Listing Agency: Harbor Commercial Partners Show Phone

Listed By: Todd P Garrett · License #130225 Show Phone

Source: Moodyscre

Added: Jul 8, 2025 Changed: Aug 8 Last Checked: May 20 at 9:56PM

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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 Harbor Commercial Partners

Investment Insights

Based on property information with market context.

This is a new 3,204 SF flex building for sale in North Charleston, currently under construction with anticipated completion in December 2024. The property is situated less than a mile from I-26. It features a commercial storefront entrance and a 12'x14' drive-in door. The warehouse includes 400-amp single-phase service and LED warehouse lighting. An 801 SF office buildout is planned, including a reception area, two private offices, a break area, and an ADA-compliant restroom. Off-site parking is available.

Key Highlights

• Brand‑new 3,204 SF flex building, completion anticipated December 2024.
• Less than a mile from I‑26, providing excellent accessibility.
• Includes an 801 SF office buildout with reception area, two private offices, break area, and ADA‑compliant restroom.

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

$42,080

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

4.43%

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%

$841,600 $841.6K

Cap Rate 7%

$601,143 $601.1K

Cap Rate 9%

$467,556 $467.6K

Market Conditions

NOI Build-Up for 3,204 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

$56.9K $17.76/SF

− Vacancy

−$7.4K −$2.31/SF

EGI

$49.5K $15.45/SF

− OpEx

−$7.4K −$2.32/SF

NOI

$42.1K $13.13/SF

Area

Charleston, SC

Vacancy

13.00%

Lease Rate

$17.76 /SF/Yr

Expense Ratio

15.00%

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%

$841,600

Cap Rate 7%

$601,143

Cap Rate 9%

$467,556

Alternative Uses

Best Use

Warehouse

$601.1K

$526.0K – $701.3K (±1% cap)

NOI $42,080 @ 7.0% cap · market cap 4.43%

Second Best

Flex RnD

$521.3K

$456.2K – $608.2K (±1% cap)

NOI $36,493 @ 7.0% cap · market cap 3.84%

Theoretical Best

Office A

$867.1K

$758.7K – $1.01M (±1% cap)

NOI $60,694 @ 7.0% cap · market cap 6.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office Spa & Massage Center Law Firm Hair Salon Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

761

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - New 3,204 SF flex building under construction in North Charleston.

Where is this flex space located?

The property is located at 5639 Leiderman St N Charleston, SC.

What is the asking price?

The asking price for this property is $950,000.

What are key features of this property?

This property features: Brand‑new 3,204 SF flex building, completion anticipated December 2024.; Less than a mile from I‑26, providing excellent accessibility.; Includes an 801 SF office buildout with reception area, two private offices, break area, and ADA‑compliant restroom.