CALL FOR OFFERS - DUE 8/22/2022 - UPPER KING STREET PORTFOLIO SALE

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30810817
Property Subtypes: Restaurant
Status: Pending/Contingent
Building Size (RSF): 13,578 SF
Gross Building Area: See Agent
Sale Price: $12,499,580
Unit Price: $920.58 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Last Updated: 9/27/2022

Overview / Comments

585 King Street is also included in this listing. CALL FOR OFFERS. OFFERS DUE AUGUST 22, 2022 by 5pm.

PLEASE DO NOT SPEAK TO OR APPROACH TENANTS

For complete property/financial/lease information, please see the Confidentiality & Buyer Registration Agreement– only valid with buyer's signature.

The two properties will only be sold together as a package.
585 King Street TMS#: 460-08-04-065
587 King Street TMS#: 460-08-04-057

585 King originally built circa 1915 and 587 King originally built circa 1910–-both buildings completely gutted and reconstructed in 2017/18.

Two single tenant NNN leased restaurant properties in Charleston's hottest dining and entertainment corridor. 585 King Street is approximately 4,235 rentable square feet (including rooftop outdoor space). 587 King Street is approximately 9,343 rentable square feet (including rooftop outdoor space). 6 years remain on 585 King Street lease, 10 years remain on the 587 King Street lease. Both leases have 3% annual increases, as well as two 5-year renewal options that bump to the greater of market rent or current rent plus a 3% increase. Renewal term rent increases by 3% annually.

These two buildings are two of only FOUR restaurant spaces with rooftop area, and two of only 12 in the downtown historic area.

This information has been secured from sources Colony Commercial, LLC believes to be reliable, but Colony Commercial, LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lease terms, or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. A principal in Colony Commercial, LLC holds an ownership interest in 585 and 587 King Street.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 460-08-04-057
Tenancy: Single Tenant
Property Condition: Good
Year Built: 1910
Year Renovated: 2018

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,487 57,192 138,768
Median Age: 28.98 34.17 36.41
Households: 9,761 24,188 58,092

Contact

Photograph of Listing Agent

Timothy J Weldon

Colony Commercial LLC SCCMLS Member
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