Dual Restaurant Retail
For Sale
$5,300,000
1650 Church Street, Conway, SC 29526
A custom 2021 duplex with two drive-thru restaurant units at a signalized corner intersection.
Property Size12,000 SF
Price / SF$436.75
Days on Market86
Property Features for 1650 Church Street
General Information
Standard status
Active
Size
12,000 SF
Class
A
Property subtype
Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
12,000 SF
Year Built
2021
Listing Agency:
Tradd Commercial
Listed By:
Adam Cates, CCIM, SIOR · License #60056
(843) 333-4190
Source:
Traddcommercial
Added: Jun 11
Changed: Sep 4
Last Checked: Aug 6 at 3:48AM
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
Investment Insights
Based on property information with market context.
Celebration Square is a custom-built 2021 retail-restaurant duplex totaling 12,135 square feet. The property is divided into two restaurant units: McAlister’s Deli and a 350-seat former steakhouse. Both units are equipped with their own drive-thru, supporting concept flexibility for future operators. McAlister’s Deli occupied the property in 2021 and signed a 15-year lease. FF&E may be acquired separately.
The duplex is located at a signalized corner at Church Street/Highway 501 and Mill Pond Road in Conway. Access is designed for efficient vehicle movement, with triple-lane ingress/egress from Church Street/501 and double-lane ingress/egress on Mill Pond Road. The property sits on Church Street/501, identified as one of the Grand Strand’s major traffic arteries, with Mill Pond Road described as an interior beltway route serving Conway’s Central Business District.
For tenants and buyers, this configuration supports either an operator taking over one unit with drive-thru capability or an investor seeking a two-tenant retail-restaurant setup. The existing lease at McAlister’s Deli and the separately available FF&E provide a workable path for an owner planning for stabilized or flexible restaurant usage across both spaces.
The duplex is located at a signalized corner at Church Street/Highway 501 and Mill Pond Road in Conway. Access is designed for efficient vehicle movement, with triple-lane ingress/egress from Church Street/501 and double-lane ingress/egress on Mill Pond Road. The property sits on Church Street/501, identified as one of the Grand Strand’s major traffic arteries, with Mill Pond Road described as an interior beltway route serving Conway’s Central Business District.
For tenants and buyers, this configuration supports either an operator taking over one unit with drive-thru capability or an investor seeking a two-tenant retail-restaurant setup. The existing lease at McAlister’s Deli and the separately available FF&E provide a workable path for an owner planning for stabilized or flexible restaurant usage across both spaces.
Key Highlights
- 12,135 SF custom‑built 2021 retail‑restaurant duplex at the signalized corner of Church St/US‑501 and Mill Pond Rd in Conway
- Two restaurant units: McAlister’s Deli and a 350‑seat former steakhouse, offering multiple operating concepts
- Each unit includes a drive‑thru for concept flexibility
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
$200,191
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
3.78%
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%
$4,003,820
$4.0M
Cap Rate 7%
$2,859,871
$2.9M
Cap Rate 9%
$2,224,344
$2.2M
Market Conditions
NOI Build-Up for 12,135 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
$273.8K $22.56/SF
− Vacancy
−$6.8K −$0.56/SF
EGI
$266.9K $22.00/SF
− OpEx
−$66.7K −$5.50/SF
NOI
$200.2K $16.50/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$4,003,820
Cap Rate 7%
$2,859,871
Cap Rate 9%
$2,224,344
Alternative Uses
Best Use
Specialty Retail
$2.86M
$2.50M – $3.34M
NOI $200,191 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,285 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
365k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 73%
Shops & Services 15%
Superstores 6%
Apparel 5%
Chick-fil-A
Dining
45,575 visits/mo
0.2 miles
McDonald's
Dining
38,828 visits/mo
0.1 miles
Circle K
Shops & Services
28,545 visits/mo
0.2 miles
Cook Out
Dining
27,523 visits/mo
0.1 miles
Bojangles' Famous Chicken 'n Biscuits
Dining
25,151 visits/mo
0.1 miles
Demographics for 29526, SC
51,403
Population
20,301
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
294
Density / Sq Mi
$66,490
Median Household Income
$28,341
Median Earnings
$943
Median Rent
$232,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lin’s Garden — 1105 Church St, Conway, SC 29526
Frequently Asked Questions
What type of property is this?
Conventional restaurant - A custom 2021 duplex with two drive-thru restaurant units at a signalized corner intersection.
Where is this conventional restaurant located?
The property is located at 1650 Church Street 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: 12,135 SF custom‑built 2021 retail‑restaurant duplex at the signalized corner of Church St/US‑501 and Mill Pond Rd in Conway; Two restaurant units: McAlister’s Deli and a 350‑seat former steakhouse, offering multiple operating concepts; Each unit includes a drive‑thru for concept flexibility
