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    The Largest CRE Database in the US with Over 1 Million Listings

    Columbiana Dr Irmo, SC 29063

    Sponsored
    For Sale
    $2,440,000

    9.45 Acres, Prime Commercial Site

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    427
    This exceptional 9.45-acre commercial development site in Irmo, South Carolina, presents a unique investment opportunity. Located on Columbiana Drive, just 750 feet north of Lake Murray Boulevard and a half-mile from I-26, this property boasts unparalleled visibility from the interstate. The site is one of the largest remaining undeveloped parcels in the Harbison trade area, Columbia's largest retail cluster. The property's zoning is C-3, Harbison PUD, within the City of Columbia, and it benefits from city water and sewer services. Detailed site plans show potential for subdivision into multiple parcels, with options ranging from approximately 1.30 acres to 5.15 acres (3.80 usable acres). The asking price for the entire 9.45-acre site is $2,440,000, but individual parcels are available for purchase, with pricing dependent on size and intended use. The property's strategic location and significant size make it ideal for a variety of commercial developments, offering exceptional potential for investors seeking a high-impact project in a thriving market. Frontage on Columbiana Drive is substantial, offering excellent visibility and accessibility. The potential for assemblage with adjacent tracts to create an even larger development is also a key advantage. This is a rare opportunity to acquire a large, well-located parcel in a high-demand area. The APN is 03915-01-14, and the zip code is 29063.

    Property Features for 0 Columbiana Dr

    General Information

    Property type
    Land
    Lot Size
    411,642 SF

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    Listing Contact
    Ben Kelly
    Ben Kelly

    Learn more

    HighLights

    • 330' of frontage on Columbiana Drive.
    • 533' of frontage on Columbiana Drive.
    • ±9.45‑acre site.
    • ±1.30‑acre parcel.
    • ±3.0‑acre parcel.
    • ±5.15‑acre parcel (3.80 usable acres).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Irmo
    County
    Lexington
    State
    South Carolina
    Longitude
    -81.1679407
    Latitude
    34.0895334

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    FAQs

    What type of property is this?
    Land - 9.45 Acres, Prime Commercial Site
    Where is this land located?
    The property is located at Columbiana Dr Irmo, SC.
    What is the asking price?
    The asking price for this property is $2,440,000.
    What are key features of this property?
    This property features: 330' of frontage on Columbiana Drive.; 533' of frontage on Columbiana Drive.; ±9.45-acre site.
    Request Owner's contact information
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    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
    Columbiana Dr Irmo, SC 29063
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    We can help!
    Listing Contact
    Ben Kelly
    Ben Kelly
    Real Estate License ID: 16153
    Learn more
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