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1002-1030 Drake St
Columbia, SC 29209
Cedar Cove Townhomes · Land For Sale
·
6.86 AC
Investment Highlights
- 118-Lot townhouse development site efficiently designed on just 6.86 acres, delivering exceptional unit density for maximum investor returns.
- Potential to benefit from property tax abatement program for new development projects that can achieve up to a 35% reduction in property taxes.
- Townhomes deliver superior rental yields compared to single-family homes while offering lower entry costs and shared maintenance responsibilities.
- Ready for immediate construction in Columbia's fastest-growing submarket with 15-25% projected profit margins.
- Positioned at the convergence of three major Southeast Columbia growth nodes—I-77/Garners Ferry interchange, Fort Jackson's and the new Whole Foods.
Executive Summary
THE OPPORTUNITY
Greysteel presents Cedar Cove Townhomes in Columbia, South Carolina. This efficiently planned development project offers 118 lots designed for two- or three-story townhouses in the dynamic Southeast Columbia area. The modern design arranged on 6.86 acres maximizes the land use and is consistent with surrounding residential uses. The project is pending site plan approval through City of Columbia and the final project may be held as rental product or offered as for-sale opportunity. The project includes three lot sizes; A - 92 Lots (30' x 75'), B - 7 Lots (20' x 75'), C - 19 Lots (18' x 84').
LOCATION
The project is uniquely positioned in the middle of three key nodes of Southeast Columbia; Garners Ferry Corridor with I-77 Interchange, Main Gate to Fort Jackson, and most notably, the new Cross Hill Market featuring Whole Foods. This location also offers quick and easy access directly Downtown or to the University of South Carolina. The Garners Ferry Retail Corridor is at the property’s doorstep, offering all the major national retailers within a convenient 2-3 mile radius.
PROPERTY TAX ABATEMENT
Richland County and City of Columbia both acknowledge the burden their property tax assessments place on new development. They have developed a property tax abatement program for new development projects that can achieve up to a 35% reduction in property taxes for the first ten years, provided the developer meets certain criteria. This can include developing additional public infrastructure as part of the project or allocating a percentage of units to meet affordability requirements. Please contact the Brokers for more details on this program.
EMPLOYMENT ABOUNDS
There is no shortage of employment in this submarket. Medical employment is available at the VA Hospital and USC School of Medicine. Likewise, education employment with Richland County School District, USC School of Medicine, Midlands Technical College – Beltline Campus or 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), Landmark Square (Goodwill, Ross, Dollar General, Big Lots), in addition to most major fast food chains, convenience stores, hospitality options, and more.
Greysteel presents Cedar Cove Townhomes in Columbia, South Carolina. This efficiently planned development project offers 118 lots designed for two- or three-story townhouses in the dynamic Southeast Columbia area. The modern design arranged on 6.86 acres maximizes the land use and is consistent with surrounding residential uses. The project is pending site plan approval through City of Columbia and the final project may be held as rental product or offered as for-sale opportunity. The project includes three lot sizes; A - 92 Lots (30' x 75'), B - 7 Lots (20' x 75'), C - 19 Lots (18' x 84').
LOCATION
The project is uniquely positioned in the middle of three key nodes of Southeast Columbia; Garners Ferry Corridor with I-77 Interchange, Main Gate to Fort Jackson, and most notably, the new Cross Hill Market featuring Whole Foods. This location also offers quick and easy access directly Downtown or to the University of South Carolina. The Garners Ferry Retail Corridor is at the property’s doorstep, offering all the major national retailers within a convenient 2-3 mile radius.
PROPERTY TAX ABATEMENT
Richland County and City of Columbia both acknowledge the burden their property tax assessments place on new development. They have developed a property tax abatement program for new development projects that can achieve up to a 35% reduction in property taxes for the first ten years, provided the developer meets certain criteria. This can include developing additional public infrastructure as part of the project or allocating a percentage of units to meet affordability requirements. Please contact the Brokers for more details on this program.
EMPLOYMENT ABOUNDS
There is no shortage of employment in this submarket. Medical employment is available at the VA Hospital and USC School of Medicine. Likewise, education employment with Richland County School District, USC School of Medicine, Midlands Technical College – Beltline Campus or 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), Landmark Square (Goodwill, Ross, Dollar General, Big Lots), in addition to most major fast food chains, convenience stores, hospitality options, and more.
Property Facts
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Proposed Use | |
| Property Type | Land | Total Lot Size | 6.86 AC |
| Zoning | MU-1 - Attached townhouse-style units | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | |
| Total Lot Size | 6.86 AC |
| Zoning | MU-1 - Attached townhouse-style units |
1 Lot Available
Lot
| Lot Size | 6.86 AC |
| Lot Size | 6.86 AC |
Conditionally approved development site with plans for a +/- 118 lot townhome community on 6.86 acres. Prime spot near I-77, Fort Jackson, Cross Hill Market, and USC, with major retailers within 2–3 miles. Tax Abatement Potential.
Description
±6.86 AC of land available for a potential townhouse development. Located on Drake St
Property Taxes
| Parcel Number | 16408-01-01 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $343,033 CAD |
Property Taxes
Parcel Number
16408-01-01
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$343,033 CAD
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