Student Housing Apartment
For Sale
$17,280,000
215 Spencer Pl, Cayce, SC 29033
144-unit, 480-bed student housing community on 13.06 acres along the Three Rivers Greenway.
Property Size139,200 SF
Lot Size13.06 Acres
Days on Market46
Property Features for 215 Spencer Pl
General Information
Standard status
Active
Size
139,200 SF
Lot size
13.06 Acres
Property subtype
Student Housing
Occupancy
76%
Additional Details
Multifamily Units
144
Amenities
Three Rivers Greenway
lighted paved trails
Prime Student Housing Community Five Minutes from the University of South Carolina
Versatile 144-Unit, 480-Bed Multifamily Asset Located on 13.06 Acres
Positioned Along Three Rivers Greenway with Immediate Access to Trail System
Building Details
Building Size
139,200 SF
Units
144
Listing Agency:
Columbia Office
Listed By:
Drew Babcock, CCIM · License #License(s): SC: 39872
(803) 678-4921
Source:
Marcusmillichap
Added: Jul 24
Changed: Aug 28
Last Checked: Sep 6 at 4:14AM
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 Columbia Office
Investment Insights
Based on property information with market context.
Cayce Cove is a 144-unit, 480-bed student housing community set on 13.06 acres. The property is positioned directly along the Three Rivers Greenway, giving residents immediate access to lighted, paved trails on the Cayce Riverwalk for walking, running, biking, and outdoor living.
Located at 215 Spencer Pl in Cayce, the community is approximately a one-and-a-half-mile drive from the University of South Carolina, about five minutes away. Columbia’s main entertainment district is also within roughly the same driving distance. Daily conveniences are nearby, with Parkland Plaza and other essential retail located less than two minutes from the property.
Located at 215 Spencer Pl in Cayce, the community is approximately a one-and-a-half-mile drive from the University of South Carolina, about five minutes away. Columbia’s main entertainment district is also within roughly the same driving distance. Daily conveniences are nearby, with Parkland Plaza and other essential retail located less than two minutes from the property.
Key Highlights
- 144‑unit, 480‑bed student housing community on 13.06 acres
- Located directly along the Three Rivers Greenway
- On‑site access to the Cayce Riverwalk with lighted, paved trails for walking, running, and biking
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
$946,925
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
5.48%
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%
$18,938,500
$18.9M
Cap Rate 7%
$13,527,500
$13.5M
Cap Rate 9%
$10,521,389
$10.5M
Market Conditions
NOI Build-Up for 139,200 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
$1.84M $13.20/SF
− Vacancy
−$115.8K −$0.83/SF
EGI
$1.72M $12.37/SF
− OpEx
−$774.8K −$5.57/SF
NOI
$946.9K $6.80/SF
Area
Lexington County, SC
Vacancy
6.30%
Lease Rate
$13.20 /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%
$18,938,500
Cap Rate 7%
$13,527,500
Cap Rate 9%
$10,521,389
Alternative Uses
Best Use
Apartment 5plus
$13.53M
$11.84M – $15.78M
NOI $946,925 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$37.39M
$32.71M – $43.62M
NOI $2,616,956 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
144
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 29033, SC
12,575
Population
6,873
Households
1.8
Avg Household Size
36
Median Age
31%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
1,258
Density / Sq Mi
$57,524
Median Household Income
$37,629
Median Earnings
$1,342
Median Rent
$156,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 144-unit, 480-bed student housing community on 13.06 acres along the Three Rivers Greenway.
Where is this apartment building located?
The property is located at 215 Spencer Pl Cayce, SC.
What is the asking price?
The asking price for this property is $17,280,000.
What are key features of this property?
This property features: 144‑unit, 480‑bed student housing community on 13.06 acres; Located directly along the Three Rivers Greenway; On‑site access to the Cayce Riverwalk with lighted, paved trails for walking, running, and biking
