Multifamily Property Near University of South
For Sale
$945,000
517 Deerwood St, Columbia, SC 29205
Fully occupied seven-unit multifamily property near the University of South Carolina.
Property Size6,450 SF
Days on Market159
Property Features for 517 Deerwood St
General Information
Standard status
Active
Size
6,450 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
7 Rental Units – 100 percent Occupied
Excellent Condition – Includes three newly constructed townhomes (2024), each 2BD | 2.5BA
Prime Location – Just a five-minute drive to Downtown Columbia and the University of South Carolina
Building Details
Building Size
6,450 SF
Units
7
Listing Agency:
Columbia Office
Listed By:
Drew Babcock, CCIM · License #License(s): SC: 39872
(803) 678-4921
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 17
Last Checked: Sep 7 at 5:05AM
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.
The property at 517 Deerwood is a fully occupied, seven-unit multifamily property located in Columbia, South Carolina, approximately three miles from the University of South Carolina. The property features a mix of two- and three-bedroom layouts. Unit types include newly constructed two-bedroom, 2.5-bath townhomes completed in early 2024, along with two-bedroom, one-bath, three-bedroom, one-bath, and three-bedroom, two-bath units. In-place rents range from $1,025 to $1,750. The asset has a strong rental history and currently maintains 100 percent occupancy.
Key Highlights
- 100% Occupancy: Demonstrates strong tenant demand and immediate cash flow.
- Newly Constructed Townhomes: Offers modern living spaces.
- Diverse Unit Mix: Features 2- and 3‑bedroom options to appeal to a wider range of tenants.
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
$60,535
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
6.41%
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%
$1,210,700
$1.2M
Cap Rate 7%
$864,786
$864.8K
Cap Rate 9%
$672,611
$672.6K
Market Conditions
NOI Build-Up for 6,450 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
$116.1K $18.00/SF
− Vacancy
−$6.0K −$0.94/SF
EGI
$110.1K $17.06/SF
− OpEx
−$49.5K −$7.68/SF
NOI
$60.5K $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%
$1,210,700
Cap Rate 7%
$864,786
Cap Rate 9%
$672,611
Alternative Uses
Best Use
Apartment 5plus
$864.8K
$756.7K – $1.01M
NOI $60,535 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,177 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 29205, SC
23,586
Population
12,792
Households
1.8
Avg Household Size
34
Median Age
66%
College-Educated
96%
High-School Grad
6.5 sq mi
ZIP Area
3,629
Density / Sq Mi
$62,197
Median Household Income
$41,660
Median Earnings
$1,100
Median Rent
$335,200
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 - Fully occupied seven-unit multifamily property near the University of South Carolina.
Where is this apartment building located?
The property is located at 517 Deerwood St Columbia, SC.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: 100% Occupancy: Demonstrates strong tenant demand and immediate cash flow.; Newly Constructed Townhomes: Offers modern living spaces.; Diverse Unit Mix: Features 2- and 3‑bedroom options to appeal to a wider range of tenants.
