Redevelopment Opportunity on Morrison Drive

Retail-Commercial for Sale
Catylist Listing ID: 29926760
Property Subtypes: Mixed Use, Other
Building Size (RSF): 12,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.59 Acres
Sale Price: $3,750,000
Unit Price: $312.50 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: Coleman Supply Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/17/2019

Overview / Comments

The property is located at the gateway of the North Morrison district which has undergone significant redevelopment and transformation in recent years. The rejuvenation of this area began with the development of the Cool Blow project which consists of a mixed use development with 58 loft style apartments and 20,000 sf of office/retail space that was developed in the late 2000s. More recently, the Half Mile North project. Half Mile North was redeveloped from old warehouses into a technology hub with tenants such as SIB, Blue Acorn, and Integral Solutions. In addition, Half Mile North includes Edmunds Oast Restaurant and Brew Pub, and Butcher and Bee café and deli.

Other new developments in the area include 930 North Morrison (930 NoMo) which is a 430-bed multi-story upscale apartment community targeted as student housing, redevelopment of 960 Morrison which is an approximate 23,000 sf office building, and redevelopment of the Cigar Factory which consists of 150,000 sf of office space and 50,000 sf of retail space. In addition to Edmunds Oast, and Butcher and Bee, the area has also seen a resurgence in restaurants, bars and microbreweries including Taco Boy, Revelry Brewing Company, The American, Home Team Barbeque, John Lewis’ Barbeque, Tattooed Moose, Santi’s and Rutledge Cab Co.

Planned developments for the area include the Charleston Digital Corridor’s Flagship 3 building which will be located at the corner of Morrison Drive and Conroy Street in close proximity to the property. The building is planned to be a 5-story, 63,000 sf building that is targeted to house start-up, intermediate and growth stage tech companies.

This property is zoned UP (Upper Peninsula) in the City of Charleston. It is a 0.59 acre parcel currently developed with an approximate 12,000sf warehouse. The warehouse is approximately 24 feet clear on the interior with a loading dock and a drive in door. This property is ideal for redevelopment.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 52 - Peninsula Chas. outside of crosstown
Tax ID/APN: 459-01-01-001
Zoning: OTHER
Retail Clientele: General
Property Visibility: Excellent
Area Description: This area is rapidly undergoing transformation and revitalization targeting technology companies, restaurants, multifamily, and student housing. Recently completed projects include the Half-Mile North, Pacific Box and Crate, The Cigar Factory, 930 NoMo, East Central Lofts, and the renovated 960 Morrison Drive office building. The Charleston Digital Corridor's Flagship III building is scheduled to break ground in 2017. This is planned to be a 63,000 square foot office building targeting start-ups, intermediate and growth stage technology companies. In addition, the adjacent 10-acre County of Charleston property is also targeted for mixed-use with a strong focus on technology companies. Technology companies in the area include SIB, Blue Acorn, Integral Solutions, Ceterus, Boomtown, and Harbor Accelerator. Restaurants in the area include Taco Boy, Revelry Brewing, John Lewis' BBQ, Hometeam BBQ, Edmunds Oast, Tattooed Moose, Santis, Royal American, Rutledge Cab Company, Goat Sheep Cow North, Butcher and Bee, and Fatty Beer Works.
Tenancy: Single Tenant
Year Built: 1983
Construction/Siding: Block
Exterior Description: Concrete Black
Total Parking Spaces: 12
Parking Type: Surface
Sprinklers: None
Zoning Description: UP - Upper Peninsula in the City of Charleston
Lot Frontage: 120
Lot Depth: 210
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,494 58,973 139,862
Median Age: 34.67 33.66 36.15
Households: 5,007 24,732 58,404
© Copyright 2001-2019 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither South Carolina Statewide Commercial MLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.