This is a chance to get in just before the property value skyrockets. The property is 1.72 acres, zoned General Commercial in Berkeley County, and embedded in an area of high growth in between Hwy 17A and 52. It is currently a mixed use property with 1800 SF of garage/warehouse and 1200 SF of office/apartment. The warehouse has 2 garage doors, 3 phase power, and 1 hydraulic car lift. The other 1200 SF is comprised of 2 levels which are 600 SF each. The first level is an office and the second level is an apartment occupied by the current tenant. The current tenant's lease expires on December 31st, 2018. It has city water and sewer, and natural gas. This property offers potential for many uses for both and investor and owner user with General Commercial zoning.The economics of Cypress Gardens Road is changing dramatically. Along Hwy 52 and Hwy 17A there are multiple large parcels which are either being developed or plan to be developed. The developments will bring in residences as well as commercial space. Cypress Gardens Road connects these 2 prominent corridors. Currently, the layout of the property is setup for a smaller flex space or auto/boat repair or storage as there is ample yard space on the unused land. The easy access from 26 and planned widening of Cypress Gardens Rd. would be favorable for small scale warehouse/distribution. There is also enough space on the unimproved portion of the property to allow for further development. If your client is an investor or developer, they will have several options, depending on the amount of capital they are willing to put into it. The seller currently pays for insurance and taxes, which can be changed into pass throughs at the termination of this lease, to make a true NNN. The cap rate right now is at 3.85%, without maintenance expenses. With a NNN lease at current market rates it could be much more appetizing. This strategy is the most hands off and would be fruitful for a long-term hold. An investor could also improve the current building and/or build on the remaining land to maximize the lease revenue with the current use or accommodate other uses. The General Commercial zoning allows for multi-family, retail, office.
Listing Date: 01-30-2023
Sold Date: 02-22-2019
Listing Sold: 
5 Year(s), 2 month(s), 4 day(s) ago
Asking Price: $475,000
Selling Price: $475,000
Price Difference:
Same as list price
Anchored: No
Year Built: 1991
Asking Price Type: Fixed Price
County: Berkeley
Land Size: 0.00
Title: Flex space between Summerville and Moncks Corner
Second Property Subtype: Industrial
Zoning: Berkeley - GC - General Comme
Nearest Msa: Charleston-North Charleston, SC
Sale Terms: Cash
Property Type: A
Original Price: $475,000
Build To Suit: No
Ceiling Height Minimum: 18.00
Property Use Type: Distribution, Flex Space, Hospitality, Industrial, Mixed Use, Multi-Family, Other, Retail, Vacant, Warehouse
Class Type: Industrial
Sold Date: 2019-02-22T00:00:00
Rentable Area: 3000
Water Source: Public
Sewer: Public Sewer
Courtesy of listing office Carolina One Real Estate