1483 Tobias Gadson BlvdCharleston, SC 29407

Property Details for 1483 Tobias Gadson Blvd

Year built

1988

Lot size

6.15 AC

Property size (Sq ft)

44,928 SF

Property type

Office properties

Property subtype

Office buildings

APN

351-02-00-028

APU

3510200028

Description

This Charleston, SC, medical office building presents a compelling value-add investment opportunity. Located at 1483 Tobias Gadson Blvd, this Class B property totals 43,426 square feet across two stories in one building, situated on a 6.15-acre lot. Built in 1988, the property boasts 178 parking spaces and is zoned GO (General Office). The building is currently over 92% occupied by a diverse tenant roster, including prominent healthcare providers such as the Medical University of South Carolina (MUSC), Anaesthesia Associates, and Parkwood Pediatric Group. MUSC, the largest tenant, occupies 16.4% of the building. Rents are currently below market average at $26.17 per square foot, compared to $28.41 in the West Ashley submarket, which has a low vacancy rate of approximately 4% and no new medical buildings under construction. Significant renovations to the lobby and common areas were completed in 2023. The weighted average lease term (WALT) for occupied space is 52.3 months, and 43.3 months for the entire building. A preliminary cost segregation study estimates a potential first-year tax deduction of $479,000 to $695,000. The property is conveniently located 1.2 miles from Bon Secours/St. Francis Hospital and easily accessible from I-526 and Highway 61, just 7.2 miles from Charleston's central business district. Offers are due by 5 PM EST on February 28, 2025. Pricing expectations are significantly below replacement cost.

• CAP approach

  CAP return

  Valuation

  6%

  $4,060,427

  6.5%

  $3,748,087

  7%

  $3,480,366

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,769,924

  Geo Method

  $7,608,108

• Alternative Use

  Use

  Valuation

  Residential

  $4,647,628

  Hospitality

  $4,257,202

  Educational

  $3,541,942

  Medical

  $3,663,755

  Retail

  $5,509,688

Location Insight

City

Charleston

County

Charleston

State

South Carolina

Latitude

32.8087

Longitude

-80.0312

CBSA code

16700

CBSA name

CHARLESTON-NORTH CHARLESTON, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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