Rivers Flex Sale - Partial Owner Occupant

Industrial for Sale
Catylist Listing ID: 30611351
Property Subtypes: Flex Space, Free-Standing, Industrial-Business Park, Light Industrial, Net Leased, Warehouse/Distribution
Building Size (RSF): 18,492 SF
Gross Building Area: See Agent
Sale Price: $2,850,000
Unit Price: $154.12 PSF
Ceiling: 16 ft. Clear
Property Use Type: Net Leased Investment (NNN), Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/6/2020

Overview / Comments

4221 Rivers Avenue is an 18,492 SF 100% leased, mixed-use asset located near North Charleston’s thriving Park Circle sub-market. The property consists of four suites, two of which are creative office suites, leased to an IT Company and a national defense contractor and two warehouse/flex suites. Tenant occupying 7,611 Square Feet wants to vacate early and could provide opportunity for owner-user.

The property was completely renovated in 2018 and included over $400,000 in base building renovations in 2018. Work included roof, painting, parking lot, HVAC, electrical and demising work. An additional $300,000 was spent in 2018 on new tenant improvements, converting two of the four flex units into creative office suites and refurbishing the two existing warehouse/flex suites.

4221 Rivers Avenue Offers Investors on Opportunity to acquire a stabilized property in the heart of North Charleston’s faster growing sub-market, Park Circle, well below replacement cost. Additionally, 4221 Rivers provides Investors a value-add opportunity as all in-place rents are under market. Further, value-add opportunity could exist by renovating one or both of the warehouse/flex suites into office space. Utilizing
the loading areas would increase parking to more than 3.0/1,000.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 31 - N.Charleston Area inside I-526
Tax ID/APN: 470-11-00-047
Zoning: B-2 (NORTH CHARLESTON)
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Excellent
Year Built: 1980
Year Renovated: 2018
Eave Height: 16
Sprinklers: None

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,296 50,070 125,344
Median Age: 33.55 33.93 34.75
Households: 4,489 18,863 50,858

Contact

Photograph of Listing Agent

Brendan B Redeyoff

CBRE, Inc SCCMLS Member
Photograph of Listing Agent

Chip B Shealy, Jr

CBRE, Inc SCCMLS Member
Photograph of Listing Agent

Bob Barrineau

CBRE, Inc SCCMLS Member
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