6.68-Acre Development Opportunity on Savannah Highway at Carolina Bay

Vacant Land for Sale
Catylist Listing ID: 30512339
Property Subtypes: Multi-Family, Office, Retail, Retail-Pad, Other
Gross Land Area: 6.68 Acres
Sale Price: $3,450,000
Unit Price: $516,467 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/15/2021

Overview / Comments

This offering is for the 6.68-acre southern portion of the "saddle" at the entrance into the Carolina Bay subdivision. The property is located at the intersection of US Highway 17 (Savannah Hwy) and Carolina Bay Drive. This intersection is a four -way lighted intersection. The traffic count on US Hwy 17 is approximately 45,100 vehicles per day.

The Charleston County Future Land Use for the parcel is Urban/Suburban Mixed-Use. Sewer is located along Savannah Hwy and water is located along Carolina Bay Drive (see the attached maps). The USACE Approved Jurisdictional Determination has been issued. There is an approximately 0.95 acres of non-jurisdictional isolated wetlands on the property (see attached)

This property has excellent potential for a Retail-Mixed Use development.

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: 307-05-00-015
Zoning: R-4 - Single Family Residential 4 District
Property Visibility: Excellent
Largest Nearby Street: US-Hwy. 17 (Savannah Highway)
Feet of Frontage: 735
Traffic/Vehicle Count: 33,200
Site Description: The unique 6.68 +/- acre "out-parcel" to Carolina Bay is currently undeveloped and wooded. Located at a high-traffic lighted intersection. Stand-alone site shaped like a saddle with Marginal Road and Carolina Bay Drive providing ingress/egress options for a developer.
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). Just minutes from Main Road which leads to Johns Island.
Lot Frontage: 735
Lot Depth: 585
Zoning Description: Chas. Co. Current Zoning - R4 Residential **Chas. Co Future Land Use - 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 26,340 82,707
Median Age: 32.81 37.13 36.82
Households: 1,877 12,132 34,998
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