3359 Meeting St North Charleston, SC 29405
- Warehouses
- 25,237 SF
- 0.98 lot acres
Current Use by Public Records
- Warehouses
Property Details for 3359 Meeting St
- Year built
- 1970
- Lot size
- 0.98 lot acres
- Property size
- 25,237 SF
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional value-add industrial property, located at 3353-3359 Meeting Street Road in North Charleston, South Carolina, presents a compelling investment opportunity. The 25,237 square foot flex/warehouse facility sits on a 0.98-acre lot and boasts a strong 88% occupancy rate across five tenants. Built in 1970 and renovated in 2018, the property features desirable amenities including three loading docks, four dock-high doors, and an impressive 18-foot ceiling height. The current Net Operating Income (NOI) stands at $249,304, representing a 6.35% cap rate and a current average rent of $10.05 per square foot. The asking price is $3,926,000. Significant upside potential exists through leasing the 3,050 square foot vacant space and future rent bumps. The property benefits from a strategic location within the Charleston MSA, a rapidly growing area experiencing high demand for flex space. Tenants include long-term occupants, with one tenant having been present for over a decade. While the weighted average lease term remaining is less than 3.8 years, this presents an opportunity to renegotiate leases at market rates. The property is well-maintained, with a recently replaced roof, minimizing deferred maintenance. This property offers a blend of stable income and significant value-add potential in a thriving market. The property's address is 3359 Meeting Street, North Charleston, SC 29405, and the APN is 4691100181
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Charleston
- County
- Charleston
- State
- South Carolina
- Longitude
- -79.9773
- Latitude
- 32.8524
