Freestanding Professional Office
New
For Sale
$925,000
407 North Lake Drive, Lexington, SC 29072
Professional office property with an established long-term tenant on North Lake Drive in downtown Lexington.
Property Size2,480 SF
Price / SF$372.98
Days on Market3
Property Features for 407 North Lake Drive
General Information
Standard status
Active
Size
2,480 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Amenities
Lot size: 0.925
Public
Central
Listed on 2026-09-21
14 parking spaces
2,480 gross square footage, Built in 2000, Construction: Frame
County: Lexington, Geo Latitude: 33.986772, Geo Longitude: -81.235375
Zoning: RA
Building Details
Building Size
2,480 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 23
Last Checked: Sep 22 at 2:05PM
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 offers 2,872 SF of commercial office space and is occupied by an established long-term tenant. The property is positioned for continued office use with an existing tenancy in place.
Located on North Lake Drive in downtown Lexington, the building benefits from road frontage along a heavily traveled corridor. Its setting provides convenient access to Main Street and established commuter routes within the Lexington area.
Located on North Lake Drive in downtown Lexington, the building benefits from road frontage along a heavily traveled corridor. Its setting provides convenient access to Main Street and established commuter routes within the Lexington area.
Key Highlights
- 2,872 SF freestanding professional office building
- Established long‑term tenant in place
- Frontage on N. Lake Drive
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
$33,253
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
3.59%
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%
$665,060
$665.1K
Cap Rate 7%
$475,043
$475.0K
Cap Rate 9%
$369,478
$369.5K
Market Conditions
NOI Build-Up for 2,480 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
$47.3K $19.08/SF
− Vacancy
−$3.0K −$1.20/SF
EGI
$44.3K $17.88/SF
− OpEx
−$11.1K −$4.47/SF
NOI
$33.3K $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%
$665,060
Cap Rate 7%
$475,043
Cap Rate 9%
$369,478
Alternative Uses
Best Use
Office B
$475.0K
$415.7K – $554.2K
NOI $33,253 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$666.1K
$582.8K – $777.1K
NOI $46,624 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 an established long-term tenant on North Lake Drive in downtown Lexington.
Where is this office building located?
The property is located at 407 North Lake Drive Lexington, SC.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 2,872 SF freestanding professional office building; Established long‑term tenant in place; Frontage on N. Lake Drive
