7501 Rivers Ave North Charleston, SC 29406
- Retail space
- 14,563 SF
- 2.50 lot acres
Current Use by Public Records
- Retail space
Property Details for 7501 Rivers Ave
- Year built
- 2011
- Lot size
- 2.50 lot acres
- Property size
- 14,563 SF
- Property type
- Retail space
- APN
- 484-16-00-031
- APU
- 4841600031
Description
This exceptional investment opportunity presents a fee-simple, 14,550-square-foot Walgreens located at 7501 Rivers Ave, North Charleston, SC 29406. The property boasts a 5.50% cap rate and a strong net operating income (NOI) of $460,000. Built in 2011, this Class A, single-story building sits on a 2.5-acre lot and benefits from a 100% occupancy rate with a corporate-guaranteed, absolute NNN lease. The lease features a remaining term of 64 years, providing exceptional long-term stability. A significant advantage is the assumable interest-only loan with five years remaining at a below-market interest rate of 5.30%. The property is strategically positioned in a high-traffic commercial hub, less than half a mile from I-26 and near major retailers like Walmart, Target, and Best Buy, as well as Northwoods Mall. This location is within the top 60th percentile of Walgreens stores in South Carolina, demonstrating exceptional performance. The Charleston MSA exhibits robust growth, with a 17.7% population increase from 2010 to 2023, further solidifying the investment's potential. The asking price is $8,364,000, translating to a price per square foot of $574.85. This is a rare opportunity to acquire a high-performing, investment-grade retail property with significant long-term upside.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Charleston
- County
- Charleston
- State
- South Carolina
- Longitude
- -80.0405
- Latitude
- 32.9374
- CBSA code
- 16700
- CBSA name
- CHARLESTON-NORTH CHARLESTON, SC METROPOLITAN STATISTICAL AREA
