Downtown Lexington Commercial Office
For Sale
Contact for pricing
110 N Lake Dr, Lexington, SC 29072
Well-located office space near Lexington County Courthouse and Main Street.
Property Size1,190 SF
Price / SF$251.26
Days on Market189
Property Features for 110 N Lake Dr
General Information
Standard status
Active
Size
1,190 SF
Property subtype
Mixed Use, Office, Retail
Zoning
GC
Investment Type
Owner/User
Building Details
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
Southern Vision Real estate
(803) 359-9571
Listed By:
Doug Wilkes · License #61261
Source:
Crexi
Added: Feb 3
Changed: Aug 9
Last Checked: Aug 10 at 1:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Southern Vision Real estate
Investment Insights
Based on property information with market context.
Located in the heart of Lexington, South Carolina, 110 N. Lake Drive offers a commercial office opportunity. The property is positioned steps from Main Street and Downtown Lexington, benefiting from accessibility, visibility, and proximity to civic and professional destinations. The surrounding area features a mix of established office, retail, residential, and municipal uses, creating a stable environment for professional and service-oriented businesses. Its central location supports convenient access for employees and clients while remaining closely connected to major local corridors serving the greater Lexington market. The property is near the Lexington County Court House, Lexington County and Town of Lexington Administration Buildings, restaurants, and nightlife. The property, with a size of 1190 square feet, is suited for owner-users or investors seeking a centrally located office asset in a steadily growing submarket.
Key Highlights
- Prime downtown Lexington location with high accessibility and visibility.
- Walking distance to Lexington County Courthouse, government buildings, restaurants, and nightlife.
- Proximity to Main Street and key civic/professional destinations.
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
$15,956
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
5.34%
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%
$319,120
$319.1K
Cap Rate 7%
$227,943
$227.9K
Cap Rate 9%
$177,289
$177.3K
Market Conditions
NOI Build-Up for 1,190 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
$22.7K $19.08/SF
− Vacancy
−$1.4K −$1.20/SF
EGI
$21.3K $17.88/SF
− OpEx
−$5.3K −$4.47/SF
NOI
$16.0K $13.41/SF
Area
Lexington County, SC
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
25.00%
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%
$319,120
Cap Rate 7%
$227,943
Cap Rate 9%
$177,289
Alternative Uses
Best Use
Office B
$227.9K
$199.5K – $265.9K
NOI $15,956 @ 7.0% cap · market cap 5.34%
Second Best
Mixed Use
$176.0K
$154.0K – $205.3K
NOI $12,317 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$319.6K
$279.7K – $372.9K
NOI $22,372 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
845
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-located office space near Lexington County Courthouse and Main Street.
Where is this mixed-use property located?
The property is located at 110 N Lake Dr Lexington, SC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Prime downtown Lexington location with high accessibility and visibility.; Walking distance to Lexington County Courthouse, government buildings, restaurants, and nightlife.; Proximity to Main Street and key civic/professional destinations.
