401 Western LnIrmo, SC 29063

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

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.

• 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

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