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 Market95
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: Oct 26
Last Checked: Oct 26 at 12:43PM
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
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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 / Yr
$946,925
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
144
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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
