Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1002 Drake St Columbia, SC 29209

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Land near retail corridor, Fort Jackson, and Cross Hill Market.

    Lot size:
    5.40 Acres

    Property Features for 1002 Drake St

    General Information

    Lot size
    5.40 Acres

    We can help!

    Listing Contact
    Hayden Davis
    Source: Moodyscre

    Listing Agent: Hayden Davis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Land in Southeast Columbia Location

    This land is positioned centrally among three key areas of Southeast Columbia: the Garners Ferry Corridor with the I-77 Interchange, the main entrance to Fort Jackson, and the Cross Hill Market, which features Whole Foods. The location provides convenient access to Downtown and the University of South Carolina. The Garners Ferry Retail Corridor is nearby, offering major national retailers within a 2-3 mile radius. Richland County and the City of Columbia have a property tax abatement program for new development projects, potentially reducing property taxes by up to 35% for the first ten years if the developer meets specific criteria, such as developing additional public infrastructure or allocating a percentage of units to meet affordability requirements. Employment opportunities are available in this submarket at the VA Hospital, USC School of Medicine, Richland County School District, Midlands Technical College – Beltline Campus, and the University of South Carolina downtown. Retail employers include Cross Hill Market (Whole Foods, Ulta Beauty, Athleta, Midwood Smokehouse), Food Lion Plaza (Food Lion, Staples), Shoppes at Woodhill (Target, Starbucks, World Market, Party City), and Landmark Square (Goodwill, Ross, Dollar General, Big Lots), along with fast-food chains, convenience stores, and hospitality options.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Columbia
    County
    Lexington
    State
    South Carolina
    Longitude
    -80.957207
    Latitude
    33.983008

    Nearby Similar for Sale

    • $850,000
      5,969 SF

      Renovated Office Building on Two Notch

      Fully renovated office building with high visibility and accessibility.
      8311 Two Notch Rd, Columbia, SC 29223
      View Details
    • $725,000
      3,500 SF

      Well-Maintained Office Building For Sale

      3,500 SF office building with flexible layout and excellent exposure.
      7193 Saint Andrews Rd, Columbia, SC 29212
      View Details
    • $599,777
      1,608 SF

      Commercial Property Near Prisma Richland

      General commercial property behind Prisma Richland Hospital with unlimited potential uses.
      1901 Academy St, Columbia, SC 29203
      View Details
    • $550,000
      3,960 SF

      Versatile Commercial Property in Columbia

      Commercial property with redevelopment potential in a growing corridor.
      123 Lawand Dr, Columbia, SC 29210
      View Details
    • $425,000
      5,200 SF

      Versatile Renovated Commercial Space

      Recently renovated 5200 sq ft commercial space on 1.1 acres.
      600 Burmaster Dr, Columbia, SC 29229
      View Details
    • $230,000
      1,271 SF

      Renovated Commercial Property in Columbia

      Updated commercial property with renovated home, ideal for office space.
      2734 Boone St, Columbia, SC 29204
      View Details
    • $685,000
      7,800 SF

      Turn-Key Investment Opportunity in Columbia

      Income-producing property with mobile home park and commercial potential.
      6832 Two Notch Rd, Columbia, SC 29223
      View Details
    • Contact for pricing
      0.00 Acres

      Gamecock Football Parking Space

      Parking space near stadium with tailgate building and amenities.
      1200 Bluff Rd, Columbia, SC 29201
      View Details
    • New
      $3,750,000
      13,000 SF

      Luxury Apartments Near USC

      Ten luxury units near USC with projected rental income.
      2218 Rosewood Dr, Columbia, SC 29205
      View Details
    • New
      $2,999,000
      1.74 Acres

      Mixed-Use Commercial Investment Opportunity

      Gas station, retail, residential on 1.74 acres.
      1332 Broad River Rd, Columbia, SC 29210
      View Details
    • $369,000
      1 SF

      High-Visibility Corner Lot Investment

      One-acre corner lot with income potential on Two Notch Rd.
      6538 Two Notch Rd, Columbia, SC 29223
      View Details
    • $230,000
      Pending

      Well-Maintained Duplex in Columbia, SC

      Duplex with versatile living options and strong rental potential.
      117 Misty Oak Rd, Columbia, SC 29223
      View Details

    FAQs

    What type of property is this?
    Land - Land near retail corridor, Fort Jackson, and Cross Hill Market.
    Where is this land located?
    The property is located at 1002 Drake St Columbia, SC.
    What are key features of this property?
    This property features: - Strategic location near Cross Hill Market (Whole Foods) and Garners Ferry Retail Corridor.; - Potential for up to 35% property tax abatement for 10 years.; - Easy access to Downtown Columbia and the University of South Carolina.
    (704) 274-1830
    Request Owner's contact information
    1002 Drake St Columbia, SC 29209
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1002 Drake St
    Columbia, SC 29209
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1002 Drake St Columbia, SC 29209
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Hayden Davis
    (704) 274-1830
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.