Freestanding Office
New
For Sale
$645,000
403 North Lake Drive, Lexington, SC 29072
An established tenant is in place at this professional office property.
Property Size2,872 SF
Price / SF$224.58
Days on Market5
Property Features for 403 North Lake Drive
General Information
Standard status
Active
Size
2,872 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Amenities
0.422 acres
Public
Central
Listed on 2026-09-21
7 parking spaces
2,872 gross square footage, Built in 1905, Construction: Other
County: Lexington, Geo Latitude: 33.986443, Geo Longitude: -81.235193
Zoning: LC
Building Details
Building Size
2,872 SF
Buildings
1
Tenancy
Single
Listing Agency:
Experienced Real Est Group LLC
(803) 730-5800
Listed By:
Dennis Kelso
(864) 920-0303
Source:
Blackstreaminternational
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 2:10PM
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 Experienced Real Est Group LLC
Investment Insights
Based on property information with market context.
This freestanding professional office building contains 2,872 square feet and is occupied by an established, long-term tenant.
The property is located at 403 North Lake Drive in downtown Lexington, with frontage on the road. Main Street and major commuter routes are described as minutes away.
The property is located at 403 North Lake Drive in downtown Lexington, with frontage on the road. Main Street and major commuter routes are described as minutes away.
Key Highlights
- 2,872‑square‑foot freestanding professional office building
- Established long‑term tenant in place
- Located on North Lake Drive in downtown Lexington
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
$38,509
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
5.97%
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%
$770,180
$770.2K
Cap Rate 7%
$550,129
$550.1K
Cap Rate 9%
$427,878
$427.9K
Market Conditions
NOI Build-Up for 2,872 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
$54.8K $19.08/SF
− Vacancy
−$3.5K −$1.20/SF
EGI
$51.3K $17.88/SF
− OpEx
−$12.8K −$4.47/SF
NOI
$38.5K $13.41/SF
Area
Lexington County, SC
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
25.00%
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%
$770,180
Cap Rate 7%
$550,129
Cap Rate 9%
$427,878
Alternative Uses
Best Use
Office B
$550.1K
$481.4K – $641.8K
NOI $38,509 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$771.3K
$674.9K – $899.9K
NOI $53,994 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,204
Businesses Nearby
Explore this area
Business Placement
Demographics for 29072, SC
65,060
Population
26,951
Households
2.4
Avg Household Size
39
Median Age
48%
College-Educated
96%
High-School Grad
68.0 sq mi
ZIP Area
957
Density / Sq Mi
$103,415
Median Household Income
$55,500
Median Earnings
$1,317
Median Rent
$304,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - An established tenant is in place at this professional office property.
Where is this office building located?
The property is located at 403 North Lake Drive Lexington, SC.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 2,872‑square‑foot freestanding professional office building; Established long‑term tenant in place; Located on North Lake Drive in downtown Lexington
