Storing Dynamic data in relational database (SQL Server 2014) Hi my data model contains some static type properties and one dynamic type property. That property could contain array, string, integer, range. Now, simple solution would be create separate column for each one, but problem with that approach is, I will end up with few of optional columns as only one of the type is present at a time(rest of the columns will be null). 

My preferred approach is to save it in one field (preferable text or json) and parses the data according to the type. Well parsing has its cost but I still feel this is better approach, but I am no expert in DB, so I am looking for your opinions. 
Thanks
It sounds like you are looking for an Entity-Attribute-Value (EAV) data model design.  Aaron Bertrand has a great post on this which I suggest you look through and see if a similar approach will fit your needs.

As a DBA, I have a deep-seeded hatred for this approach, but sometimes it makes the most sense for the situation at hand.

If you can convince whoever controls the budget to upgrade to SQL Server 2016, there are some new features that take advantage of JSON data, which can give you even more flexibility.