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OFFERING MEMORANDUM
343 KING STREET | COMMERCIAL CONDOCHARLESTON, SOUTH CAROLINA
Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included
for the purpose of providing tenant lessee information about this listing to prospective customers.
Special COVID-19 NoticeAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Milli-chap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created
by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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343 KING STREETCHARLESTON, SOUTH CAROLINA 29401
DEMOGRAPHIC SUMMARY
1 MILE RADIUS2018 POPULATION 21,233AVERAGE HH INCOME $95,300
PROPERTY DESCRIPTION
PROPERTY TYPE 1ST FLOOR COMMERCIAL CONDO
YEAR BUILT 1951
GROSS LEASABLE AREA +/- 3,000 SF
OPPORTUNITY ZONE NO
TYPE OF OWNERSHIP FEE SIMPLE
PARCEL ID 457-04-02-113
PRICING SUMMARYPRICE $3,000,000OCCUPANCY AVAILABLE
• +/- 3,000 Square Foot Retail Condo | 300-Block of King Street• 1951 Construction | Entirely Renovated in 2011 • World Famous Shopping, Dining, and Tourist Destination | 7.3 Million Annual
Visitors (2018)• 96% Walk Score a “Walkers Paradise” | Large Windows and Frontage on King
Street• Walking Distance to Nationally Recognized Brands and Hotels• Adjacent to Apple Store, Urban Outfitters, Williams Sonoma, Chipotle,
Walgreens, Sterling Campus Apartments, and TD Arena• $95,000+ Average Household Income within One Mile Radius• Adjacent to The College of Charleston Campus (12,000+ Students) | Excellent
Walkable Location
Marcus & Millichap is pleased to present to qualified investors the opportunity to acquire a +/- 3,000 square foot retail condo located on historic King Street in downtown Charleston, South Carolina. The subject property was constructed in 1951 and renovated in 2011, it is currently available for lease or purchase.
The asset was completely refurbished in 2011 with HVAC, plumbing, and electrical all renovated for an incoming tenant. The space had further upgrades with paint and façade work in 2015. The store front has large windows and approximately 24-feet of frontage on King Street.
Just steps away from the College of Charleston campus (12,000+ enrollment), multiple national retail stores and hotels, the subject property is conveniently located to students, residents, and tourists alike. Nationally recognized points of interest include H&M, Lulu Lemon, Apple Store, Five Guys, Chipotle, Walgreens, Urban Outfitters, Francis Marion Hotel, Belmond Charleston Place, and Hotel Bennett. The subject property is also located across the street from TD Arena, a 5,100 seat multi-purpose arena and home to the College of Charleston Cougars basketball team.
The Charleston metro encompasses Charleston, Berkeley and Dorchester counties on coastal South Carolina. The area is known for its tourism industry and port activity. Charleston features the largest container seaport on the East Coast. In addition to tourism, key industries in the area include Aerospace, Automotive, IT & Defense, Energy and Life Sciences. Major employers include the Medical University of South Carolina, College of Charleston, Joint Base Charleston, Boeing, Charleston County, Bosch, and Roper St. Francis Healthcare.
PROPERTY OVERVIEW
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FLOOR PLANS
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AERIAL LEGEND
1 H&M, VINEYARD VINES, LULU LEMON
2 WENTWORTH PARKING GARAGE
3 GEORGE ST PARKING GARAGE
4 STERLING CAMPUS CENTER APARTMENTS
5 JOS A BANK, POTTERY BARN
6 APPLE STORE, MELLOW MUSHROOM, VANS
AERIAL LEGEND
7 URBAN OUTFITTERS, CHIPOTLE, FIVE GUYS, WALGREENS
8 FRANCIS MARION HOTEL
9 ST PHILIP STREET PARKING GARAGE
10 INFORMATION TECHNOLOGY COLLEGE OF CHARLESTON
11 MARION SQUARE, HOTEL BENNETT
12 THE CITADEL: MILITARY COLLEGE OF CHARLESTON
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AERIAL LEGEND
1 TD ARENA
2 STERLING CAMPUS CENTER APARTMENTS
3 HOTEL BENNETT
4 FRANCIS MARION
AERIAL LEGEND
5 INFORMATION TECHNOLOGY COLLEGE OF CHARLESTON,
6 EMBASSY SUITES BY HILTON
7 CAROLINA ALE HOUSE, WALGREENS, CHIPOTLE, FIVE GUYS
8 POTTERY BARN, JOS. A BANK
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INTERIOR SHOTS
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CHARLESTON, SOUTH CAROLINACHARLESTON, SOUTH CAROLINA
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CHARLESTON, SOUTH CAROLINALocated along the Atlantic seaboard, the Charleston metro encompasses Charleston, Berkeley and Dorchester counties in southeastern South Carolina. A favorable business climate is helping draw companies and workers to the region. The metro population has grown by roughly 275,000 people since 2000 and the market is forecast to receive another 64,000 people through 2022. Charleston is the largest city in the metro with 134,200 residents, followed by North Charleston with 109,300.
