Two-Unit Residential
For Sale
$399,000
222 Prospect St, Columbia, SC 29205
One side is vacant while the other is occupied under a month-to-month arrangement.
Property Size1,600 SF
Price / SF$249.38
Days on Market75
Property Features for 222 Prospect St
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Residential Income
Listing Agency:
Bollin Ligon Walker Realtors
(803) 414-8344
Listed By:
Laine Ligon Jr · License #17642
Source:
Exprealty
Added: Jun 18
Changed: Aug 30
Last Checked: Aug 30 at 4:25PM
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 Bollin Ligon Walker Realtors
Investment Insights
Based on property information with market context.
This two-unit residential property contains approximately 1,600 square feet. The left side is vacant and has a lockbox for access, while the right side is occupied on a month-to-month basis. The occupied unit is in better condition than the vacant unit.
Located at 222 Prospect St in Columbia, SC, the property offers separate occupied and vacant sides for evaluation and planning. Its current configuration includes one vacant unit and one unit with month-to-month occupancy.
Located at 222 Prospect St in Columbia, SC, the property offers separate occupied and vacant sides for evaluation and planning. Its current configuration includes one vacant unit and one unit with month-to-month occupancy.
Key Highlights
- Approximately 1,600 square feet
- Left side is vacant and equipped with a lockbox
- Right side is occupied month to month
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
$17,146
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
4.30%
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%
$342,920
$342.9K
Cap Rate 7%
$244,943
$244.9K
Cap Rate 9%
$190,511
$190.5K
Market Conditions
NOI Build-Up for 1,600 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
$25.9K $16.20/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$24.5K $15.31/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$17.1K $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%
$342,920
Cap Rate 7%
$244,943
Cap Rate 9%
$190,511
Alternative Uses
Best Use
Multifamily LT 5
$244.9K
$214.3K – $285.8K
NOI $17,146 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$214.5K
$187.7K – $250.3K
NOI $15,016 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$394.0K
$344.7K – $459.7K
NOI $27,579 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
651
Businesses Nearby
Explore this area
Business Placement
Demographics for 29205, SC
23,586
Population
12,792
Households
1.8
Avg Household Size
34
Median Age
66%
College-Educated
96%
High-School Grad
6.5 sq mi
ZIP Area
3,629
Density / Sq Mi
$62,197
Median Household Income
$41,660
Median Earnings
$1,100
Median Rent
$335,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One side is vacant while the other is occupied under a month-to-month arrangement.
Where is this duplex located?
The property is located at 222 Prospect St Columbia, SC.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Approximately 1,600 square feet; Left side is vacant and equipped with a lockbox; Right side is occupied month to month
