NNN-Leased Commercial
For Sale
$675,000
2638 Two Notch, Columbia, SC 29204
COMMERCIAL/INDUSTRIAL, Columbia, SC
Property Size2,240 SF
Lot Size1.46 Acres
Price / SF$301.34
Days on Market400
Property Features for 2638 Two Notch
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
CAC
Parking
50
Directions
Intersection of Two Notch Road and Covenant Road. Follow GPS
Subdivision
Columbia Northeast
Standard status
Active
Size
2,240 SF
Lot size
1.46 Acres
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
Southern Visions Realty I LLC
(803) 359-9571
Listed By:
Angela Cash
(803) 359-9571
Added: Jul 21, 2025
Changed: Aug 23
Last Checked: Aug 24 at 4:06AM
MLS# 613589
Copyright © 2026 Consolidated MLS, SC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,240-square-foot commercial building is fully leased under an NNN structure, with central air and a 1.46-acre site that includes ample parking. The property is positioned in front of Midlands Shopping Center and fronts Two Notch Rd, providing established retail-corridor exposure.
The lease includes a 5-year initial term plus four 5-year renewal options, allowing for up to 25 years of total contractual term. CAC zoning supports its existing commercial positioning, while the larger parcel provides room for future outparcel or signage considerations as described in the property information.
The lease includes a 5-year initial term plus four 5-year renewal options, allowing for up to 25 years of total contractual term. CAC zoning supports its existing commercial positioning, while the larger parcel provides room for future outparcel or signage considerations as described in the property information.
Key Highlights
- 2,240 SF commercial building on a 1.46‑acre lot
- Fully leased under an NNN structure
- 5‑year lease term plus four (4) five‑year renewal options
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
$31,837
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
4.72%
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%
$636,740
$636.7K
Cap Rate 7%
$454,814
$454.8K
Cap Rate 9%
$353,744
$353.7K
Market Conditions
NOI Build-Up for 2,240 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
$48.4K $21.60/SF
− Vacancy
−$2.9K −$1.30/SF
EGI
$45.5K $20.30/SF
− OpEx
−$13.6K −$6.09/SF
NOI
$31.8K $14.21/SF
Area
Columbia, SC
Vacancy
6.00%
Lease Rate
$21.60 /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%
$636,740
Cap Rate 7%
$454,814
Cap Rate 9%
$353,744
Alternative Uses
Best Use
Retail
$454.8K
$398.0K – $530.6K
NOI $31,837 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$551.6K
$482.6K – $643.5K
NOI $38,610 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
43k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 77%
Shops & Services 23%
McDonald's
Dining
26,057 visits/mo
0.5 miles
Burger King
Dining
6,869 visits/mo
0.4 miles
Family Dollar
Shops & Services
5,144 visits/mo
0.5 miles
Enterprise Rent-A-Car
Shops & Services
1,973 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
1,678 visits/mo
0.1 miles
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 Retail in Columbia, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fully leased commercial building with central air, established retail-corridor exposure, and a net lease structure.
Where is this nnn property located?
The property is located at 2638 Two Notch Columbia, SC.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,240 SF commercial building on a 1.46‑acre lot; Fully leased under an NNN structure; 5‑year lease term plus four (4) five‑year renewal options
