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$ 4,250,000
Est. payment /mo
Contingency
588 E Bay ST Charleston, SC 29403
34,281 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Contingency
Purchase Type For Sale
Square Footage 34,281 sqft
Price per Sqft $123
MLS Listing ID 31009073
Year Built 1997
Lot Size 0.787 Acres
Acres 0.787
Property Sub-Type Retail
Property Description
Rarely does an asset of this caliber come to market: a convenience store, gas station, and car wash occupying a 34,289 SF (.787 acre) site in the heart of Downtown Charleston's Historic District, directly across from the main Downtown US Post Office. This irreplaceable property benefits from extremely high barriers to entry and commands one of the highest traffic flow of any main artery in Downtown Charleston, with counts averaging 28,600 vehicles per day over the past three years -- outpacing Meeting St. (~17,600), Calhoun St. (18,300-20,500), and King St. (7,600). Excellent visibility and access are secured by two curb cuts on East Bay St. plus cross access to the Chapel St. intersection. The investment is secured by an absolute net ground lease with zero landlord responsibilities, backed by an investment-grade credit tenant operating 17,300 stores across 27 countries.. This is a proven location with 19 years' operating history and recent renewal term extension. With the downtown population growing and the supply of gas stations shrinking, this offering represents a rare, no-maintenance, high-barrier investment in one of Charleston's most established and irreplaceable corridors.Priced at less than 50% of comparable land sales, and generating solid income, this is the perfect acquisition for a patient investor looking for solid cash flow and long-term upside.
Location
State SC
County Charleston
Zoning City of Charleston - GB - General Business
Building
Sewer Public Sewer
Water Public
Others
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
Listed by Anton Sedalik • Prospect Real Estate Brokers
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