21-Unit Apartment
New
For Sale
$1,425,000
69 Lexington Drive #A-9, West Columbia, SC 29169
Apartment property with 20 leased units, 36 bedrooms, and established long-term tenancy.
Property Size13,000 SF
Price / SF$109.62
Days on Market6
Property Features for 69 Lexington Drive #A-9
General Information
Standard status
Active
Size
13,000 SF
Property subtype
Apartment
Additional Details
Gross Income
$196,920
Multifamily Units
21
Amenities
3 acres, Lot Size: appox 3 acres, Lawn: Owner
Sewer: Owner, Sewer: Public
Window Units
Heating: Tenant, Gas 1st Lvl, Other
Listed on 2026-08-11
45 parking spaces, Off Street
School District: Lexington Two, Elementary School: Springdale, High School: Airport, Middle School: Fulmer
Area: Cayce/West Cola/Airport/S. Conga, Subdivision: NONE, County: Lexington, Geo Latitude: 33.947359, Geo Longitude: -81.113148
21 total units
Rent is 16410, 36 bedrooms, 108 rooms, 21 full baths
Rent is 0
21 total bathrooms, 21 full baths
Gas: Tenant, Electric: Tenant, Cable: Tenant, Trash: Owner
Crawl Space, Slab
Water: Owner, Public
Building Details
Year Built
1960
Listing Agency:
Coldwell Banker Realty
(803) 799-8035
Listed By:
Bill Graham
Source:
Blackstreaminternational
Added: Aug 11
Changed: Aug 16
Last Checked: Aug 16 at 6:10AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1960, this apartment property contains 21 units totaling 13,000 square feet, with 36 bedrooms and 21 baths. Current occupancy includes 20 leased units, while the property’s tenant base includes multiple long-term residents.
Located at 69 Lexington Drive in West Columbia, the asset offers an established multifamily configuration with a unit count and bedroom mix suited to residential income ownership. Units may require upgrades as tenant turnover occurs, providing a defined path for future property improvements.
Located at 69 Lexington Drive in West Columbia, the asset offers an established multifamily configuration with a unit count and bedroom mix suited to residential income ownership. Units may require upgrades as tenant turnover occurs, providing a defined path for future property improvements.
Key Highlights
- 21 units with 36 bedrooms and 21 baths
- 20 of 21 units are leased
- 13,000 square feet of apartment space
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
$88,434
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
6.21%
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%
$1,768,680
$1.8M
Cap Rate 7%
$1,263,343
$1.3M
Cap Rate 9%
$982,600
$982.6K
Market Conditions
NOI Build-Up for 13,000 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
$171.6K $13.20/SF
− Vacancy
−$10.8K −$0.83/SF
EGI
$160.8K $12.37/SF
− OpEx
−$72.4K −$5.57/SF
NOI
$88.4K $6.80/SF
Area
Lexington County, SC
Vacancy
6.30%
Lease Rate
$13.20 /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%
$1,768,680
Cap Rate 7%
$1,263,343
Cap Rate 9%
$982,600
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.11M – $1.47M
NOI $88,434 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.49M
$3.06M – $4.07M
NOI $244,400 @ 7.0% cap · market cap 17.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 29169, SC
22,768
Population
11,087
Households
2.1
Avg Household Size
40
Median Age
39%
College-Educated
89%
High-School Grad
11.6 sq mi
ZIP Area
1,963
Density / Sq Mi
$53,673
Median Household Income
$38,268
Median Earnings
$1,081
Median Rent
$189,900
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 - Apartment property with 20 leased units, 36 bedrooms, and established long-term tenancy.
Where is this apartment building located?
The property is located at 69 Lexington Drive #A-9 West Columbia, SC.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 21 units with 36 bedrooms and 21 baths; 20 of 21 units are leased; 13,000 square feet of apartment space
