Freestanding Office Building For
For Sale
Contact for pricing
122 S Pickens St, Columbia, SC
Two-story, 4,276 SF office building in prime location.
Property Size4,276 SF
Lot Size0.13 Acres
Price / SF$186.86
Days on Market391
Property Features for 122 S Pickens St
General Information
Standard status
Active
Size
4,276 SF
Lot size
0.13 Acres
Property subtype
OFFICE
Listing Agency:
Colliers | Columbia
(803) 254-2300
Listed By:
Mary Teaster · License #28525
(803) 261-5839
Source:
Moodyscre
Added: Aug 8, 2025
Changed: Aug 11
Last Checked: Sep 2 at 12:41AM
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 Colliers | Columbia
Investment Insights
Based on property information with market context.
This is a freestanding two-story building with ±4,276 square feet of space. The building is suitable for professional offices or law firms. It was formerly the Vista Insurance building. The property features high ceilings, large office and conference rooms, and an abundance of natural light. There are 6 surface parking spaces available. The location is near the USC School of Law, Central Business District, SC State Capitol Complex, and the USC campus.
Key Highlights
- Prime location near USC School of Law, Central Business District, SC State Capitol Complex, and USC campus.
- ±4,276 SF two‑story freestanding building.
- Ideal for professional offices or law firms.
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
$50,799
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
6.36%
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%
$1,015,980
$1.0M
Cap Rate 7%
$725,700
$725.7K
Cap Rate 9%
$564,433
$564.4K
Market Conditions
NOI Build-Up for 4,276 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
$82.1K $19.20/SF
− Vacancy
−$14.4K −$3.36/SF
EGI
$67.7K $15.84/SF
− OpEx
−$16.9K −$3.96/SF
NOI
$50.8K $11.88/SF
Area
Columbia, SC
Vacancy
17.50%
Lease Rate
$19.20 /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%
$1,015,980
Cap Rate 7%
$725,700
Cap Rate 9%
$564,433
Alternative Uses
Best Use
Office B
$725.7K
$635.0K – $846.7K
NOI $50,799 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.3K – $1.23M
NOI $73,705 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Columbia, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-story, 4,276 SF office building in prime location.
Where is this office building located?
The property is located at 122 S Pickens St Columbia, SC.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime location near USC School of Law, Central Business District, SC State Capitol Complex, and USC campus.; ±4,276 SF two‑story freestanding building.; Ideal for professional offices or law firms.