PORT ACTIVITY
LARGEST CONTAINERSEAPORTS ONEAST COAST
TOURISMINDUSTRY
7.3+ MILLION VISITORS$8 BILLION
ECONOMIC IMPACT
KEY INDUSTRIES
AEROSPACEAUTOMOTIVEIT & DEFENSE
ENERGYLIFE SCIENCES
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MEDICAL UNIVERSITY OF SOUTH CAROLINAThe Medical University of South Carolina (MUSC) is one of the nation’s top academic health science centers, with a 700-bed medical center and six colleges. Its campus is located on more than 80 acres in the city of Charleston, with an overall population of about 13,000 clinicians, faculty, staff and students. Nearly 3,000 students in six colleges (Dental Medicine, Graduate Studies, Health Professions, Medicine, Nursing, and Pharmacy) study for degrees at the baccalaureate, master’s, doctoral, and other professional levels.
COLLEGE OF CHARLESTONThe College of Charleston is a public sea-grand and space-grant university located in Charleston, South Carolina. The school was founded in 1770 and chartered in 1785 making it the oldest college in South Carolina. There are more than 10,000 undergraduates and approximately 1,000 graduate students and more than 500 teacher-scholars. The College of Charleston offers 61 majors, 78 minors, 24 master’s degree programs, and 10 graduatelevel certificate programs.
PORT OF CHARLESTONThe Port of Charleston continues to be the fastest growing major port in the United States. The Port has five public terminals owned and operated by the South Carolina Ports Authority. These facilities handle containers, motor vehicles, and other rolling stock, non-containerized goods and project cargo, as well as Charleston’s cruise ship operation. From 2011-2017, container volume is up 58% and the total volume in 2017 was 2.2 million TEU, a new record high for container volume. The State of South Carolina is investing $300 million to make Charleston the deepest port on the US East Coast in 2020.
ECONOMIC DRIVERS
MAJOR EMPLOYERS
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PHOTO SOUCE: HolyCityHospitality.com
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DEMOGRAPHIC ANALYSIS
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0.25 MILE 0.5 MILE 1 MILE2019 HOUSEHOLDS 711 3,168 8,8972024 HOUSEHOLDS 823 3,345 9,123
0.25 MILE 0.5 MILE 1 MILE2019 OWNER OCCUPIED HOUSING 20.7% 22.8% 32.8%2019 RENTER OCCUPIED HOUSING 79.3% 77.2% 67.2%2024 OWNER OCCUPIED HOUSING 21.1% 22.8% 32.4%2024 RENTER OCCUPIED HOUSING 78.9% 77.2% 67.6%
0.25 MILE 0.5 MILE 1 MILE2019 POPULATION 4,009 9,309 21,2332024 POPULATION 4,237 9,634 21,579
0.25 MILE 0.5 MILE 1 MILE$ 0 - $ 14,999 40.9% 31.7% 24.1%$ 15,000 - $24,999 9.1% 9.6% 9.1%$ 25,000 - $34,999 8.0% 8.3% 8.0%$ 35,000 - $49,999 7.9% 10.0% 11.5%$ 50,000 - $74,999 9.4% 10.2% 11.3%$ 75,000 - $99,999 7.0% 6.9% 7.5%$100,000 - $124,999 4.2% 6.4% 7.2%$125,000 - $149,999 2.8% 4.3% 4.6%$150,000 - $200,000 4.4% 4.6% 5.4%$200,000 to $249,999 2.9% 3.1% 4.2%$250,000 + 3.5% 4.8% 7.2%MEDIAN HH INCOME $25,038 $35,485 $44,921PER CAPITA INCOME $14,163 $29,054 $41,671AVERAGE HH INCOME $59,621 $76,170 $95,300
CLICK HERE FOR COMPLETE DEMOGRAPHIC REPORT
WWW.AMPROPERTYGRP.COM
ANDREW MARGULIESSenior Vice President | Investments
Senior Director, National Retail GroupTel: (312) 543-0090
[email protected] License: 264059
IL License: 475147606
HARRISON CREASON (LEAD)Senior Associate | Investments
National Retail GroupTel: (843) 952-2257
[email protected] License: 91161