588 E Bay Street | Charleston | $4,250,000

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588 E Bay Street Charleston, SC 29403 $4,250,000

2,215 SQ. FT.

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588 E Bay Street Charleston, SC 29403

For SALE Business ACTIVE

$4,250,000

EST. 10,698.24/MO CALCULATE

2,215 SQ. FT.

Property Description

Rarely does an asset of this caliber come to market: a convenience store, gas station, and car wash occupying a 34,289 SF (.787 acre) site in the heart of Downtown Charleston's Historic District, directly across from the main Downtown US Post Office. This irreplaceable property benefits from extremely high barriers to entry and commands one of the highest traffic flow of any main artery in Downtown Charleston, with counts averaging 28,600 vehicles per day over the past three years -- outpacing Meeting St. (~17,600), Calhoun St. (18,300-20,500), and King St. (7,600). Excellent visibility and access are secured by two curb cuts on East Bay St. plus cross access to the Chapel St. intersection. The investment is secured by an absolute net ground lease with zero landlord responsibilities, backed by an investment-grade credit tenant operating 17,300 stores across 27 countries.. This is a proven location with 19 years' operating history and recent renewal term extension. With the downtown population growing and the supply of gas stations shrinking, this offering represents a rare, no-maintenance, high-barrier investment in one of Charleston's most established and irreplaceable corridors.Priced at less than 50% of comparable land sales, and generating solid income, this is the perfect acquisition for a patient investor looking for solid cash flow and long-term upside.

Property Details

MLS ID31009073
Property TypeCommercial - Business
Current UseCar Wash, Convenience Store, Gas Station, Investment
Existing Lease TypeGround Lease
Lot Size0.79 Acres
Parcel Number4590000155
SewerPublic Sewer
WaterPublic
Year Built1997
ZoningCity of Charleston - GB - General Business
acres0.79

Listed By / Shown By

Listed By

Agency Name: Prospect Real Estate Brokers

SCCMLS

Shown By

Agency Title: Carolina One Real Estate
Agency Phone: (843) 203-5016

SCCMLS

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