Redevelopment Opportunity on Morrison Drive

Retail-Commercial for Sale
Catylist Listing ID: 30716651
Property Subtypes: Mixed Use, Other
Building Size (RSF): 12,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.59 Acres
Sale Price: $4,500,000
Unit Price: $375 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: Coleman Supply Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/12/2021

Overview / Comments

This property consists of one of three adjoining parcels that are available for the first time in decades in a rare opportunity to acquire ±1.398 acres of high ground on the peninsula in an Opportunity Zone. These properties include:

989 Morrison: ± .590 acres $4.5 million (this listing)
975 Morrison Parcel A: ±.566 acres $2.8 million (MLS ID No. 30728177)
975 Morrison Parcel B: ± .242 acres $1.4 million (MLS ID No. 30728175)

TOTAL ± 1.398 acres $8.7 million
PRICE PER ACRE $6.2 million

These properties are located at the gateway of the North Morrison district which is in the midst of significant redevelopment and transformation. There is over 450,000sf of commercial office and street retail space currently under construction including Morrison Yard, The Quinn, The Morris, the Charleston Tech Center, and The Refinery.

The revitalization of this area began in the late 2000s with the development of the Cool Blow project, a mixed use development comprised of loft style apartments and office/retail space. Shortly thereafter, the Half Mile North was redeveloped from old warehouses into a technology hub and includes Edmunds Oast Restaurant and Brew Pub, SIB, Blue Acorn, and Butcher and Bee café/deli.

Subsequent developments in the area include 930 North Morrison (930 NoMo) which is a 430-bed multi-story apartment community targeted as student housing, redevelopment of 960 Morrison which is an approximate 23,000 sf office building, redevelopment of the Cigar Factory which consists of 150,000 sf of office space and 50,000 sf of retail space, The Merchant and The Foundry which are both mixed-use retail/apartment complexes adding 350+ apartments in the area. In addition to Edmunds Oast and Butcher & Bee, the area has also seen a resurgence in eclectic restaurants, bars and microbreweries including Taco Boy, Baker and Brewer, Revelry Brewing Company, The American, Home Team BBQ, John Lewis’ BBQ, Tattooed Moose, Santi’s and Rutledge Cab Co.

This property is zoned UP (Upper Peninsula) in the City of Charleston. It is a +/-0.59 acre parcel currently developed with an approximate 12,000sf warehouse. The warehouse is approximately 24 feet clear on the interior with a loading dock and a drive in door. This property is ideal for redevelopment.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 52 - Peninsula Chas. outside of crosstown
Taxing Authority: City of Charleston - County of Charleston
Tax ID/APN: 459-01-01-001
Zoning: OTHER
Retail Clientele: General
Property Visibility: Excellent
Traffic/Vehicle Count: 17,400
Highway Access: Located less than 1 mile from the I-26 East exit ramp and the I-26 West on ramp at the Mt. Pleasant Street Interchange. Mt. Pleasant Street turns into Morrison Drive heading East. The property is also located within 500 feet of the Ravenel Bridge exit ramp onto Morrison Drive.
Airports: CHS - Charleston International
Site Description: The +/-0.59-acre site is developed with a 12,000sf warehouse currently used as a ship chandler's/distribution facility. The property is zoned UP-Upper Peninsula Zoning District in the City of Charleston. The site is ideal for redevelopment providing for a signature building entering the NoMo District from Downtown or Mt. Pleasant as it is in close proximity to the Morison Drive exit ramp from the Ravenel Bridge. The property is located within the North Eastside subdivision and the East Central Neighborhood Council district.
Area Description: This area is rapidly undergoing transformation and revitalization targeting technology companies, restaurants, multifamily, and student housing. Recently completed projects include the The Foundry, The Merchant, The Lumberyard, Half-Mile North, Pacific Box and Crate, The Cigar Factory, 930 NoMo, East Central Lofts, and the renovated 960 Morrison Drive office building. The Charleston Tech Center building is soon to open and serve as a range of space from incubating start-ups to intermediate and growth stage technology companies. This is an amenity rich area, in particular with restaurants/bars which include Taco Boy, Baker and Brewer, Revelry Brewing, Goat Sheep Cow, John Lewis' BBQ, Hometeam BBQ, Edmunds Oast, Tattooed Moose, Santi's, The Royal American, Rutledge Cab Company, Butcher and Bee, and Fatty Beer Works.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 12,000 SF
Property Condition: Fair
Year Built: 1983
Construction/Siding: Block
Exterior Description: Concrete Block
Total Parking Spaces: 12
Parking Type: Surface
Parking Description: asphalt
Sprinklers: None
Interior Description: Approximately 11,000sf of warehouse with approximately 1,000sf of office. The centerline clearance of the interior of the warehouse is approximately 24 feet. There is one truck dock and one drive-in ramp to access the warehouse.
Zoning Description: UP - Upper Peninsula in the City of Charleston. Based on the City of Charleston's zoning description, the "UP District is intended to accommodate a mixture of dense residential and commercial and uses and taller buildings in the upper portion of the peninsula through use of incentives ...."
Lot Frontage: 120
Lot Depth: 210
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,494 58,973 139,862
Median Age: 34.67 33.66 36.15
Households: 5,007 24,732 58,404
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