Development Land in Lexington,
For Sale
Contact for pricing
411 W Main St, Lexington, SC
2.93 acres suitable for hotel, restaurant, or medical development.
Property Size8,537 SF
Lot Size1.61 Acres
Price / SF$204.99
Days on Market1309
Property Features for 411 W Main St
General Information
Standard status
Active
Size
8,537 SF
Lot size
1.61 Acres
Property subtype
RETAIL
Listing Agency:
ERA Wilder Realty Inc. - Columbia
(803) 728-8400
Listed By:
David Brock · License #58004
(803) 312-1908
Source:
Moodyscre
Added: Feb 16, 2023
Changed: Sep 14
Last Checked: Sep 16 at 2:10PM
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 ERA Wilder Realty Inc. - Columbia
Investment Insights
Based on property information with market context.
This property features approximately 2.93 acres of land available for development, presenting opportunities for hotel, restaurant, or medical facilities. It includes an 8,537-square-foot building in good condition. The location is in the heart of Lexington, South Carolina, an area experiencing significant growth. The business-friendly environment of Columbia, South Carolina, makes it an attractive option for companies looking to relocate or expand in the southeastern United States. South Carolina has a corporate income tax rate of 5%, the lowest in the Southeast, and the cost of living remains below the national average. Several large corporations, including Aflac, Verizon, and Amazon, have expanded in the market in recent years, adding nearly 3,000 jobs.
Key Highlights
- +/-2.93 acres for development in the heart of the City of Lexington.
- Suitable for hotel, restaurant, or medical use.
- Building in great condition with 8,537 SF.
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
$85,963
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
4.91%
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%
$1,719,260
$1.7M
Cap Rate 7%
$1,228,043
$1.2M
Cap Rate 9%
$955,144
$955.1K
Market Conditions
NOI Build-Up for 8,537 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
$128.1K $15.00/SF
− Vacancy
−$5.3K −$0.61/SF
EGI
$122.8K $14.39/SF
− OpEx
−$36.8K −$4.32/SF
NOI
$86.0K $10.07/SF
Area
Lexington County, SC
Vacancy
4.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,719,260
Cap Rate 7%
$1,228,043
Cap Rate 9%
$955,144
Alternative Uses
Best Use
Retail
$1.23M
$1.07M – $1.43M
NOI $85,963 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.01M – $2.67M
NOI $160,495 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,351
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Individual retail property - 2.93 acres suitable for hotel, restaurant, or medical development.
Where is this individual retail property located?
The property is located at 411 W Main St Lexington, SC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: +/-2.93 acres for development in the heart of the City of Lexington.; Suitable for hotel, restaurant, or medical use.; Building in great condition with 8,537 SF.
