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    Downtown Columbia Office Space Available Title is generated by Realmo AI

    1200-1244 Main St, Columbia, SC

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    Office space for lease in downtown Columbia's Central Business District.

    Type:OFFICE
    Property size:
    20,000 SF
    Lot size:
    1.72 Acres
    Added:
    May 29, 2024
    Days on Market:
    730
    Last Refresh:
    May 19 at 8:47 pm

    Property Features for 1200-1244 Main St

    General Information

    Standard status
    Active
    Size
    20,000 SF
    Lot size
    1.72 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 1200-1244 Main St Contact us

    We can help!

    Listing Contact
    Peyton Bryant
    Peyton Bryant

    Listing agent Peyton Bryant

    Listing office Trinity Partners | Columbia

    Listing date May 29, 2024

    Source Moodyscre

    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 Trinity Partners | Columbia

    HighLights

    • Located in the heart of Downtown Columbia's Central Business District within the First Citizens Center.
    • Up to 8,043 SF available on the 4th floor, with potential for subdivision and up to ±20,000 SF expansion space.
    • High‑end finishes throughout the 9‑story building, including floor‑to‑ceiling windows.
    • 3,345 SF available on the 3rd floor with existing tenants.
    • Completed in 2006, offering modern construction and amenities.
    • Features both an underground parking garage for employees and a surface parking lot for visitors.

    Overview

    Located in Downtown Columbia's Central Business District, this 9-story building, referred to as the First Citizens Center, offers office space for lease. Completed in 2006, the approximately 170,000 square foot building features high-end finishes, including floor-to-ceiling windows. The property provides an underground parking garage for employees and a surface parking lot for visitors. A total of 11,388 square feet is available. The 3rd floor has 3,345 square feet available. Existing third-floor tenants include two regional law firms and a national financial brokerage firm. Up to 8,043 square feet is available on the 4th floor, which can be subdivided for smaller users. The fourth-floor space is in shell condition and lies between Nexsen Pruet Law Firm and a First Citizens training room. There is a potential expansion space of up to approximately 20,000 square feet on the 4th floor.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Columbia
    County
    Lexington
    State
    South Carolina
    Longitude
    -81.0333
    Latitude
    34.0022

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    FAQs

    What type of property is this?
    Office units - Office space for lease in downtown Columbia's Central Business District.
    Where is this office units located?
    The property is located at 1200-1244 Main St Columbia, SC.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: Located in the heart of Downtown Columbia's Central Business District within the First Citizens Center.; Up to **8,043 SF available on the 4th floor**, with potential for subdivision and up to ±20,000 SF expansion space.; **High‑end finishes throughout the 9‑story building**, including floor‑to‑ceiling windows.
    (803) 917-7786 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Peyton Bryant
    Peyton Bryant
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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