Columbia Multifamily Investment
For Sale
$1,680,000
350 Byron Rd, Columbia, SC 29209
16-unit apartment community near Downtown Columbia and retail.
Property Size14,400 SF
Lot Size1.29 Acres
Days on Market158
Property Features for 350 Byron Rd
General Information
Standard status
Active
Size
14,400 SF
Lot size
1.29 Acres
Property subtype
Multifamily
Occupancy
93%
Amenities
Unit Mix Comprised of 16 Two-Bedroom/Two-Bathroom Units with Washer and Dryer Hookups
Each Unit Is Individually Metered for Water and Electric, Reducing Operating Costs
Convenient Location Near Essential Daily Retail, Major Employers and I-77
Recently Renovated Interiors and New Roofing
Building Details
Building Size
14,400 SF
Units
16
Listing Agency:
Columbia Office
Listed By:
Drew Babcock, CCIM · License #License(s): SC: 39872
(803) 678-4921
Source:
Marcusmillichap
Added: Apr 3
Changed: Sep 2
Last Checked: Sep 7 at 4:47AM
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
Investment Insights
Based on property information with market context.
Cedar Crossing Apartments is a 16-unit multifamily community located in Columbia, South Carolina. Constructed in 1984, the property is situated on 1.29 acres, approximately 10 minutes from Downtown Columbia, providing convenient access to major employment centers and retail corridors. The community consists entirely of two-bedroom, two-bathroom residences. Each unit features washer/dryer hookups and individually metered utilities. The property is located within two miles of Target, Whole Foods, and Walmart, as well as a variety of shopping and dining options. The property is positioned to capture workforce housing demand in the Columbia market.
Key Highlights
- Convenient Location: Approximately 10 minutes from Downtown Columbia, providing easy access to employment and retail.
- Desirable Unit Mix: Comprised entirely of two‑bedroom, two‑bathroom residences.
- Individually Metered Utilities: Each unit has individually metered utilities, reducing operating costs.
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
$135,147
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
8.04%
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%
$2,702,940
$2.7M
Cap Rate 7%
$1,930,671
$1.9M
Cap Rate 9%
$1,501,633
$1.5M
Market Conditions
NOI Build-Up for 14,400 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
$259.2K $18.00/SF
− Vacancy
−$13.5K −$0.94/SF
EGI
$245.7K $17.06/SF
− OpEx
−$110.6K −$7.68/SF
NOI
$135.1K $9.39/SF
Area
Columbia, SC
Vacancy
5.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,702,940
Cap Rate 7%
$1,930,671
Cap Rate 9%
$1,501,633
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,147 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.55M
$3.10M – $4.14M
NOI $248,210 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Explore this area
Business Placement
Demographics for 29209, SC
35,738
Population
16,520
Households
2.2
Avg Household Size
37
Median Age
39%
College-Educated
93%
High-School Grad
52.8 sq mi
ZIP Area
677
Density / Sq Mi
$58,854
Median Household Income
$38,756
Median Earnings
$1,252
Median Rent
$183,200
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?
Apartment building - 16-unit apartment community near Downtown Columbia and retail.
Where is this apartment building located?
The property is located at 350 Byron Rd Columbia, SC.
What is the asking price?
The asking price for this property is $1,680,000.
What are key features of this property?
This property features: Convenient Location: Approximately 10 minutes from Downtown Columbia, providing easy access to employment and retail.; Desirable Unit Mix: Comprised entirely of two‑bedroom, two‑bathroom residences.; Individually Metered Utilities: Each unit has individually metered utilities, reducing operating costs.
