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Mixed-Use

Lake Carolina Building | Value-Add Office & Retail Center

300 Long Pointe Ln, Columbia, SC 29229

Listing Price: $1,850,000

Cap Rate
8.62%
Number of Suites
24
Gross SF
17,559
Rentable SF
14,676
Price/Gross SF
$105.36
Lot Size
0.77 acres
Year Built
2002

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in the Lake Carolina Building, an office and retail center located in Columbia, South Carolina. Resting on approximately 0.77 acres, the office & retail center totals 17,559 square-feet with a gross leasable area of roughly 14,676 square-feet. Consisting of 23 suites, the subject property is roughly 91% occupied with a diverse tenant mix of office and retail users including a medical tenant, convenience store, cigar lounge, restaurant, and many others. As most tenants are on short term & month-to-month leases with below market rents, the subject property offers substantial value-add opportunity by raising rents to market & extending terms. Primely located in the Lake Carolina Town Center, the subject property was the first commercial building in Town Center. Lake Carolina Building is at the center of the neighborhood’s recreational events such as the Town Center Block Party, the weekly Farmers Markets and the Harborside Lights holiday celebration.

The Columbia metro contains the state capital and the University of South Carolina. As a result, the market has a growing and diverse economic base with a strong foundation in government, education and insurance. The city of Columbia itself is the second-most populous city in South Carolina, with 131,900 people. Overall, the metro’s 851,000 residents are spread among six counties in the central portion of the state: Richland, Calhoun, Lexington, Fairfield, Kershaw and Saluda.

Investment Highlights

  • Value-Add Multitenant Office & Retail Center Located in Columbia, SC | Mix of Short Term & Month-to-Month Leases | Majority of Tenants Paying Below Market Rents
  • Significant Value-Add Opportunity by Extending Terms & Converting Gross Leases to NNN | High Tenant Count with 23 Total Suites & Approx. 91% Occupied | Roughly 50% of Tenants are M-T-M
  • Eclectic Tenant Mix Including a Medical Tenant, Convenience Store, Restaurant, Cigar Lounge, & Others | Over $100,000+ in CapEx within Past 2 Years | Refinished Parking Lot, 3 New HVAC Units, & More
  • Ideally Located in the Town Center of Lake Carolina | Directly Across a 260+ Unit Apartment Complex | Multiple National Retailers & Apartment Complexes in Immediate Surrounding Area
  • Close Proximity to the Former Richland Mall | Future $100 Million Mixed-Use Development | Scout Motors, Inc. Investing $2 Billion Into Columbia MSA Manufacturing Plant | Creating 4,000+ Jobs

Exclusively Listed By

Financing By

Mixed-Use

Lake Carolina Building | Value-Add Office & Retail Center

Listing Price: $1,850,000

Cap Rate
8.62%
Number of Suites
24
Gross SF
17,559
Rentable SF
14,676
Price/Gross SF
$105.36
Lot Size
0.77 acres
Year Built
2002

Investment Highlights

  • Value-Add Multitenant Office & Retail Center Located in Columbia, SC | Mix of Short Term & Month-to-Month Leases | Majority of Tenants Paying Below Market Rents
  • Significant Value-Add Opportunity by Extending Terms & Converting Gross Leases to NNN | High Tenant Count with 23 Total Suites & Approx. 91% Occupied | Roughly 50% of Tenants are M-T-M
  • Eclectic Tenant Mix Including a Medical Tenant, Convenience Store, Restaurant, Cigar Lounge, & Others | Over $100,000+ in CapEx within Past 2 Years | Refinished Parking Lot, 3 New HVAC Units, & More
  • Ideally Located in the Town Center of Lake Carolina | Directly Across a 260+ Unit Apartment Complex | Multiple National Retailers & Apartment Complexes in Immediate Surrounding Area
  • Close Proximity to the Former Richland Mall | Future $100 Million Mixed-Use Development | Scout Motors, Inc. Investing $2 Billion Into Columbia MSA Manufacturing Plant | Creating 4,000+ Jobs

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in the Lake Carolina Building, an office and retail center located in Columbia, South Carolina. Resting on approximately 0.77 acres, the office & retail center totals 17,559 square-feet with a gross leasable area of roughly 14,676 square-feet. Consisting of 23 suites, the subject property is roughly 91% occupied with a diverse tenant mix of office and retail users including a medical tenant, convenience store, cigar lounge, restaurant, and many others. As most tenants are on short term & month-to-month leases with below market rents, the subject property offers substantial value-add opportunity by raising rents to market & extending terms. Primely located in the Lake Carolina Town Center, the subject property was the first commercial building in Town Center. Lake Carolina Building is at the center of the neighborhood’s recreational events such as the Town Center Block Party, the weekly Farmers Markets and the Harborside Lights holiday celebration. The Columbia metro contains the state capital and the University of South Carolina. As a result, the market has a growing and diverse economic base with a strong foundation in government, education and insurance. The city of Columbia itself is the second-most populous city in South Carolina, with 131,900 people. Overall, the metro’s 851,000 residents are spread among six counties in the central portion of the state: Richland, Calhoun, Lexington, Fairfield, Kershaw and Saluda.

Exclusively Listed By

Financing By

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