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    Property profile & analytics

    624 S Irby St Florence, SC 29501

    • Drive through restaurants
    • 2,148 SF
    • 0.74 lot acres
    For Sale
    View listing
    Last Sale
    Sep 18, 2024
    $1,627,429
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-0587458
    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

    • Wendy's / Restaurant / Take-out & Catering

    Property Details for 624 S Irby St

    Year built
    1980
    Lot size
    0.74 lot acres
    Property size
    2,148 SF
    Zone code
    B1
    Property type
    Drive through restaurants
    APN
    90088-08-001
    APU
    9008808001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,625,000
      ML approach
      $1,625,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,074,000
      Market price range: $300k - $1.11M

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

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Florence
    State
    South Carolina
    Longitude
    -79.7669
    Latitude
    34.1868
    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
    $12,117
    $8,000
    $14,640
    $22,640
    -
    $200,000
    $366,007
    $566,007

    Comparable in this City

    • Value Estimation
      $805,000
      3,918 SF

      2302 Lucas St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,918 SF
      2302 Lucas St, Florence, SC 29501-1208
      View Details
    • Value Estimation by Request
      11,286 SF

      2111 Evans St

      DRIVE-THRU RESTAURANT, FAST FOOD • 11,286 SF
      2111 Evans St, Florence, SC 29501-4007
      View Details
    • Value Estimation by Request
      1,392 SF

      291 Palmetto St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,392 SF
      291 Palmetto St, Florence, SC 29501-4415
      View Details
    • Value Estimation by Request
      3,411 SF

      844 Irby St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,411 SF
      844 Irby St, Florence, SC 29501-5237
      View Details
    • Value Estimation by Request
      1,182 SF

      821 Irby St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,182 SF
      821 Irby St, Florence, SC 29501-5236
      View Details
    • Value Estimation by Request
      3,222 SF

      2109 Evans St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,222 SF
      2109 Evans St, Florence, SC 29501-4007
      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.
      624 S Irby St, Florence, SC 29501
      View Details
    • Contact for pricing
      2,058 SF

      Wendy's Restaurant For Sale

      Wendy’s in Florence, South Carolina, leased for 20 years.
      4010 E Palmetto St, Florence, SC 29501
      View Details
    • $200,000
      1,520 SF

      Florence Retail Investment Opportunity

      1,520 SF Commercial Building, $200,000
      702 Barringer St, Florence, SC 29501
      View Details
    • $4,750,000
      14,500 SF

      Walgreens Investment Opportunity

      NNN Leased Walgreens in Florence, SC
      2498 2nd Loop Rd, Florence, SC 29501
      View Details
    • $4,092,000
      17,174 SF

      Florence, SC Medical Facility

      Corporate-leased medical building, high NOI.
      1933 2Nd 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

    Similar Nearby for Lease

    • $25 SF/Yr
      7,748 SF

      Downtown Florence Mixed-Use Gem

      Historic District, prime location, flexible space.
      127 Evans St, Florence, SC 29501
      View Details
    • $7,680 /Mo
      4,190 SF

      Restaurant Space Near I-95

      Restaurant space for lease with high visibility and traffic.
      3751 W Palmetto St, Florence, SC 29501
      View Details
    • $7,680 /Mo
      4,190 SF

      Restaurant Space Near I-95

      Restaurant space for lease with high visibility and traffic.
      3751 W Palmetto St, Florence, SC 29501
      View Details
    • Contact for pricing
      2,800 SF

      Retail Space in Regional Destination

      Retail space available in premier shopping center, built in 2015.
      112-120 Woody Jones Blvd, Florence, SC 29501
      View Details
    • Contact for pricing
      4,475 SF

      Retail Space in Regional Destination

      Retail spaces available in premier shopping destination near major highways.
      110 Woody Jones Blvd, Florence, SC 29501
      View Details
    • $22 SF/Yr
      9,775 SF

      Florence Crossing Retail Center

      Prime Retail Space Available in Florence, SC
      100-110 Woody Jones Blvd, Florence, SC 29501
      View Details
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    624 S Irby St
    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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