Three-Story Brick Office
For Sale
$1,875,000
1508 Washington St., Columbia, SC 29201
Dedicated ground-floor entry supports potential multi-tenant subdivision and professional-service use.
Property Size8,644 SF
Price / SF$216.91
Days on Market45
Property Features for 1508 Washington St.
General Information
Standard status
Active
Size
8,644 SF
Class
C
Total Parking Spaces
22
Property subtype
Office
Additional Details
Road Access
Yes
Building Details
Building Size
8,644 SF
Year Built
1949
Buildings
1
Stories
3
Construction
brick
Tenancy
Single
Listing Agency:
Trinity Partners | Columbia
(803) 315-9567
Listed By:
Roger Winn, SIOR
(803) 315-9567
Source:
Trinity-partners
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 31 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 Trinity Partners | Columbia
Investment Insights
Based on property information with market context.
This 8,644 SF office property is a three-story brick building constructed in 1949, with concrete masonry banding and a prominent entrance along Washington St. The existing layout is occupied by a law firm and offers a configuration suited to professional office operations.
Dedicated access to the ground floor creates potential for multi-tenant subdivision. The property includes 22 deeded parking spaces and is located in Downtown Columbia, providing an established central business setting for an office building.
Dedicated access to the ground floor creates potential for multi-tenant subdivision. The property includes 22 deeded parking spaces and is located in Downtown Columbia, providing an established central business setting for an office building.
Key Highlights
- 8,644 SF office building constructed in 1949
- Three‑story brick construction with concrete masonry bands
- Grand entrance fronts Washington St.
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
$102,691
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%
$2,053,820
$2.1M
Cap Rate 7%
$1,467,014
$1.5M
Cap Rate 9%
$1,141,011
$1.1M
Market Conditions
NOI Build-Up for 8,644 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
$166.0K $19.20/SF
− Vacancy
−$29.0K −$3.36/SF
EGI
$136.9K $15.84/SF
− OpEx
−$34.2K −$3.96/SF
NOI
$102.7K $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%
$2,053,820
Cap Rate 7%
$1,467,014
Cap Rate 9%
$1,141,011
Alternative Uses
Best Use
Office B
$1.47M
$1.28M – $1.71M
NOI $102,691 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,995 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,451
Businesses Nearby
Explore this area
Business Placement
Demographics for 29201, SC
25,259
Population
12,619
Households
2
Avg Household Size
25
Median Age
56%
College-Educated
92%
High-School Grad
11.5 sq mi
ZIP Area
2,196
Density / Sq Mi
$34,327
Median Household Income
$14,671
Median Earnings
$1,207
Median Rent
$238,200
Median Home Value
Market
Vacancy Rate% for Office in Columbia, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Dedicated ground-floor entry supports potential multi-tenant subdivision and professional-service use.
Where is this office building located?
The property is located at 1508 Washington St. Columbia, SC.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: 8,644 SF office building constructed in 1949; Three‑story brick construction with concrete masonry bands; Grand entrance fronts Washington St.
