1401 Chapin Rd Chapin, SC 29036-8874

Property Details for 1401 Chapin Rd

Year built

1950

Lot size

0.61 lot acres

Property size

1,209 SF

Zone code

GC

Property type

Commercial land

APN

000723-02-010

APU

72302010

Description

This exceptional investment opportunity presents a 10,752 square-foot Walgreens pharmacy located at 1401 Chapin Rd, Chapin, SC 29036. The property sits on a 2.08-acre lot and boasts a strong 7.65% cap rate, generating a net operating income (NOI) of $164,505. The current lease, with Walgreens as the tenant, commenced May 3, 1996, and expires May 31, 2034, leaving approximately 9.5 years remaining on the primary term. Two 5-year renewal options exist, each with a 3% rent increase. The building, constructed in 1997 and featuring a new roof installed in 2024, benefits from a drive-through pharmacy and a low rent compared to other national pharmacy chains. Its prime location along US Highway 76 (Chapin Road), experiencing over 13,400 vehicles per day, ensures high visibility and accessibility. The surrounding area is affluent, with 37,835 people within a 7-mile radius boasting an average household income of $137,073. Strong neighboring tenants include Publix, Food Lion, Lowe's Foods, and several other national retailers. The property's proximity to Chapin High School (over 1,500 students) further enhances its desirability. The asking price is $2,150,405, translating to $200 per square foot. This is a rare opportunity to acquire a stable, high-performing net-leased property in a thriving South Carolina market.