Fully Renovated Warehouse-Office
For Sale
Contact for pricing
2532 Spruill Ave, North Charleston, SC 29405
Fully conditioned warehouse and office space with renovated systems, polished concrete floors, and modern office buildout.
Property Size27,840 SF
Lot Size1.73 Acres
Price / SF$215.52
Days on Market32
Property Features for 2532 Spruill Ave
General Information
Standard status
Active
Size
27,840 SF
Lot size
1.73 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Drive-In Doors
4
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Listing Agency:
NAI | Charleston
(843) 458-0607
Listed By:
Sarah B Shelley · License #22134
(843) 458-0607
Source:
Moodyscre
Added: Jul 26
Changed: Aug 15
Last Checked: Aug 25 at 2:46PM
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 NAI | Charleston
Investment Insights
Based on property information with market context.
This fully conditioned warehouse and office facility totals 27,840 square feet and was fully renovated with a new roof, HVAC and sprinkler systems, polished concrete floors, and updated electrical and lighting. Interior improvements include mechanical upgrades, restrooms, and plumbing throughout. The office component provides 3,900 square feet with three large private offices plus an open lobby/showroom area with modern finishing.
The property sits on 1.73 acres inside the I-526 loop. In addition to the main building, there are four storage buildings on-site that are not included in the stated total square footage. Each storage building has its own drive-in roll-up door.
The property sits on 1.73 acres inside the I-526 loop. In addition to the main building, there are four storage buildings on-site that are not included in the stated total square footage. Each storage building has its own drive-in roll-up door.
Key Highlights
- +27,840 SF fully conditioned warehouse/office space on +1.73 acres inside the I‑526 loop
- Building fully renovated with new roof, HVAC/sprinkler systems, polished concrete floors, and updated electric, lighting, mechanical
- +3,900 SF office space with three large private offices and an open lobby/showroom area with modern finishing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$286,641
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,732,820
$5.7M
Cap Rate 7%
$4,094,871
$4.1M
Cap Rate 9%
$3,184,900
$3.2M
Market Conditions
NOI Build-Up for 27,840 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$501.1K $18.00/SF
− Vacancy
−$60.1K −$2.16/SF
EGI
$441.0K $15.84/SF
− OpEx
−$154.3K −$5.54/SF
NOI
$286.6K $10.30/SF
Area
North Charleston, SC
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,732,820
Cap Rate 7%
$4,094,871
Cap Rate 9%
$3,184,900
Alternative Uses
Best Use
Flex RnD
$4.09M
$3.58M – $4.78M
NOI $286,641 @ 7.0% cap · market cap 4.78%
Second Best
Warehouse
$2.29M
$2.00M – $2.67M
NOI $160,113 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$7.56M
$6.61M – $8.82M
NOI $529,183 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29405, SC
25,620
Population
13,058
Households
2
Avg Household Size
37
Median Age
27%
College-Educated
84%
High-School Grad
14.7 sq mi
ZIP Area
1,743
Density / Sq Mi
$54,566
Median Household Income
$35,887
Median Earnings
$1,196
Median Rent
$266,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully conditioned warehouse and office space with renovated systems, polished concrete floors, and modern office buildout.
Where is this flex space located?
The property is located at 2532 Spruill Ave North Charleston, SC.
What is the asking price?
The asking price for this property is $5,999,999.
What are key features of this property?
This property features: +27,840 SF fully conditioned warehouse/office space on +1.73 acres inside the I‑526 loop; Building fully renovated with new roof, HVAC/sprinkler systems, polished concrete floors, and updated electric, lighting, mechanical; +3,900 SF office space with three large private offices and an open lobby/showroom area with modern finishing
