Renovated Brick
For Sale
$270,000
2119 Mercer Street, Columbia, SC 29204
Two updated residences offer one bedroom, one bathroom, and central air in downtown Columbia.
Property Size1,150 SF
Price / SF$234.78
Days on Market98
Property Features for 2119 Mercer Street
General Information
Standard status
Active
Size
1,150 SF
Property subtype
Residential Income / Duplex
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
Central Air
No
Central
Yes
2
Building Details
Year Built
1945
Stories
1
Construction
brick
Listing Agency:
Coldwell Banker Realty
(803) 799-8035
Listed By:
Caroline Glenn · License #11355
(803) 799-8035
Source:
Compass
Added: May 26
Changed: Aug 30
Last Checked: Aug 30 at 12:10PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This brick duplex, built in 1945, contains two residences, each with one bedroom and one bathroom. The property has undergone extensive renovation, including a new roof, HVAC and ductwork, flooring, cabinets, plumbing, electrical systems, windows, and bathrooms. Central air is also present.
Both units are presently rented through the end of June and July by the Columbia Housing Authority. The property is located at 2119 Mercer Street in downtown Columbia, with proximity to the University of South Carolina, Benedict College, Allen University, Forest Acres, and the BullStreet District.
Both units are presently rented through the end of June and July by the Columbia Housing Authority. The property is located at 2119 Mercer Street in downtown Columbia, with proximity to the University of South Carolina, Benedict College, Allen University, Forest Acres, and the BullStreet District.
Key Highlights
- Two‑unit brick duplex built in 1945
- Each unit has 1 bedroom and 1 bathroom
- Renovations include roof, HVAC, ductwork, flooring, cabinets, plumbing, electrical, windows, and bathrooms
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
$12,324
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
4.56%
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%
$246,480
$246.5K
Cap Rate 7%
$176,057
$176.1K
Cap Rate 9%
$136,933
$136.9K
Market Conditions
NOI Build-Up for 1,150 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
$18.6K $16.20/SF
− Vacancy
−$1.0K −$0.89/SF
EGI
$17.6K $15.31/SF
− OpEx
−$5.3K −$4.59/SF
NOI
$12.3K $10.72/SF
Area
Columbia, SC
Vacancy
5.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$246,480
Cap Rate 7%
$176,057
Cap Rate 9%
$136,933
Alternative Uses
Best Use
Multifamily LT 5
$176.1K
$154.1K – $205.4K
NOI $12,324 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$154.2K
$134.9K – $179.9K
NOI $10,793 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$283.2K
$247.8K – $330.4K
NOI $19,822 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 29204, SC
18,059
Population
8,687
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
90%
High-School Grad
6.4 sq mi
ZIP Area
2,822
Density / Sq Mi
$49,745
Median Household Income
$32,288
Median Earnings
$993
Median Rent
$185,800
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?
Duplex - Two updated residences offer one bedroom, one bathroom, and central air in downtown Columbia.
Where is this duplex located?
The property is located at 2119 Mercer Street Columbia, SC.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Two‑unit brick duplex built in 1945; Each unit has 1 bedroom and 1 bathroom; Renovations include roof, HVAC, ductwork, flooring, cabinets, plumbing, electrical, windows, and bathrooms
