219 Cedar St Summerville, SC 29483-6062
- Turn key restaurants
- 2,340 SF
- 0.04 lot acres
Current Use by Public Records
- The Azalea Bar & Garden / Cocktail Bar
Property Details for 219 Cedar St
- Year built
- 2013
- Lot size
- 0.04 lot acres
- Property size
- 2,340 SF
- Zone code
- DMX_SV
- Property type
- Turn key restaurants
- APN
- 137-07-05-007
- APU
- 1370705007
Description
This exceptional mixed-use investment property in downtown Summerville, SC, offers a compelling opportunity for discerning investors. Located at 219 & 217 S Cedar St, this property consists of two buildings, totaling 3,831 square feet, and features a thriving bar and restaurant tenant under a 10-year NNN lease with two 5-year renewal options, commencing April 30, 2024. The lease provides a stable income stream with a current NOI of $135,645 and a 4.53% cap rate. Adding to the property's value are two fully furnished, short-term rental apartments located above one of the buildings, generating significant additional income. These units, a studio and a one-bedroom, are frequently booked. The property boasts a 100% occupancy rate and underwent renovations in 2023. Situated across from the new Bonaire Park and in Hutchinson Square, this property benefits from increased foot traffic and the revitalization of the downtown area. The property's prime location, strong tenant, and additional rental income streams make it an ideal investment with significant potential for both immediate returns and long-term appreciation. The zoning is D-Mx_Sv, and the property features two stories. This is a rare opportunity to acquire a high-performing, mixed-use asset in a rapidly growing market.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,580,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,625,000
- 6.5%
- $1,705,000
- 7%
- $1,675,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,995,000
- Geo Method
- $1,675,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,410,000
- Retail
- $1,920,000
- Mixed-Use
- $1,975,000
- Hospitality
- $1,585,000
- Educational
- $1,520,000
- Residential Income
- $1,470,000
- Energy
- $1,685,000
- Income-Based Land
- $1,975,000
- Food Service
- $1,890,000
Location Insight
- Map
- Local Demand
- City
- Summerville
- County
- Dorchester
- State
- South Carolina
- Longitude
- -80.1778
- Latitude
- 33.0191
- CBSA code
- 16700
- CBSA name
- CHARLESTON-NORTH CHARLESTON, SC METROPOLITAN STATISTICAL AREA
