SUMMERVILLE LAND TO BUY OR RENT

Vacant Land for Sale
Sale Pending/Contingent
Also listed as Office
Catylist Listing ID: 30124962
Property Subtypes: Industrial, Office, Retail, Retail-Pad, Self Storage, Other
Status: Pending/Contingent
Gross Land Area: 0.99 - 1 Acres
Sale Price: $350,000
Sale Terms: Cash to Seller
Cap Rate: 6.7%
Last Updated: 3/12/2019

Overview / Comments

ALSO AVAILABLE FOR LEASE FOR $2500 MONTHLY! This nearly 1 acre lot is zoned Heavy Industrial which gives much leeway in terms of uses for this lot, and is a rare find so close to downtown Summerville, presenting a tremendous development opportunity or hold on to it for yard storage to lease out or use.

113 North Gum Street is located 2 blocks off Main Street (Highway 17A), a major thoroughfare in the Central Business District of Summerville, and Gum Street runs parallel to Berlin G. Myers Parkway, another major thoroughfare which by-passes Main Street and connects Highway 17A with Trolley Road. North Gum Street is home to several commercial uses including office space, retail and service industries. Subject property available is 0.99-1 acre. TMS Lot 008 is 39,928 SF and TMS Lot 009 is 3,800 SF, bringing total to 43,128 SF (0.99 acre). Buyer to verify. This lot has 2 propane tanks owned by Amerigas which leases the land for $2,000/month. Additional tanks on property are inactive and may have scrap value, buyer to determine. All tanks could be removed by purchaser, provided lease is no longer in place. No underground storage tanks exist on site.

Heavy Industrial zoning on this parcel provides for a variety of use opportunities. Lot could also be used for yard space which is not easy to find in Downtown Summerville. Additional income of $150/month, brings gross annual income to $25,800, less approx $2400 in taxes, is NOI of $23,400.

There is a 1500 sq ft office/warehouse that needs total rehab or to be razed. Additional improvements noted on Additional Info doc (pdf).

This property is under SCDHEC's SUPERB fund for environmental remediation at no cost to purchaser. Property can be developed with engineering controls in place. Additional information is available in a pdf.

Property is fenced and gate must remain locked due to government regulations for storage tanks. Formerly Fuel Express and a 76 gas station.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Dorchester
Submarket/Township: 63 - Summerville/Ridgeville Area
Taxing Authority: Town of Summerville
Tax ID/APN: 137-07-19-008; 137-07-19-009
Zoning: I - Industrial District
Property Located Between: Main St and Berlin G Myers Pkwy
Property Visibility: Excellent
Legal Description: 137-07-19-008; 137-07-19-009
Largest Nearby Street: Berlin G. Myers Parkway
Feet of Frontage: 208
Highway Access: Interstate 26 accessible via Berlin G Myers Pkwy.
Site Description: 207.50 feet of frontage on N. Gum Street and an average depth of approx 212-feet. All public utilities to include water and sewer are available at the property line. Under environmental remediation.
Area Description: North Gum St is home to commercial uses including medical office space, retail service industries, and located a block from CCR (Coastal Coffee Roasters) and Oak Road Brewery on East 3rd North St. This is the next high growth area of downtown Summerville.
Lot Frontage: 207.5
Lot Depth: 212
Zoning Description: Heavy Industrial

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,433 47,434 121,655
Median Age: 39.87 37.03 34.65
Households: 1,758 17,983 44,879

Contact

Photograph of Listing Agent

Sherri E Seymour

The Boulevard Company, LLC SCCMLS Member
843-619-7816 [Office] 843-303-3495 [Mobile] Contact me about this Listing
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