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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1585 Central Ave Summerville, SC 29483-5587

    • Super regional malls
    • 62,777 SF
    • 9.62 lot acres
    OFF-MARKET
    Last Sale
    Nov 27, 2023
    $16,875,000
    Value Estimations
    $16,315,000
    Show details
    Cap Rate Potential
    6.8%
    Super regional malls
    Location Intelligence
    Property ID
    US77-0027837
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Summerville Tobacco & Vapor / Tobacco Shop / Vaporizer Store
    • CoinGenie Bitcoin ATM / Atm
    • Bitbox Bitcoin ATM / Atm
    • El Jalapeño Mexican Grill - Knightsville / Mexican Restaurant
    • LibertyX Bitcoin ATM / Atm

    Property Details for 1585 Central Ave

    Year built
    2000
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    9.62 lot acres
    Property size
    62,777 SF
    Zone code
    CG_DC
    Property type
    Super regional malls
    APN
    136-09-00-050
    APU
    1360900050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,410,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $17,430,000
      6.5%
      $16,090,000
      7%
      $14,940,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,130,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Summerville
    County
    Dorchester
    State
    South Carolina
    Longitude
    -80.2351
    Latitude
    33.012
    CBSA code
    16700
    CBSA name
    CHARLESTON-NORTH CHARLESTON, SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $203,811
    $173,160
    $307,447
    $480,607
    -
    $2,886,000
    $5,124,119
    $8,010,119

    Comparable in this City

    • Value Estimation
      $1,075,000
      46,381 SF

      1400 Boone Hl Rd

      REGIONAL SHOPPING CENTER, MALL • 46,381 SF
      1400 Boone Hl Rd, Summerville, SC 29483-2408
      View Details
    • Value Estimation
      $1,345,000
      6,532 SF

      310 Azalea Sq Blvd, Unit A

      REGIONAL SHOPPING CENTER, MALL • 6,532 SF
      310 Azalea Sq Blvd, Summerville, SC 29483-7362
      View Details
    • Value Estimation
      $2,665,000
      23,040 SF

      1204 Main St

      REGIONAL SHOPPING CENTER, MALL • 23,040 SF
      1204 Main St, Summerville, SC 29483-7343
      View Details
    • Value Estimation
      $640,000
      5,925 SF

      1309 Main St Ste A

      REGIONAL SHOPPING CENTER, MALL • 5,925 SF
      1309 Main St Ste A, Summerville, SC 29483-7349
      View Details
    • Value Estimation by Request
      7,224 SF

      330 5th N St Ste A

      REGIONAL SHOPPING CENTER, MALL • 7,224 SF
      330 5th N St Ste A, Summerville, SC 29483-0702
      View Details
    • Value Estimation
      $2,695,000
      12,860 SF

      214 Azalea Sq Blvd Ste A

      REGIONAL SHOPPING CENTER, MALL • 12,860 SF
      214 Azalea Sq Blvd Ste A, Summerville, SC 29483-7368
      View Details

    Similar Nearby for Sale

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      3.25 Acres

      Prime Summerville Commercial Land

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      0.25 Acres

      Summerville Mixed-Use Land

      Three development options available. Fully permitted.
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    • $495,000
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      Commercial Property in Growing Corridor

      2,639 SF property suitable for various commercial uses.
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      115,000 SF

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      Freestanding building in historic downtown Summerville, suitable for various uses.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Azalea Square

      Retail spaces available in Summerville's Azalea Square power center.
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    • Contact for pricing
      1,400 SF

      Retail Space in Azalea Square

      Retail spaces available within a large power center.
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      View Details
    • Contact for pricing

      Retail Site in Summerville, SC

      0.77 acre retail site with high traffic volume.
      Summerville, SC 29483
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    • Contact for pricing
      87,120 SF

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      Prime Summerville land, 1-2 acres, pad-ready.
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    • $28 SF/Yr
      5,000 SF

      Summerville Executive Office Space

      Modern Office, 2,000 SF Available
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      View Details
    • $100,000

      Prime Retail/Office Corner Outparcel

      Retail or office space for ground lease in Summerville, SC.
      605 N Main St, Summerville, SC 29483
      View Details
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    Summerville, SC 29483-5587
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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