Corner Commercial Land
For Sale
$550,000
120 Old Chapin Road, Lexington, SC 29072
COMMERCIAL/INDUSTRIAL, Lexington, SC
Property Size2,272 SF
Lot Size0.73 Acres
Price / SF$242.08
Days on Market247
Property Features for 120 Old Chapin Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Residential - Improved
Parking
4
Directions
From I-20 (Exit 61 - US-378 / Sunset Blvd): Take Exit 61 onto US-378 West (Sunset Blvd) toward Lexington. Drive approximately 3 miles. Turn left onto Old Chapin Rd (near the Chick-fil-A and CVS intersection). Continue for 0.3 miles-120 & 122 Old Chapin Rd will be on your left, just past the curve
Subdivision
Lexington and surrounding area
Standard status
Active
Size
2,272 SF
Lot size
0.73 Acres
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
Southern Visions Realty I LLC
(803) 359-9571
Listed By:
Doug Wilkes · License #61261
(803) 903-5263
Added: Dec 31, 2025
Changed: Sep 2
Last Checked: Sep 4 at 11:06PM
MLS# 623960
Copyright © 2026 Consolidated MLS, SC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Offering a 0.73-acre corner parcel on Old Chapin Road in Lexington. The property includes an existing, remodeled home; however, the home has no contributory value and will not be shown. Per the listing, the sale is land value only, with zoning and intended use to be verified by the buyer with the Town of Lexington.
The site is described as just off Sunset Blvd (US-378), and is located less than 2 miles from the Lake Murray Dam and minutes from downtown Lexington. The listing also states the property offers visibility and accessibility.
Zoned Residential–Improved, this land parcel may be of interest for a future commercial redevelopment or professional/retail uses if permitted. Buyer responsibility is to confirm zoning requirements and intended use with the Town of Lexington.
The site is described as just off Sunset Blvd (US-378), and is located less than 2 miles from the Lake Murray Dam and minutes from downtown Lexington. The listing also states the property offers visibility and accessibility.
Zoned Residential–Improved, this land parcel may be of interest for a future commercial redevelopment or professional/retail uses if permitted. Buyer responsibility is to confirm zoning requirements and intended use with the Town of Lexington.
Key Highlights
- Approximately 0.73‑acre site at 120 Old Chapin Rd, just off Sunset Blvd (US‑378)
- Corner property on one of Lexington’s highest‑traffic corridors, providing strong access and visibility
- Remodeled home on‑site has no contributory value and will not be shown; property is sold for land value only
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,456
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$309,120
$309.1K
Cap Rate 7%
$220,800
$220.8K
Cap Rate 9%
$171,733
$171.7K
Market Conditions
NOI Build-Up for 2,272 SF
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.
Gross rent
$30.0K $13.20/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$28.1K $12.37/SF
− OpEx
−$12.6K −$5.57/SF
NOI
$15.5K $6.80/SF
Area
Lexington County, SC
Vacancy
6.30%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$309,120
Cap Rate 7%
$220,800
Cap Rate 9%
$171,733
Alternative Uses
Best Use
Apartment 5plus
$220.8K
$193.2K – $257.6K
NOI $15,456 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$610.2K
$533.9K – $711.9K
NOI $42,714 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 29072, SC
65,060
Population
26,951
Households
2.4
Avg Household Size
39
Median Age
48%
College-Educated
96%
High-School Grad
68.0 sq mi
ZIP Area
957
Density / Sq Mi
$103,415
Median Household Income
$55,500
Median Earnings
$1,317
Median Rent
$304,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 0.73-acre corner parcel zoned Residential–Improved and sold for land value only, with a remodeled home on site.
Where is this commercial land located?
The property is located at 120 Old Chapin Road Lexington, SC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Approximately 0.73‑acre site at 120 Old Chapin Rd, just off Sunset Blvd (US‑378); Corner property on one of Lexington’s highest‑traffic corridors, providing strong access and visibility; Remodeled home on‑site has no contributory value and will not be shown; property is sold for land value only
