1115 Old Town Rd, Charleston, SC 29407

Property Details for 1115 Old Town Rd

Year built

1998

Lot size

1.25 lot acres

Property type

Retail properties & Spaces

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 10,908 square foot Walgreens located at 1115 Old Town Road, Charleston, SC 29407. The property sits on a 1.25-acre corner lot at a highly trafficked intersection, boasting over 86,000 vehicles per day. This single-tenant, absolute NNN lease with a corporate guarantee provides significant security and limited landlord responsibilities. The lease commenced September 11, 1998, and currently has 3.9 years remaining, extending to October 31, 2028, with four 5-year options. The current asking price is $3,627,000, representing a price per square foot of $332.51 and an 8.00% cap rate based on a net operating income (NOI) of $290,169. Built in 1998, the property benefits from a substantial rent bump of 14.83% at the end of the remaining term and approximately 1.6% increases at each option period, offering inflation protection. The strong sales performance of this Walgreens location, coupled with its prime Charleston location and proximity to major roadways and healthcare facilities, makes this a compelling investment opportunity. The affluent trade area, with an average household income exceeding $103,000 within a 3-mile radius and a population of over 139,000 within 5 miles, further enhances its appeal. Nearby businesses include Coastal Cardiology PA, Motion Dynamics Chiropractic, Little Caesars, Circle K, Taco Bell, and Affordable Dentures and Implants. This property offers a secure, high-yield investment with significant long-term growth potential.

Location Insight

City

Charleston

County

Charleston

State

South Carolina

Longitude

-79.9957

Latitude

32.7965