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Warehouse

NNN Charleston Industrial

3359 Meeting Street Rd, North Charleston, SC 29405

Listing Price: $3,600,000

Cap Rate
5.82%
Gross SF
25,080
Price/Gross SF
$143.54
Lot Size
0.98 acres
Year Built
1970
Rentable SF
25,080

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in 3359 & 3353 Meeting Street Road, a multitenant industrial building and adjacent lot located in North Charleston, South Carolina. The subject property consists of 25,080 square-feet of primarily industrial space currently 87% occupied by a diverse tenant mix including South Carolina Aquarium, Charleston Wine Vault, Curated Wine, and Insight Group, an engineering consulting ?rm. Landlord obligations are minimal as all tenants are on NNN leases. There is also approximately 3,165 square-feet of vacant warehouse space, allowing value add for a new owner by leasing the space. The offering also includes the adjacent lot that has a 1,230 square-foot house used an of?ce. The roof and HVAC were recently replaced on the house and the two contiguous parcels total approximately 1 acre. Located along the Atlantic seaboard, the Charleston metro encompasses Charleston, Berkeley and Dorchester counties in southeastern South Carolina. A favorable business climate is helping draw companies and workers to the region. Vehicle manufacturing in particular is growing with recent expansions at Mercedes-Benz and Volvo. Walmart also recently announced plans to develop a 3 million square-foot distribution center in Ridgeville. The metro population has grown by roughly 243,000 people since 2000 and the market is forecast to receive another 75,000 people through 2024. Charleston is the largest city in the metro with 142,000 residents, followed by North Charleston with 109,800.

Investment Highlights

  • Multitenant Industrial Building in North Charleston Submarket | 87% Occupied by 4 Tenants All on NNN Leases
  • South Carolina Aquarium Just Signed Brand New 5-Year Term | All Tenants Have 3%Annual Escalations | Staggered Lease Term Rollover
  • Value Add by Leasing Up Vacant Warehouse Unit | Property Located in an Opportunity Zone
  • Property Features New Roo?ng, Exterior Paint, Parking, and Site Lighting | One Common Loading Dock and Eight Roll-Up Doors
  • Primely Located in Charleston MSA | Extremely High-Growth Industrial Market |Proximity to Recently-Expanded Port of Charleston

Exclusively Listed By

Warehouse

NNN Charleston Industrial

Listing Price: $3,600,000

Cap Rate
5.82%
Gross SF
25,080
Price/Gross SF
$143.54
Lot Size
0.98 acres
Year Built
1970
Rentable SF
25,080

Investment Highlights

  • Multitenant Industrial Building in North Charleston Submarket | 87% Occupied by 4 Tenants All on NNN Leases
  • South Carolina Aquarium Just Signed Brand New 5-Year Term | All Tenants Have 3%Annual Escalations | Staggered Lease Term Rollover
  • Value Add by Leasing Up Vacant Warehouse Unit | Property Located in an Opportunity Zone
  • Property Features New Roo?ng, Exterior Paint, Parking, and Site Lighting | One Common Loading Dock and Eight Roll-Up Doors
  • Primely Located in Charleston MSA | Extremely High-Growth Industrial Market |Proximity to Recently-Expanded Port of Charleston

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in 3359 & 3353 Meeting Street Road, a multitenant industrial building and adjacent lot located in North Charleston, South Carolina. The subject property consists of 25,080 square-feet of primarily industrial space currently 87% occupied by a diverse tenant mix including South Carolina Aquarium, Charleston Wine Vault, Curated Wine, and Insight Group, an engineering consulting ?rm. Landlord obligations are minimal as all tenants are on NNN leases. There is also approximately 3,165 square-feet of vacant warehouse space, allowing value add for a new owner by leasing the space. The offering also includes the adjacent lot that has a 1,230 square-foot house used an of?ce. The roof and HVAC were recently replaced on the house and the two contiguous parcels total approximately 1 acre. Located along the Atlantic seaboard, the Charleston metro encompasses Charleston, Berkeley and Dorchester counties in southeastern South Carolina. A favorable business climate is helping draw companies and workers to the region. Vehicle manufacturing in particular is growing with recent expansions at Mercedes-Benz and Volvo. Walmart also recently announced plans to develop a 3 million square-foot distribution center in Ridgeville. The metro population has grown by roughly 243,000 people since 2000 and the market is forecast to receive another 75,000 people through 2024. Charleston is the largest city in the metro with 142,000 residents, followed by North Charleston with 109,800.

Exclusively Listed By

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