Freestanding Office
New
For Sale
$645,000
403 North Lake Drive, Lexington, SC 29072
COMMERCIAL/INDUSTRIAL, Lexington, SC
Property Size2,872 SF
Lot Size0.42 Acres
Price / SF$224.58
Days on Market2
Property Features for 403 North Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LC
Parking
7
Directions
Sunset BLVD to N. Lake Drive
Subdivision
Lexington and surrounding area
Standard status
Active
Size
2,872 SF
Lot size
0.42 Acres
Utilities
Cooling system
Central Air
Building Details
Floors in Building
2
Listing Agency:
Experienced Real Est Group LLC
Listed By:
Dennis Kelso
(803) 730-5800
Added: Sep 21
Last Checked: Sep 22 at 12:06AM
MLS# 643446
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 freestanding professional office building contains 2,872 square feet on a 0.422-acre parcel. Central air conditioning serves the building, and a long-term tenant is currently in place. The property is zoned LC for commercial use.
Located on North Lake Drive in downtown Lexington, the site offers road frontage along a high-traffic corridor. Main Street and major commuter routes are only minutes away, providing convenient access within the Lexington market. The Lexington, SC property is identified by the address 403 North Lake Drive, Lexington, SC 29072.
Located on North Lake Drive in downtown Lexington, the site offers road frontage along a high-traffic corridor. Main Street and major commuter routes are only minutes away, providing convenient access within the Lexington market. The Lexington, SC property is identified by the address 403 North Lake Drive, Lexington, SC 29072.
Key Highlights
- 2,872‑square‑foot freestanding professional office building
- 0.422‑acre parcel with frontage on North Lake Drive
- Long‑term tenant currently in place
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
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Professional office property with a long-term tenant and central air conditioning.
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; 0.422‑acre parcel with frontage on North Lake Drive; Long‑term tenant currently in place
