Walgreens + AirBnB Investment Property

Office for Sale
Sale Pending
Catylist Listing ID: 30730038
Property Subtypes: Medical, Mixed Use, Office Building
Status: Pending
Building Size (RSF): 4,500 SF
Gross Building Area: See Agent
Sale Price: $2,065,041
Unit Price: $458.90 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.4%
Last Updated: 10/6/2021

Overview / Comments

200 Rutlege Avenue combines the stability of an investment-grade tenant with proven upside income derived from short term rental units. The property is operating at a NOI of $126,000 after short term rental management fees.

The first floor is leased to Walgreens for a Specialty Compounding Pharmacy. Walgreens is 2.5 years into a 10-year corporate lease.

The second floor contains two, 2-bed/2-bath, residential units renovated for Short Term Rentals in 2019. The short term rentals are managed by Stay Duvet and the first guests were welcomed in early November 2019. The seller now has 18 months of operating history and a demonstrated increase in room rates and occupancy.

The building has rights to nine (9) parking spaces within a shared lot and is located within the City of Charleston Accommodations Overlay District allowing for the operation of AirBnB and VRBO units. The local neighborhood—Elliottborough /Cannonborough—is one of Charleston’s most dynamic districts and is a top AirBnB reservation location.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 4601502072
Year Built: 1978
Year Renovated: 2019
Parking Type: Surface
Parking Description: 9 parking spaces within a shared parking lot.
Total Parking Spaces: 9

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,309 59,289 137,473
Median Age: 27.14 34.56 36.34
Households: 9,093 25,119 57,435
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