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    Retail-Restaurant Duplex with Drive-Thrus Title is generated by Realmo AI

    1650 Church St. Unit 1652 Chu, Conway, SC 29526

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    For Sale
    $5,300,000

    12,135 SF retail-restaurant duplex with drive-thrus in Conway, SC.

    Type:Retail
    Property size:
    12,135 SF
    Price / SF:
    $436/SF
    Added:
    Feb 19, 2024
    Days on Market:
    832
    Last Refresh:
    May 13 at 8:31 pm

    Property Features for 1650 Church St. Unit 1652 Chu

    General Information

    Standard status
    Active
    Size
    12,135 SF
    Property subtype
    Retail

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    Listing Contact
    Tradd Commercial

    Listing agent Tradd Commercial

    Listing office

    Listing date Feb 19, 2024

    Source Xome

    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 Tradd Commercial

    HighLights

    • Located at a high‑traffic, signalized corner of Church Street/Highway 501 and Mill Pond Road.
    • Property is a 12,135 square foot retail‑restaurant duplex built in 2021.
    • One unit is leased to McAlister's Deli with a 15‑year lease.
    • Each unit is equipped with a drive‑thru, offering concept flexibility.
    • Located in a stable submarket hub for county government, industry, and higher education.
    • Triple‑lane and double‑lane ingress/egress for ease of traffic flow.

    Overview

    Celebration Square is a 12,135 square foot retail-restaurant duplex constructed in 2021. Located at the signalized corner of Church Street/Highway 501 and Mill Pond Road in Conway, the property is divided into two restaurant units: one occupied by McAlister’s Deli, which signed a 15-year lease in 2021, and a 350-seat former steakhouse. Each unit includes a drive-thru, offering concept flexibility. The property features triple-lane ingress/egress from Church Street/501 and double-lane ingress/egress on Mill Pond Road, facilitating ease of access at this high-traffic intersection. The location is at the corner of Church Street/Highway 501, a major traffic artery of the Grand Strand, and Mill Pond Road, a secondary thoroughfare serving as an interior beltway around Conway’s Central Business District. This submarket has experienced stability as the hub of county government services, industry, and higher education in Horry County. Conway has experienced an annual growth rate of 5.96% and has grown 22.9% since the 2020 census. Master-planned developments located off Highways 701 & 378, with connectivity via Mill Pond Road, are planned to add over 3,200 units to Conway by 2030. FF&E may be acquired separately.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Similar Places Nearby

    • Ms Margaret’s Soul Food — 3003 us-701, conway, sc 29526

    Map

    City
    Conway
    County
    Horry
    State
    South Carolina
    Longitude
    -79.0551
    Latitude
    33.8748

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    FAQs

    What type of property is this?
    Restaurant - 12,135 SF retail-restaurant duplex with drive-thrus in Conway, SC.
    Where is this restaurant located?
    The property is located at 1650 Church St. Unit 1652 Chu Conway, SC.
    What is the asking price?
    The asking price for this property is $5,300,000.
    What are key features of this property?
    This property features: Located at a high‑traffic, signalized corner of Church Street/Highway 501 and Mill Pond Road.; Property is a 12,135 square foot retail‑restaurant duplex built in 2021.; One unit is leased to McAlister's Deli with a 15‑year lease.
    (843) 839-9777
    We can help!
    Listing Contact
    Tradd Commercial
    Learn More
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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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    1650 Church St. Unit 1652 Chu, Conway, SC 29526
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