Current Use by Public Records
- Land
Property Details for 1002 Drake St
- Lot size
- 5.46 lot acres
- Property type
- Land
Description
This exceptional 5.46-acre parcel, located at 1002 Drake St, Columbia, SC 29209 (APN R16408-01-01), presents a fully approved opportunity for a 150-unit multifamily development. The M-1 zoned land is ideally situated in Southeast Columbia, benefiting from proximity to key areas including the Garners Ferry Corridor with I-77 Interchange, Fort Jackson's Main Gate, and the new Cross Hill Market (featuring Whole Foods). This prime location offers convenient access to downtown Columbia and the University of South Carolina. The site plan encompasses two three-story walk-up garden-style buildings, incorporating amenities such as a dog park, community pool, and sports courts. An adjacent ±1.8-acre parcel is available for acquisition, potentially expanding amenity offerings. The property's strategic location within the Garners Ferry Retail Corridor provides easy access to major national retailers within a 2-3 mile radius. Significant employment opportunities abound in the area, encompassing medical (VA Hospital, USC School of Medicine), education (Richland County School District, USC, Midlands Technical College), and retail sectors (Cross Hill Market, Food Lion Plaza, Shoppes at Woodhill, Landmark Square, and numerous others). Richland County and the City of Columbia offer a property tax abatement program, potentially reducing property taxes by up to 35% for the first ten years, subject to meeting specific criteria. This development opportunity combines a desirable location, strong market demand, and potential tax incentives to create a compelling investment proposition. The asking price is $1,400,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Columbia
- County
- Orangeburg
- State
- South Carolina
- Longitude
- -80.9572
- Latitude
- 33.9828
