1.87-Acre Development Opportunity on Savannah Hwy at Carolina Bay

Vacant Land for Sale
Catylist Listing ID: 30512300
Property Subtypes: Office, Retail, Retail-Pad, Other
Gross Land Area: 1.87 Acres
Sale Price: $1,178,750
Unit Price: $630,347 Per Acre
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/16/2020

Overview / Comments

This property is a 1.87-acre portion of the "saddle" at the entrance to Carolina Bay at the intersection of US Highway 17 (Savannah Highway) and Carolina Bay Drive. The intersection is a 4-way lighted intersection. This property boasts excellent visibility and exposure in a very high traffic area (approximately 45,100 VPD).

The USACE has issued an Approved Jurisdictional Determination for wetlands on the property and there are no wetlands on the property. The USACE JD letter is attached. Sewer is located along Savannah Hwy and water is located along Carolina Bay Drive. Aerials indicating the location of water and sewer are attached. The Charleston County Future Land Use for this property is "Urban/Suburban Mixed-Use*." Therefore. this property has the potential to be a great development site for Retail-Mixed Use.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 11 - W.Ashley inside I-526 to Ashley River
Taxing Authority: Charleston County
Tax ID/APN: 307-10-00-074
Zoning: R-4 - Single Family Residential 4 District
Property Visibility: Excellent
Largest Nearby Street: US-Hwy. 17 (Savannah Highway)
Feet of Frontage: 130
Traffic/Vehicle Count: 33,200
Site Description: This 1.87 acre parcel is is currently undeveloped and wooded. Marginal Road and Carolina Bay Drive encompass the property providing two potential ingress/egress options for a developer. Located at a 4-way lighted intersection. Charleston County Future Land Use is Urban/Suburban Mixed-Use.
Area Description: This area of West Ashley is undergoing rapid growth with apartments, single family residential homes, and retail. Existing residential developments in the area include Boltons Landing, Grand Oaks, Bees Ferry Apartments, Avenues at Verdier Pointe, The Pointe at Rhodes Crossing, Carolina Bay, and Hunt Club. In addition, Long Savannah Development is planned for the area and consists of approximately 4,000 additional homes. The site is located in close proximity to the West Ashley Town Center which includes Wal-Mart and the Publix Shopping Center at the corner of Main Road and US Hwy 17 (Savannah Highway).
Lot Frontage: 130
Lot Depth: 580
Zoning Description: Current Chas. Co. Zoning is R4- SF Residential **Chas. Co. Future Land Use for the property is - Urban/Suburban Mixed-Use
Available Utilities: Water, Sewer
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,129 27,620 83,382
Median Age: 32.81 36.96 36.86
Households: 1,877 12,790 35,277
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