Prime Location! Perfect for 1031. On major roadway - tenant in place.

Office for Sale
Catylist Listing ID: 29970864
Property Subtypes: Business Park, Executive Suites, Flex Space, Net Leased, Office Building
Building Size (RSF): 16,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.93 Acres
Sale Price: $3,120,000
Unit Price: $195 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Business
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Last Updated: 9/18/2018

Overview / Comments

16,000 square foot building that is in great condition and in a booming area. Perfect for 1031 exchange. Great current rental income with tenant in place and lots of future higher income potential. Don't miss this trifecta opportunity for a great building, great income, and in a high demand area.

As a giant financial bonus this building is headache free as the current tenant maintains all upkeep and repairs!

Current Tenant: One tenant currently in place (Charleston Executive Offices) with a master lease that operates the entire premises. Current lessee's company individually offers different size offices, suites, conference rooms, and other like amenities to individual occupants that range in a multitude of professional industries from law firms to accountant offices. About 7 years left on the master triple net lease (ends March 2025). Master tenant pays for insurance, taxes, maintenance, and repairs.

55 total offices. Reception area, meeting room, conference rooms, mail room, eight restrooms, copy area. 58 total paved parking spaces.

Current net income per year is $156,000 from master lease. This property has a much higher future income potential.

Great area and lots of prime road frontage on a very busy Rivers Ave.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 32 - N.Chas./Summerville outside I-526
Tax ID/APN: 475-08-00-007
Property Visibility: Excellent
Highway Access: On Rivers avenue. Close to I-26.
Airports: 5.5 miles from CHS
Site Description: Great visibility from a very busy Rivers Ave. Lots of parking.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 2002
Construction/Siding: Stucco
Exterior Description: Metal Roof, Stucco, great condition.
Parking Type: Surface
Parking Description: 58 paved parking spaces
Total Parking Spaces: 58
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: T1/T3
Interior Description: Great multi-office workspace building. Very nice and up scale interior.
Zoning Description: B-2 General Business
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: none specifically known other than normal power/water/etc but you should confirm with county and other agencies
Legal Description: ALL that certain piece, parcel or lot of land, situate, lying and being on the east side of Rivers Avenue U.S. Hwy 52 & 78 200” R/W, City of North Charleston, South Carolina known as Lot 1, containing 32,094 sq. ft., 0.7555 acres, more or less, as shown on that certain plat dated December 5, 1996, entitled “A RESUBDIVISION PLAT OF A 0.276 ACRE TRACT, A 0.514 ACRED TRACT AND A 0.613 ACRE TRACT, INTO LOTS 1 AND 2 RIVERS AVENUE OWNED BY WILLIAM J. ISELIN LOCATED IN THE CITY OF NORTH CHARLESTON, CHARLESTON COUNTY, SOUTH CAROLINA, prepared by Southeastern Surveying, Inc., and recorded in the RMC Office for Charleston County in Plat Book EB at Page 510. Said loy having such size, shape, buttings and boundings as will by reference to said plat more fully and at large appear. This being the same property conveyed to Eagle Properties, LLC by deed of William J. Iselin dated June 14, 2000 and recorded in Book N-349 at Page 016 in the RMC Office for Charleston County, South Carolina. AND ALL that certain piece, parcel or tract of land, lying and being in Charleston County, South Carolina, known as Part of Tract A-2, containing 0.172 acres, more or less, as shown on that certain revised plat dated May 29, 2001, entitled “PLAT SHOWING A RESUBDIVISION AND CONVEYANCE OF 0.172 ACRES TO LOT 1, FROM TRACT A-2, PROPERTY OF KENNETH F. AND GWENDOLYWN EDMONDS, LOT 1 BEING PROPERTY OF EAGLE PROPERTIES, LOCATED IN THE CITY OF NORTH CHARLESTON, CHARLESTON COUNTY, SOUTH CAROLINA”, prepared by Trico Engineering Consultants, Inc., and recorded in the RMC Office for Charleston County in Plat Book DC at Page 789 with the following metes and bounds. Said tract having such size, shape, buttings and boundings as will by reference to said plat more fully and at large appear.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,395 57,435 129,504
Median Age: 31.27 32.55 32.75
Households: 3,147 22,875 49,699

Contact

Photograph of Listing Agent

Scotty S Sheriff

Brand Name Real Estate SCCMLS Member
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