For Sale
$2,991,000

2060 Charlie Hall BlvdCharleston, SC 29414

6,029 SF Medical Office, Net Lease

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 6,029-square-foot medical office building in Charleston, South Carolina, currently leased to Carolina Eyecare Physicians. The property boasts a strong 10.9-year remaining lease term (expiring September 30, 2035) with a highly reputable tenant. The lease includes 2.75% annual rent increases, providing consistent income growth. Two five-year renewal options further enhance the long-term stability of this investment. The building, constructed in 2002, has undergone recent capital improvements, including a roof replacement in October 2021 (with a warranty extending to October 2031) and an HVAC unit replacement in 2023 (another was replaced in 2018). Carolina Eyecare Physicians is a well-established group with 18 locations and a 30-year history in the Charleston area. The tenant strategically partnered with US Eye in 2020, a leading support provider backed by Pamlico Capital, a private equity firm managing $4 billion in assets. The property's prime location within a dense medical corridor, adjacent to Bon Secours St. Francis Hospital (a 204-bed facility generating $305 million in annual net patient revenue) and the recently expanded West Ashley Medical Pavilion, ensures high visibility and strong demand. The surrounding area also features thriving retail, including national tenants like Home Depot, Lowe's, McDonald's, and a top-performing Chick-fil-A. The Charleston MSA's robust economy, with a population growing three times faster than the national average, further strengthens this investment's potential. The asking price is $2,991,000, representing a 6.40% cap rate and a price per square foot of $496.10. The property's Net Operating Income (NOI) is $191,417. This is a fee-simple ownership opportunity with significant upside potential.

Highlights

  • Carolina Eyecare Physicians, a leading Charleston-area group with 18 locations and a 30-year history, occupies the property. They partnered with US Eye, backed by Pamlico Capital ($4B AUM).
  • Property is adjacent to Bon Secours St. Francis Hospital (204 beds, $305M annual net patient revenue) and the recently expanded West Ashley Medical Pavilion. Strong retail presence includes Home Depot, Lowe's, McDonald's, and a top-performing Chick-fil-A.
  • Charleston MSA boasts 849K residents, growing 3x faster than the US average, and over 2,000 physicians due to MUSC.
  • US healthcare industry projected 5.5% CAGR (2022-2028); LASIK market to grow 37% by 2030.
  • 11.5-year lease remaining with 2.75% annual escalations and two 5-year options. Roof replaced in 2021 (warranty to 2031), one HVAC unit replaced in 2023.

Property Details for 2060 Charlie Hall Blvd

Property type
Office properties, Medical offices
Square Feet
6,029 SF
Year Built
2002

Location Insight

City
Charleston
County
Charleston
State
South Carolina
Latitude
32.8160774
Longitude
-80.044782
2060 Charlie Hall Blvd, Charleston, South Carolina

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2060 Charlie Hall Blvd
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