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Shopping Strip

McMillan Multitenant Retail | Value Add | Charleston SC

2000 McMillan Ave, North Charleston, SC 29405

Listing Price: $2,800,000

Cap Rate
7.59%
Gross SF
24,200
Rentable SF
24,200
Price/Gross SF
$115.70
Lot Size
3.16 acres
Year Built
1988

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in 2000 McMillan Ave, a 24,200 square-foot unanchored retail plaza located in North Charleston, South Carolina. The property rests on approximately 3.16 acres of land just off of Rivers Avenue, one of North Charleston's major commercial thoroughfares minutes from Interstate-26 and Downtown Charleston. Directly across the street is the Former Charleston Naval Hospital that is currently being redeveloped into a 300+ unit multifamily complex. Immediately to the east of the property is the entrance to Pine Crest Apartments, a 464-unit complex consisting of 139 total buildings that wrap around the back of the property. The property is also just 1 mile from the Port of Charleston, home to the Charleston Naval Shipyard, several large exporters, and a slew of new developments and redevelopments. The subject property is at the epicenter of a high gentrification area of North Charleston which includes Park Circle and upper midscale apartment developments including Marshside Village and Barony Place. The center is approximately 88% occupied by a diverse tenant mix of loan agencies, local restaurants, nail and hair salons, and national fast food restaurant Subway. The majority of tenants reimburse monthly for CAM and multiple tenants are on month-to-month leases. The remaining leases have varying term remaining ranging 2-5 years. A new owner can immediately add value to the subject property by leasing the vacant space, re-painting the building, raising rents to market and converting the short-term gross leases to long-term NNN.

Investment Highlights

  • Unanchored Retail Strip in Charleston, SC MSA | High Growth North Charleston Submarket | High Gentrification in Immediate Surrounding Area
  • Prime Redevelopment Opportunity with Multiple Value Add Components Through Filling Vacancy, CAPEX, Converting Gross Leases to NNN, and Raising Rents to Market
  • Strong In-Place Cash Flow for New Owner | Majority of Tenants Reimburse for CAM
  • Located Just Off Of Rivers Ave on McMillan Ave | Combined Traffic Count of Nearly 30,000 Vehicles Per Day
  • Eclectic Tenant Mix That Includes Subway, American Cash Express, First Cash, Local Restaurant & Nail Salons
  • Minutes from Interestate-26, Downtown Charleston, and the Port of Charleston

Exclusively Listed By

Shopping Strip

McMillan Multitenant Retail | Value Add | Charleston SC

Listing Price: $2,800,000

Cap Rate
7.59%
Gross SF
24,200
Rentable SF
24,200
Price/Gross SF
$115.70
Lot Size
3.16 acres
Year Built
1988

Investment Highlights

  • Unanchored Retail Strip in Charleston, SC MSA | High Growth North Charleston Submarket | High Gentrification in Immediate Surrounding Area
  • Prime Redevelopment Opportunity with Multiple Value Add Components Through Filling Vacancy, CAPEX, Converting Gross Leases to NNN, and Raising Rents to Market
  • Strong In-Place Cash Flow for New Owner | Majority of Tenants Reimburse for CAM
  • Located Just Off Of Rivers Ave on McMillan Ave | Combined Traffic Count of Nearly 30,000 Vehicles Per Day
  • Eclectic Tenant Mix That Includes Subway, American Cash Express, First Cash, Local Restaurant & Nail Salons
  • Minutes from Interestate-26, Downtown Charleston, and the Port of Charleston

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in 2000 McMillan Ave, a 24,200 square-foot unanchored retail plaza located in North Charleston, South Carolina. The property rests on approximately 3.16 acres of land just off of Rivers Avenue, one of North Charleston's major commercial thoroughfares minutes from Interstate-26 and Downtown Charleston. Directly across the street is the Former Charleston Naval Hospital that is currently being redeveloped into a 300+ unit multifamily complex. Immediately to the east of the property is the entrance to Pine Crest Apartments, a 464-unit complex consisting of 139 total buildings that wrap around the back of the property. The property is also just 1 mile from the Port of Charleston, home to the Charleston Naval Shipyard, several large exporters, and a slew of new developments and redevelopments. The subject property is at the epicenter of a high gentrification area of North Charleston which includes Park Circle and upper midscale apartment developments including Marshside Village and Barony Place. The center is approximately 88% occupied by a diverse tenant mix of loan agencies, local restaurants, nail and hair salons, and national fast food restaurant Subway. The majority of tenants reimburse monthly for CAM and multiple tenants are on month-to-month leases. The remaining leases have varying term remaining ranging 2-5 years. A new owner can immediately add value to the subject property by leasing the vacant space, re-painting the building, raising rents to market and converting the short-term gross leases to long-term NNN.

Exclusively Listed By

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