Updated Four-Unit Multifamily
For Sale
Contact for pricing
774 Shull St, West Columbia, SC 29169
Four renovated units include two 2BR/1BA and two 1BR/1BA, with in-unit washer and dryer in downstairs units.
Property Size4,000 SF
Price / SF$120
Days on Market111
Property Features for 774 Shull St
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multifamily
Investment Type
Stabilized
Net Operating Income
$28,317
Building Details
Units
4
Tenancy
Multi
Listing Agency:
Wilson Kibler
Listed By:
Brooks Owings · License #SC
(803) 255-8642
Source:
Crexi
Added: May 19
Changed: Aug 28
Last Checked: Sep 5 at 10:52PM
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 Wilson Kibler
Investment Insights
Based on property information with market context.
774 Shull Street is an updated four-unit multifamily property featuring two 2BR/1BA units and two 1BR/1BA units. The downstairs units include washer and dryers, and the building has operated with a hybrid mix of long-term leased units and short-term rental units. For underwriting purposes, the provided pro forma presents all four units as traditional long-term rentals, offering flexibility for an owner to continue the current approach, simplify operations with longer-term leasing, or adjust strategy over time.
The property is within walking distance of the State Street hospitality district and the West Columbia Riverwalk Park and Amphitheater. It also provides easy access to the Vista hospitality district and downtown Columbia, which is described as a 2-mile drive directly across the river. Proximity to highways and major thoroughfares supports access to local and regional employers, and the immediate area shows attractive rental demand, with 72% of households within a 1-mile radius being renter occupied.
The property is within walking distance of the State Street hospitality district and the West Columbia Riverwalk Park and Amphitheater. It also provides easy access to the Vista hospitality district and downtown Columbia, which is described as a 2-mile drive directly across the river. Proximity to highways and major thoroughfares supports access to local and regional employers, and the immediate area shows attractive rental demand, with 72% of households within a 1-mile radius being renter occupied.
Key Highlights
- Updated four‑unit multifamily at 774 Shull Street in West Columbia, SC
- Unit mix: two 2BR/1BA units and two 1BR/1BA units
- Downstairs units include in‑unit washer and dryer
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
$27,210
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
5.67%
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%
$544,200
$544.2K
Cap Rate 7%
$388,714
$388.7K
Cap Rate 9%
$302,333
$302.3K
Market Conditions
NOI Build-Up for 4,000 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
$52.8K $13.20/SF
− Vacancy
−$3.3K −$0.83/SF
EGI
$49.5K $12.37/SF
− OpEx
−$22.3K −$5.57/SF
NOI
$27.2K $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%
$544,200
Cap Rate 7%
$388,714
Cap Rate 9%
$302,333
Alternative Uses
Best Use
Apartment 5plus
$388.7K
$340.1K – $453.5K
NOI $27,210 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$940.0K – $1.25M
NOI $75,200 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,076
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?
Short term rental property - Four renovated units include two 2BR/1BA and two 1BR/1BA, with in-unit washer and dryer in downstairs units.
Where is this short term rental property located?
The property is located at 774 Shull St West Columbia, SC.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Updated four‑unit multifamily at 774 Shull Street in West Columbia, SC; Unit mix: two 2BR/1BA units and two 1BR/1BA units; Downstairs units include in‑unit washer and dryer
