I'On Commercial Square

Retail-Commercial for Sale
Catylist Listing ID: 30643592
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail, Vehicle Related
Condo? Yes
Building Size (RSF): 1,200 SF
Gross Building Area: See Agent
Sale Price: $510,000
Property Use Type: Net Leased Investment (NNN), Investment
Usable Size (USF): 1,063 SF
Sale Terms: Cash to Seller
Cap Rate: 5.18%
Last Updated: 8/24/2020

Overview / Comments

The most prominent window-line retail space with store front on the Commercial Square in I'ON. Very fresh and clean suite with very high visibility.
Makes for a nice smaller investment property acquisition with only having to manage one tenant and being the most dramatic retail space on the Square.

Master Deed regime space calculation is 1,063.45 square feet, The suite is leased as 1,200 rentable square feet.

The space is currently leased to one tenant with a lease term expiring January 7, 2022. The 2020 annual rent is $25,647. The 2021 annual rent is $26,416. There is a Landlord rental credit for TI allowance equal to $100. per month expiring at end of the initial lease term. Rent is triple net and tenant is responsible for Tenant has a 3 year renewal option by giving Landlord 90 days prior written notice of its intent to renew its lease. The lease has 3% annual escalations during its renewal period.

New roof was installed on the building during Q2 2020.
Property is part of the I'ON Commercial Square Association, Inc.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 42 - Mt.Pleasant South of IOP Connector
Tax ID/APN: 535-06-00-866
Is Condo?: Yes
Retail Clientele: General, Family, Business, Traveler, Recreation
Property Visibility: Excellent
Tenancy: Single Tenant
Total Number of Buildings: 1
Property Condition: Excellent
Year Built: 2003
Part of Planned Development?: Yes

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,494 46,178 104,397
Median Age: 41.76 40.4 36.98
Households: 5,014 20,409 43,835


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