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    Charleston Walgreens NNN Investment Opportunity Title is generated by Realmo AI

    1115 Old Towne Rd, Charleston, SC

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    NNN Walgreens with rental increases in Charleston's high-traffic area.

    Type:RETAIL
    Property size:
    10,908 SF
    Lot size:
    1.21 Acres
    Price / SF:
    $332/SF
    Added:
    Apr 8, 2025
    Days on Market:
    426
    Last Refresh:
    May 20 at 8:55 pm

    Property Features for 1115 Old Towne Rd

    General Information

    Standard status
    Active
    Size
    10,908 SF
    Lot size
    1.21 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Adam Scherr
    Adam Scherr

    Listing agent Adam Scherr

    Listing office Sands Investment Group (SIG) | Fort Lauderdale

    Listing date Apr 8, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Sands Investment Group (SIG) | Fort Lauderdale

    HighLights

    • Absolute NNN lease with limited landlord responsibilities.
    • Corporate guaranteed lease featuring investment grade credit (S&P: BBB).
    • Rare 14.83% rental increase at the end of the remaining term and approximately 1.6% rent bumps on option periods.
    • Located on a highly trafficked corner lot near downtown Charleston with easy access to major roads and highways.
    • Strong store sales at this location, operating since 1998.
    • Dense, affluent population base with over 139,000 people within 5 miles and $103,000 average household income within a 3‑mile radius.

    Overview

    This 10,908 square foot Walgreens property is located at 1115 Old Town Road in Charleston, SC. The NNN lease includes limited landlord responsibilities. The property features a rare 14.83% rental increase at the end of the remaining term and approximately 1.6% rent bumps on each of the option periods. The long-term tenant has been operating at this location since 1998. The property is positioned on a corner lot at a highly trafficked intersection near downtown Charleston, with easy access from major roads and highways, including proximity to Highway 17. The location has a dense population base with over 139,000 people within 5 miles and an affluent trade area with over $103,000 average household income within a 3-mile radius. Nearby retailers include Coastal Cardiology PA, Motion Dynamics Chiropractic, Little Caesars, Circle K, Taco Bell, and Affordable Dentures and Implants. The property is positioned near several healthcare facilities, including hospitals and clinics. The lease has 4 years remaining with four 5-year option periods. Walgreens is the second-largest pharmacy store chain in the United States.
    Property Profile Location Intelligence

    Current Use by Public Records

    Walgreens Pharmacy FedEx OnSite Postal Service TD Bank ATM Atm COVID-19 Drive-thru Testing ... Pharmacy higi Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Terry Powers, BS — 1407 Ashley River Rd, Charleston, SC 29407
    • COVID-19 Drive-thru Testing at Walgreens — 1115 Old Towne Rd, Charleston, SC 29407
    • Walgreens Pharmacy — 1115 Old Towne Rd, Charleston, SC 29407
    • Michael Holt, R — 1115 Old Towne Rd, Charleston, SC 29407
    • AnnMarieAvon — www.youravon.com/annmarierose, charleston, sc 29407

    Location Insight

    • Map
    • Local Demand
    City
    Charleston
    County
    Berkeley
    State
    South Carolina
    Longitude
    -79.9958
    Latitude
    32.797

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    FAQs

    What type of property is this?
    Drug store - NNN Walgreens with rental increases in Charleston's high-traffic area.
    Where is this drug store located?
    The property is located at 1115 Old Towne Rd Charleston, SC.
    What is the asking price?
    The asking price for this property is $3,627,000.
    What are key features of this property?
    This property features: Absolute NNN lease with limited landlord responsibilities.; Corporate guaranteed lease featuring investment grade credit (S&P: BBB).; Rare **14.83% rental increase** at the end of the remaining term and approximately 1.6% rent bumps on option periods.
    (310) 853-1266 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Adam Scherr
    Adam Scherr
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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