Furnished Two-Unit
For Sale
$235,000
4510 Colonial Drive, Columbia, SC 29203
Updated plumbing, covered porches, and included appliances support flexible rental use.
Property Size1,400 SF
Price / SF$167.86
Days on Market13
Property Features for 4510 Colonial Drive
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Duplex
Amenities
0 acres, Lawn: Owner
Sewer: Owner, Sewer: Public
Central
Heating: Owner, Central, Electric
Listed on 2026-08-18
4 parking spaces, Assigned, Off Street
School District: Richland One, Elementary School: Hyatt Park, High School: Eau Claire, Middle School: Gibbes
Area: City of Columbia, Denny terrace,, Subdivision: COLLEGE VIEW, County: Richland, Geo Latitude: 34.042617, Geo Longitude: -81.030331
2 total units
Rent is 1750, 1 bedroom, 1 room, 1 full bath
Rent is 1600, 1 bedroom, 1 room, 1 full bath
2 total bathrooms, 2 full baths
Gas: Owner, Electric: Owner, Cable: Owner, Trash: Owner
Slab
Water: Owner, Public
Building Details
Year Built
1940
Listing Agency:
Keller Williams Preferred
(803) 602-6500
Listed By:
Nicholas Grant
Source:
Blackstreaminternational
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 24 at 3:39AM
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 Keller Williams Preferred
Investment Insights
Based on property information with market context.
This duplex contains two furnished units and was built in 1940. New appliances convey with the property, while covered porches, updated plumbing, and additional storage provide functional improvements. The building previously operated as a short-term rental.
The upper unit is occupied under a year-long lease, and the lower unit is currently vacant. Furnishings remain in both units, giving the property an existing setup for continued rental operations or owner occupancy of one unit. The combination of unit configuration, furnishings, appliances, and recent improvements supports both conventional and short-term rental use.
The upper unit is occupied under a year-long lease, and the lower unit is currently vacant. Furnishings remain in both units, giving the property an existing setup for continued rental operations or owner occupancy of one unit. The combination of unit configuration, furnishings, appliances, and recent improvements supports both conventional and short-term rental use.
Key Highlights
- Two‑unit duplex with furnished units
- Built in 1940
- Upper unit occupied under a year‑long lease
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
$15,003
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
6.38%
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%
$300,060
$300.1K
Cap Rate 7%
$214,329
$214.3K
Cap Rate 9%
$166,700
$166.7K
Market Conditions
NOI Build-Up for 1,400 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
$22.7K $16.20/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$21.4K $15.31/SF
− OpEx
−$6.4K −$4.59/SF
NOI
$15.0K $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%
$300,060
Cap Rate 7%
$214,329
Cap Rate 9%
$166,700
Alternative Uses
Best Use
Multifamily LT 5
$214.3K
$187.5K – $250.1K
NOI $15,003 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$187.7K
$164.2K – $219.0K
NOI $13,139 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$344.7K
$301.7K – $402.2K
NOI $24,132 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 29203, SC
39,449
Population
18,815
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
84%
High-School Grad
62.3 sq mi
ZIP Area
633
Density / Sq Mi
$42,371
Median Household Income
$30,228
Median Earnings
$1,041
Median Rent
$121,600
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 - Updated plumbing, covered porches, and included appliances support flexible rental use.
Where is this duplex located?
The property is located at 4510 Colonial Drive Columbia, SC.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑unit duplex with furnished units; Built in 1940; Upper unit occupied under a year‑long lease
