildings
    Location Intelligence
    Property ID
    US77-1649442
    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

    • Office buildings

    Property Details for 2451 Hwy 501

    Year built
    1997
    Lot size
    7.93 lot acres
    Property size
    32,025 SF
    Zone code
    HC
    Property type
    Office buildings
    APN
    383-11-03-0004
    APU
    38311030004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,320,000
      ML approach
      $9,320,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,970,000
      6.5%
      $6,435,000
      7%
      $5,975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,786,000
      Market price range: $2.32M - $6.38M
      AI Estimate
      $6,959,000
      Market price range: $3.31M - $7.70M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $13,220,000
      RESTAURANT
      $11,240,000
      AUTO REPAIR, GARAGE
      $10,125,000
      MEDICAL BUILDING
      $9,650,000
      WAREHOUSE, STORAGE
      $6,815,000
      RETAIL STORES
      $6,035,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Conway
    County
    Horry
    State
    South Carolina
    Longitude
    -78.993
    Latitude
    33.7892
    CBSA code
    34820
    CBSA name
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 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
    $63,648
    $117,155
    $116,844
    $233,999
    -
    $1,952,580
    $1,947,400
    $3,899,980

    Comparable in this City

    • Value Estimation
      $1,240,000
      9,560 SF

      1500 4th Ave

      OFFICE BUILDING • 9,560 SF
      1500 4th Ave, Conway, SC 29526-5032
      View Details
    • Value Estimation by Request
      2,517 SF

      1501 9th Ave

      OFFICE BUILDING • 2,517 SF
      1501 9th Ave, Conway, SC 29526-4107
      View Details
    • Value Estimation by Request
      768 SF

      4280 Hwy 501

      OFFICE BUILDING • 768 SF
      4280 Hwy 501, Conway, SC 29526-4429
      View Details
    • Value Estimation by Request
      2,100 SF

      176 Waccamaw Medical Park Ct

      OFFICE BUILDING • 2,100 SF
      176 Waccamaw Medical Park Ct, Conway, SC 29526-8965
      View Details
    • Value Estimation by Request
      1,861 SF

      1521 Main St

      OFFICE BUILDING • 1,861 SF
      1521 Main St, Conway, SC 29526-3570
      View Details
    • Value Estimation
      $995,000
      5,000 SF

      759 Century Cir

      OFFICE BUILDING • 5,000 SF
      759 Century Cir, Conway, SC 29526-8273
      View Details

    Similar Nearby for Sale

    • $299,500
      1,482 SF

      Location

      Location! High visibility
      2183 Highway 544, Conway, SC 29526
      View Details
    • $1,790,000

      Highway 544 Yard and Office

      4.84 acre yard and office space near distribution centers.
      1809 Highway 544, Conway, SC 29526
      View Details
    • $375,000
      0.78 Acres

      Commercial Lot Near Conway Medical

      Commercial lot with approved medical office plans near Conway Medical.
      11 Professional Park Dr, Conway, SC 29526
      View Details
    • $438,903
      1.50 Acres

      Highway 90 Commercial Lot For Sale

      1.5 acre commercial lot on Highway 90 in Conway, SC.
      915 Highway 90, Conway, SC 29526
      View Details
    • $375,000

      Approved Medical Office Plans Included

      Cleared commercial lot with approved medical office plans near Conway.
      11 Professional Park Dr, Conway, SC 29526
      View Details
    • Contact for pricing

      Conway Land with Development Potential

      8.84+/- acres in Conway, zoned RE-4, with existing metal building.
      2160 Cultra Rd, Conway, SC 29526
      View Details

    Similar Nearby for Lease

    • $6,251 /Mo
      5,246 SF

      Medical/Professional Office Near Conway Hospital

      Medical/professional office building near Conway Medical Center with customizable space.
      8028 Myrtle Trace Dr, Conway, SC 29526
      View Details
    • Contact for pricing
      3,560 SF

      Downtown Conway Office Space Available

      Two-story office space in Conway's central business district.
      205 Beaty St, Conway, SC 29526
      View Details
    • $8 SF/Yr
      15,623 SF

      Conway Warehouse with Cranes

      Office/warehouse space with cranes and lay down yard available for lease.
      370 Atlantic Ave, Conway, SC 29526
      View Details
    • $25 SF/Yr
      5,105 SF

      Conway Medical Center Area Office Building

      Prime Medical Office, 5,105 sq ft, Conway, SC
      834 Farrar Dr, Conway, SC 29526
      View Details
    • $3,338 /Mo
      Pending

      Downtown Conway Office/Retail Opportunity

      Prime commercial space in Conway's Historic Downtown District.
      1203 Main St, Conway, SC 29526
      View Details
    • Contact for pricing
      5,670 SF

      Modern Office Space Available Now

      5,670 SF of modern office space for rent.
      385 French Collins Rd, Conway, SC 29526
      View Details
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    Conway, SC 29526-9508
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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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