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Bank of America, Charleston, SC

Bank of America

Charleston, South Carolina

Price $6,120,000
Cap Rate 3.75%
NOI $229,500
Lease Term 15 Years
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 1999
Building Size 4,317 SF
Lot Size 1.106 Acres (48,164 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Jack Hinson
Brokerage
704. 572.9921
jack.hinson@cushwake.com
CA License #02059267

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

15-YEAR ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» 15-year absolute NNN lease with sixteen (16) five (5) year options, creating a stable, long-term investment
» Absolute NNN lease requires no landlord management, ideal for an out-of-area investor
» Fee-simple build-to-suit, allowing investor to depreciate the asset
» Outparcel to a Publix anchored shopping center with multiple points of ingress/egress
» 2% annual rental increases, providing a hedge against inflation
» $185M+ in deposits (3rd largest in Charleston MSA), demonstrating long-term success and commitment to property
» Deposits are up 18.5% in the last 12 months

LOCATED IN A DENSELY POPULATED, AFFLUENT, AND GROWING SOUTH CAROLINA COMMUNITY
» High-Visibility Location Along Folly Road/State Route 171 (45,400 AADT)
» Population of 118,809 within a five-mile radius of the site, providing an extremely large customer base for the property
» Average annual household income of $112,143 within a three-mile radius of the location
» Projected 12 percent average annual household income increase within a three-mile radius of the site in the next five years, poising Bank of America and Charleston for significant concurrent growth
» Less than three miles from Historic Downtown Charleston

LOCATED NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Within a dense retail corridor surrounded by a strong mix of local and national retailers, including Publix, Lowe’s Home Improvement, IHOP, Melvin’s Barbeque, Marco’s Pizza, UPS Store, Walmart Supercenter and many more
» Beneficial proximity to Medical University of South Carolina (13,000 employees, 865 beds) generating additional traffic to the site
» Centrally located near single family housing developments and large apartment and townhouse complexes
» Surrounded by multiple highly attended Charleston schools, including Harbor View Elementary School (649 students) and Camp Road Middle School (794 students)



Property Description

The property is conveniently located at the hard-corner intersection of State Route 171/Folly Road and Martello Drive (45,400 AADT), drawing significant traffic to the site. State Route 171/Folly Road is the major north/south thoroughfare through the James Island corridor of Charleston with national/credit retailers lining both sides of the road. The property is also adjacent to the heavily trafficked State Route 30/James Island Expressway (33,500 AADT), the main highway connecting Downtown Charleston to James Island. This bank serves 118,809 residents who live within a five-mile radius of the location, providing a large regular customer base for the business. The property is located in an affluent area as well, with an average annual household income of $112,143 within three miles of the site. With a projected 12 percent average annual household income increase within a three-mile radius of the site in the next five years, Bank of America and Charleston are poised for significant concurrent growth. The property is also within three miles of historic Downtown Charleston, attracting additional traffic to the location.

Visibility to the property is increased by the site’s centralized location near large employers, retailers, and community hubs. The property is outparcel to a Publix anchored shopping center with multiple points of ingress/egress. The location is surrounded by many major national retailers, including Lowe’s Home Improvement, Publix, IHOP, Melvin’s Barbeque, Marco’s Pizza, UPS Store, Walmart Supercenter, and many more. The site maintains a beneficial proximity to Medical University of South Carolina (13,000 total employees, 865 beds), generating significant additional traffic to the site as one of the largest employers in Charleston County. The property is also centrally located near single family housing developments and large apartment and townhouse complexes. Visibility to the site is increased by its ideal location surrounded by multiple highly attended Charleston schools, including Harbor View Elementary School (649
students) and Camp Road Middle School (794 students).

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