Commercial Development Land with
For Sale
$450,000
1551 Lake Drive, Lexington, SC 29073
LOTS AND ACREAGE, Lexington, SC
Property Size2,056 SF
Lot Size3.04 Acres
Price / SF$218.87
Days on Market111
Property Features for 1551 Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
ID
Elementary school
Red Bank
Middle school
White Knoll
High school
White Knoll
Directions
I-20 to Exit 55 (South Lake Dr/SC-6) toward Red Bank, continue approx. 2.5 miles, property on left just past Industrial Dr.
Subdivision
Lexington and surrounding area
Standard status
Active
Lot size
3.04 Acres
Utilities
Water source
Public
Listing Agency:
Southern Visions Realty I LLC
Listed By:
Angela Cash
(803) 359-9571
Added: May 21
Changed: Aug 23
Last Checked: Sep 8 at 2:06AM
MLS# 634743
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.
This commercial land offering totals 3.04 acres and includes a two-story home totaling approximately 2,056 SF, with 3 bedrooms and 2 bathrooms. The property features approximately 373 feet of road frontage, providing direct visibility and access for prospective development planning.
The site is located on highly traveled South Lake Drive in Lexington. Public remarks also indicate that additional adjoining parcels may be available to support a larger assemblage.
The property is described as being directly across the street from a planned 402-home residential development, and it is positioned near major retail anchors including Walmart and a new Target development just up the road.
The site is located on highly traveled South Lake Drive in Lexington. Public remarks also indicate that additional adjoining parcels may be available to support a larger assemblage.
The property is described as being directly across the street from a planned 402-home residential development, and it is positioned near major retail anchors including Walmart and a new Target development just up the road.
Key Highlights
- 3.04‑acre development site with approximately 373 feet of road frontage on highly traveled South Lake Drive in Lexington
- Public water available
- Adjacent parcels may be available to purchase for a larger assemblage
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
$13,986
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
3.11%
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%
$279,720
$279.7K
Cap Rate 7%
$199,800
$199.8K
Cap Rate 9%
$155,400
$155.4K
Market Conditions
NOI Build-Up for 2,056 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
$27.1K $13.20/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$25.4K $12.37/SF
− OpEx
−$11.4K −$5.57/SF
NOI
$14.0K $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%
$279,720
Cap Rate 7%
$199,800
Cap Rate 9%
$155,400
Alternative Uses
Best Use
Apartment 5plus
$199.8K
$174.8K – $233.1K
NOI $13,986 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$552.2K
$483.2K – $644.2K
NOI $38,653 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 29073, SC
48,653
Population
20,239
Households
2.4
Avg Household Size
37
Median Age
22%
College-Educated
89%
High-School Grad
81.8 sq mi
ZIP Area
595
Density / Sq Mi
$72,648
Median Household Income
$45,050
Median Earnings
$1,046
Median Rent
$198,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - 3.04 acres with about 373 feet of road frontage on South Lake Drive, plus a two-story 2,056 SF home.
Where is this commercial land located?
The property is located at 1551 Lake Drive Lexington, SC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3.04‑acre development site with approximately 373 feet of road frontage on highly traveled South Lake Drive in Lexington; Public water available; Adjacent parcels may be available to purchase for a larger assemblage
