309 King St Charleston, SC 29401-1410

Property Details for 309 King St

Year built

1995

Lot size

0.10 lot acres

Property size

6,158 SF

Property type

Commercial real estate

APN

457-04-04-097

APU

4570404097

Description

This exceptional 5,057 square foot storefront at 309 King Street in Charleston, South Carolina, presents a compelling investment opportunity. Located in the heart of Charleston's Historic Downtown, within the vibrant Middle King Street Fashion District, this property boasts a prestigious address alongside luxury brands like Louis Vuitton, Gucci, Sephora, and Tecovas. The building, originally constructed in 1884 and extensively renovated in 2023, features a new roof (warrantied until 2041), a new elevator, updated RTUs, fire system, electrical panels, and plumbing. The tenant, Uncommon James, a nationally recognized brand founded by Kristin Cavallari, invested over $400 per square foot in a custom build-out. This 100% occupied property benefits from a long-term NNN lease (commencing July 1, 2023, and expiring July 31, 2035), offering a remaining term of 10.7 years. The lease includes scheduled rent bumps in year six and year ten, along with a five-year renewal option at fair market value, ensuring stable returns and potential for future rent growth. Landlord responsibilities are limited to structural, roof, and foundation maintenance. The property's strong performance is reflected in its current NOI of $379,275 and a 5.75% cap rate. The surrounding area boasts compelling demographics, with over 12,000 residents within a 5-minute drive and an average household income of $140,000. Charleston's status as a premier tourist destination, attracting nearly 8 million visitors annually, further enhances the property's value. The College of Charleston, with its 11,729 students, is just a block away, contributing to the area's dynamic population. This is a rare opportunity to acquire a high-performing retail property in a prime location with significant upside potential. APN: 4570404097. See Offering Memorandum for lease options and rent bump details.