Two-Story Brick
For Sale
$555,000
2735-2737 Wheat Street, Columbia, SC 29205
Corner property with two residential units and screened front porches.
Property Size2,579 SF
Lot Size0.20 Acres
Price / SF$215.20
Days on Market9
Property Features for 2735-2737 Wheat Street
General Information
Standard status
Active
Size
2,579 SF
Lot size
0.20 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
screened-in porch
hardwood floors
Lawn: Owner
Sewer: Owner, Sewer: Public
Central, Multiple Units
Heating: Tenant, Gas 1st Lvl, Gas 2nd Lvl, Multiple Units
Listed on 2026-08-14
Other
School District: Richland One, Elementary School: A.C. Moore, High School: Dreher, Middle School: Hand
Area: Columbia - South, Subdivision: SHANDON, County: Richland, Geo Latitude: 33.995589, Geo Longitude: -81.003722
2 total units
Rent is 0, 2 bedrooms, 5 rooms, 1 full bath
2 total bathrooms, 2 full baths
Gas: Tenant, Electric: Tenant, Cable: Tenant, Trash: Owner
Crawl Space
Water: Owner, Public
Building Details
Year Built
1938
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Coldwell Banker Realty
(803) 799-8035
Listed By:
Diane Farr
Source:
Blackstreaminternational
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 22 at 3:57AM
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.
Constructed in 1938, this 2,579-square-foot duplex contains two separate residences within a two-story all-brick structure. Each unit provides a living room, dining area, kitchen, two bedrooms, one bathroom, and its own entry. Hardwood flooring and a screened front porch add character to both residences.
The property occupies approximately 1/5 acre at 2735-2737 Wheat Street, at the corner of Wheat and Maple streets in Columbia’s Shandon neighborhood. Devine Street restaurants and shopping are within walking distance, while downtown Columbia, the University of South Carolina, and Five Points are minutes away. The configuration supports either an investment or owner-occupied rental-income strategy, as described in the property information.
The property occupies approximately 1/5 acre at 2735-2737 Wheat Street, at the corner of Wheat and Maple streets in Columbia’s Shandon neighborhood. Devine Street restaurants and shopping are within walking distance, while downtown Columbia, the University of South Carolina, and Five Points are minutes away. The configuration supports either an investment or owner-occupied rental-income strategy, as described in the property information.
Key Highlights
- 2,579‑square‑foot duplex built in 1938
- Two‑story all‑brick construction with two separate units
- Each unit includes two bedrooms, one bathroom, living room, dining area, kitchen, and separate entry
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
$27,637
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
4.98%
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%
$552,740
$552.7K
Cap Rate 7%
$394,814
$394.8K
Cap Rate 9%
$307,078
$307.1K
Market Conditions
NOI Build-Up for 2,579 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
$41.8K $16.20/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$39.5K $15.31/SF
− OpEx
−$11.8K −$4.59/SF
NOI
$27.6K $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%
$552,740
Cap Rate 7%
$394,814
Cap Rate 9%
$307,078
Alternative Uses
Best Use
Multifamily LT 5
$394.8K
$345.5K – $460.6K
NOI $27,637 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$345.8K
$302.6K – $403.4K
NOI $24,204 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$635.1K
$555.7K – $740.9K
NOI $44,454 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,135
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
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Frequently Asked Questions
What type of property is this?
Duplex - Corner property with two residential units and screened front porches.
Where is this duplex located?
The property is located at 2735-2737 Wheat Street Columbia, SC.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: 2,579‑square‑foot duplex built in 1938; Two‑story all‑brick construction with two separate units; Each unit includes two bedrooms, one bathroom, living room, dining area, kitchen, and separate entry
