401 Western LnIrmo, SC 29063
- Other commercial real estate
- 15,750 SF
Property Details for 401 Western Ln
- Year built
- 1978
- Lot size
- 5.83 AC
- Property size (Sq ft)
- 15,750 SF
- Zone code
- PDD
- Property type
- Other commercial real estate
- APN
- R04000-04-79
- APU
- R040000479
Description
This exceptional value-add investment opportunity presents a 30,500 square foot office complex located at 401 Western Ln, Irmo, South Carolina, 29063. The property consists of two, single-story buildings constructed in 1978 and 1985, situated on a 3.5-acre lot. Currently boasting 100% occupancy with sixteen tenants, the property generates a strong NOI of $311,718, representing a 7.25% cap rate. Significant upside potential exists through lease restructuring, converting existing gross leases to triple-net leases. Individual tenant utility metering is in place, with tenants responsible for electricity costs. The landlord covers water and TICAM expenses. Furthermore, a sizable undeveloped pad site offers substantial expansion potential. The property is classified as Class B and features a modified lease structure. The asking price is $4,300,000, projecting a pro-forma cap rate of 11.09% and a pro-forma NOI of $477,000. This prime location in the rapidly growing Irmo market, within the Columbia MSA, benefits from excellent visibility and access via Interstate 26. The property is suitable for executive, medical, and traditional office uses.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $2,711,232
- Hospitality
- $2,483,474
- Educational
- $2,066,221
- Medical
- $2,137,281
- Retail
- $3,214,121
Location Insight
- City
- Irmo
- County
- Richland
- State
- South Carolina
- Latitude
- 34.1143
- Longitude
- -81.1875
- CBSA code
- 17900
- CBSA name
- COLUMBIA, SC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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