Charleston Warehouse with Redevelopment
For Sale
Contact for pricing
60 Romney St, Charleston, SC 29403
8,911 SF warehouse on 0.537 acres near Charleston Tech Center.
Property Size8,911 SF
Lot Size0.54 Acres
Price / SF$381.55
Days on Market1171
Property Features for 60 Romney St
General Information
Standard status
Active
Size
8,911 SF
Lot size
0.54 Acres
Property subtype
Retail, Office, Mixed Use, Land
Building Details
Year Built
1980
Buildings
2
Listing Agency:
Bridge Commercial
(843) 723-1202
Listed By:
Daniel Pellegrino · License #SC68293
Source:
Crexi
Added: Jun 19, 2023
Changed: Aug 14
Last Checked: Aug 31 at 1:33AM
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 Bridge Commercial
Investment Insights
Based on property information with market context.
This is an opportunity to purchase an 8,911 SF warehouse on 0.537 acres in an area witnessing unprecedented redevelopment over the last few years. The property consists of two buildings: a main building with warehouse, office, and apartment space, and a rear building with a warehouse and walk-in fridge. It is adjacent to Atlantic on Romney apartments and Charleston Tech Center, and within walking distance to a variety of restaurants, apartments, and offices. The property offers direct access to I-26 and is easily accessible to major thoroughfares including Highway 17, Ravenel Bridge, Morrison Drive, and Meeting Street.
Key Highlights
- 8,911 SF warehouse on 0.537 acres in an area witnessing unprecedented redevelopment.
- Two buildings: Main building (warehouse, office, apartment) and rear building (warehouse, walk‑in fridge).
- Direct access to I‑26 and easily accessible to major thoroughfares.
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
$125,074
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
3.68%
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%
$2,501,480
$2.5M
Cap Rate 7%
$1,786,771
$1.8M
Cap Rate 9%
$1,389,711
$1.4M
Market Conditions
NOI Build-Up for 8,911 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
$197.8K $22.20/SF
− Vacancy
−$31.1K −$3.49/SF
EGI
$166.8K $18.71/SF
− OpEx
−$41.7K −$4.68/SF
NOI
$125.1K $14.04/SF
Area
Charleston, SC
Vacancy
15.70%
Lease Rate
$22.20 /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%
$2,501,480
Cap Rate 7%
$1,786,771
Cap Rate 9%
$1,389,711
Alternative Uses
Best Use
Office B
$1.79M
$1.56M – $2.08M
NOI $125,074 @ 7.0% cap · market cap 3.68%
Second Best
Warehouse
$1.67M
$1.46M – $1.95M
NOI $117,033 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,803 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29403, SC
21,363
Population
13,013
Households
1.6
Avg Household Size
30
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
3,956
Density / Sq Mi
$65,689
Median Household Income
$43,421
Median Earnings
$1,658
Median Rent
$624,000
Median Home Value
Market
Vacancy Rate% for Office in Charleston, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bounce Luggage Storage - Near Charleston — 614 Rutledge Ave, Charleston, SC 29403
- Go Store It Self Storage — 17 Walnut St, Charleston, SC 29403
- Big Bertha Storage — 1056 King St suite 200, Charleston, SC 29403
- Stache Storage of Charleston — 1134 King St, Charleston, SC 29403
- StoreMe Luggage Storage (reserve online) — 1107 king st, charleston, sc 29403
Frequently Asked Questions
What type of property is this?
Warehouse - 8,911 SF warehouse on 0.537 acres near Charleston Tech Center.
Where is this warehouse located?
The property is located at 60 Romney St Charleston, SC.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 8,911 SF warehouse on 0.537 acres in an area witnessing unprecedented redevelopment.; Two buildings: Main building (warehouse, office, apartment) and rear building (warehouse, walk‑in fridge).; Direct access to I‑26 and easily accessible to major thoroughfares.
