BB&T - 1035 Folly Road, Charleston, SC

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30651327
Property Subtypes: Free-Standing Building
Status: Pending/Contingent
Building Size (RSF): 3,944 SF
Gross Building Area: See Agent
Gross Land Area: 1.30 Acres
Sale Price: $2,300,000
Unit Price: $583.16 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: BB&T
Sale Terms: Cash to Seller
Cap Rate: 5.34%
Average Occupancy Rate: 100
Last Updated: 10/19/2020

Overview / Comments

This is a ground lease and BB&T constructed the building. Current year rent is $122,892.63. There are Four (4) Five (5) year renewal options. There are 2% annual escalations for each year of the current (initial) lease term and for each year of the option terms as well.

- Four (4) Five (5) year renewal options
- 2% annual increases throughout initial term and option periods
- Average NOI over balance of initial term is $129,263
- 1.3 AC site with an apprx 3944 SF freestanding all brick bank branch built by BB&T on an excellent high traffic Folly Road location

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 21 - James Island
Tax ID/APN: 337-04-00-113
Property Visibility: Excellent
Tenancy: Single Tenant
Year Built: 2008

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,899 30,102 93,742
Median Age: 34.57 38.68 36.09
Households: 2,646 13,202 40,219
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