Downtown Restaurant Condo For Sale

Retail-Commercial for Sale
Catylist Listing ID: 30278290
Property Subtypes: Street Retail, Other
Building Size (RSF): 1,012 SF
Gross Building Area: See Agent
Sale Price: $1,195,000
Unit Price: $1,180 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: 3.8%
Last Updated: 4/24/2019

Overview / Comments

NNN leased retail/restaurant condo for sale, currently occupied by The Gin Joint. Lease expires June 30, 2020 with Tenant having (2) renewal options remaining of 5-years each, which shall be at a mutually agreed upon renewal rate at each option period, both with 3% annual increases in rent.

Attachments & Media

Current Tenants

Tenant Business Name The Gin Joint
Website URL
Is Renting? Yes
Current Rent $4,305 PSF (Annual)
Lease Expiration 6/2020
Escalations Effective July 1, 2018, annual base rent is $51,655. Base rent increases 3% annually each July 1, during current term.
Options (2) options of 5-years each. Each option period base rent shall be at a mutually agreed upon rate, with annual rent increasing by 3% annually.
Tenant Notes Lease is modified NNN, where Tenant pays all taxes, pro-rata regime insurance, 100% B&I insurance, pro-rata regime water/sewer, & 100% of interior maintenance.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 458-09-02-209
Year Built: 1890

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,363 59,985 125,494
Median Age: 30.58 34.49 36.85
Households: 6,163 24,973 53,357
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