Columbia Multifamily Investment
For Sale
$1,849,000
1401 Elmtree Rd., Columbia, SC 29209
16-unit apartment complex near Columbia University, fully occupied.
Property Size16,200 SF
Lot Size0.43 Acres
Price / SF$114.14
Days on Market92
Property Features for 1401 Elmtree Rd.
General Information
Standard status
Active
Size
16,200 SF
Total Parking Spaces
16
Lot size
0.43 Acres
Property subtype
Industrial
Zoning
Apartments
Building Details
Year Built
1987
Stories
2
Listing Agency:
Keller Williams Myrtle Beach
(803) 477-3930
Listed By:
The Moore Company · License #111037
(803) 477-3930
Source:
Themoorecompany.idxbroker
Added: May 27
Changed: Aug 23
Last Checked: Aug 26 at 5:31AM
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 Keller Williams Myrtle Beach
Investment Insights
Based on property information with market context.
This multi-family investment property features 16 units in Columbia, SC, comprising 8 three-bedroom, two-bath units and 8 two-bedroom, two-bath units. The property is fully occupied and managed by a local management company. Situated on a 0.43-acre lot adjacent to Columbia University, the location provides convenience and accessibility for tenants. The apartment complex features renovated units, enhancing rental appeal and tenant satisfaction. The property offers the potential for increased rental income.
Key Highlights
- 16‑unit multi‑family investment property in Columbia, SC.
- Prime location adjacent to Columbia University.
- Attractive mix of 8 spacious 3‑bedroom, 2‑bath units and 8 comfortable 2‑bedroom, 2‑bath units.
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
$152,040
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
8.22%
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%
$3,040,800
$3.0M
Cap Rate 7%
$2,172,000
$2.2M
Cap Rate 9%
$1,689,333
$1.7M
Market Conditions
NOI Build-Up for 16,200 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
$291.6K $18.00/SF
− Vacancy
−$15.2K −$0.94/SF
EGI
$276.4K $17.06/SF
− OpEx
−$124.4K −$7.68/SF
NOI
$152.0K $9.39/SF
Area
Columbia, SC
Vacancy
5.20%
Lease Rate
$18.00 /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%
$3,040,800
Cap Rate 7%
$2,172,000
Cap Rate 9%
$1,689,333
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $152,040 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,236 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 29209, SC
35,738
Population
16,520
Households
2.2
Avg Household Size
37
Median Age
39%
College-Educated
93%
High-School Grad
52.8 sq mi
ZIP Area
677
Density / Sq Mi
$58,854
Median Household Income
$38,756
Median Earnings
$1,252
Median Rent
$183,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit apartment complex near Columbia University, fully occupied.
Where is this apartment building located?
The property is located at 1401 Elmtree Rd. Columbia, SC.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: 16‑unit multi‑family investment property in Columbia, SC.; Prime location adjacent to Columbia University.; Attractive mix of 8 spacious 3‑bedroom, 2‑bath units and 8 comfortable 2‑bedroom, 2‑bath units.
