Mixed-Use Property with
For Sale
Contact for pricing
2040 S Lake Dr, Lexington, SC 29073
ID-zoned site combines retail, office, apartment, and warehouse components across a 1.5-acre property.
Property Size8,166 SF
Lot Size1.50 Acres
Price / SF$94.91
Days on Market461
Property Features for 2040 S Lake Dr
General Information
Standard status
Active
Size
8,166 SF
Lot size
1.50 Acres
Property subtype
Land, Mixed Use, Multifamily, Office, Retail
Zoning
ID
Investment Type
Value Add
Net Operating Income
$88,278
Financials
Cap Rate
11.84%
Business Included
Yes
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Building Details
Year Built
1978
Buildings
7
Listing Agency:
Southern Vision Real estate
(803) 957-5566
Listed By:
Angela Cash · License #133081
Source:
Crexi
Added: May 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:53AM
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 Southern Vision Real estate
Investment Insights
Based on property information with market context.
This mixed-use property at 2040 S Lake Dr includes land, a retail and office building, fourplex-style residential space, a warehouse, a camper, and a double-wide. The residential component includes three one-bedroom apartments. The warehouse measures 26 by 76 feet, and the property was built in 1978.
The 1.5-acre site is zoned ID, or Intensive Development, supporting commercial and light industrial uses. The sale includes the building, land, and operating businesses. A reported 11.84% cap rate reflects the property's income-producing configuration. Prominent street signage and a corner-site position are also part of the property profile.
The 1.5-acre site is zoned ID, or Intensive Development, supporting commercial and light industrial uses. The sale includes the building, land, and operating businesses. A reported 11.84% cap rate reflects the property's income-producing configuration. Prominent street signage and a corner-site position are also part of the property profile.
Key Highlights
- 1.5‑acre mixed‑use property at 2040 S Lake Dr, Lexington, SC 29073
- ID zoning, designated Intensive Development
- Includes retail and office building, residential units, warehouse, camper, and double‑wide
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
$61,327
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
7.91%
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%
$1,226,540
$1.2M
Cap Rate 7%
$876,100
$876.1K
Cap Rate 9%
$681,411
$681.4K
Market Conditions
NOI Build-Up for 8,166 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
$77.4K $9.48/SF
− Vacancy
−$5.3K −$0.64/SF
EGI
$72.1K $8.84/SF
− OpEx
−$10.8K −$1.33/SF
NOI
$61.3K $7.51/SF
Area
Lexington County, SC
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,226,540
Cap Rate 7%
$876,100
Cap Rate 9%
$681,411
Alternative Uses
Best Use
Office B
$1.56M
$1.37M – $1.82M
NOI $109,494 @ 7.0% cap · market cap 14.13%
Second Best
Mixed Use
$1.21M
$1.06M – $1.41M
NOI $84,518 @ 7.0% cap · market cap 10.91%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,521 @ 7.0% cap · market cap 19.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
Explore this area
Business Placement
Demographics for 29073, SC
48,653
Population
20,239
Households
2.4
Avg Household Size
37
Median Age
22%
College-Educated
89%
High-School Grad
81.8 sq mi
ZIP Area
595
Density / Sq Mi
$72,648
Median Household Income
$45,050
Median Earnings
$1,046
Median Rent
$198,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - ID-zoned site combines retail, office, apartment, and warehouse components across a 1.5-acre property.
Where is this mixed-use property located?
The property is located at 2040 S Lake Dr Lexington, SC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 1.5‑acre mixed‑use property at 2040 S Lake Dr, Lexington, SC 29073; ID zoning, designated Intensive Development; Includes retail and office building, residential units, warehouse, camper, and double‑wide
