Rivers Avenue Restaurant
For Sale
Contact for pricing
6150 Rivers Ave, North Charleston, SC 29406
Freestanding restaurant building on Rivers Avenue with abundant parking.
Property Size2,400 SF
Lot Size0.96 Acres
Price / SF$406.25
Days on Market2333
Property Features for 6150 Rivers Ave
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
41
Lot size
0.96 Acres
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1978
Year Renovated
2022
Units
1
Listing Agency:
Sperry Commercial
Listed By:
Steve Radekopf · License #SC 23726
(843) 514-0761
Source:
Crexi
Added: Apr 16, 2020
Changed: Aug 27
Last Checked: Sep 1 at 10:32PM
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 Sperry Commercial
Investment Insights
Based on property information with market context.
This is a freestanding 2,400-square-foot building situated on 0.96 acres. Constructed with masonry, the property includes a hood system, grease trap, and a walk-in cooler/freezer. It also features men's and women's ADA-compatible restrooms. The site offers 41 or more parking spaces. The property is located on Rivers Avenue. There is extra land adjacent to the building. The current lease extends through December 2024, with a market rate rent for the next option.
Key Highlights
- Free‑standing 2,400 sq ft building on .96 acres on Rivers Ave.
- Existing successful tenant with lease through 12/2024 and market rate rent for next option.
- Abundant parking with 41+ spaces and extra land adjacent.
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
$35,154
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
3.61%
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%
$703,080
$703.1K
Cap Rate 7%
$502,200
$502.2K
Cap Rate 9%
$390,600
$390.6K
Market Conditions
NOI Build-Up for 2,400 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
$50.4K $21.00/SF
− Vacancy
−$3.5K −$1.47/SF
EGI
$46.9K $19.53/SF
− OpEx
−$11.7K −$4.88/SF
NOI
$35.2K $14.65/SF
Area
North Charleston, SC
Vacancy
7.00%
Lease Rate
$21.00 /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%
$703,080
Cap Rate 7%
$502,200
Cap Rate 9%
$390,600
Alternative Uses
Best Use
Specialty Retail
$502.2K
$439.4K – $585.9K
NOI $35,154 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$651.7K
$570.2K – $760.3K
NOI $45,619 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29406, SC
32,730
Population
14,542
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
82%
High-School Grad
15.3 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,640
Median Household Income
$36,741
Median Earnings
$1,305
Median Rent
$209,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Restaurant - Freestanding restaurant building on Rivers Avenue with abundant parking.
Where is this restaurant located?
The property is located at 6150 Rivers Ave North Charleston, SC.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Free‑standing 2,400 sq ft building on .96 acres on Rivers Ave.; Existing successful tenant with lease through 12/2024 and market rate rent for next option.; Abundant parking with 41+ spaces and extra land adjacent.
