401 Western LnIrmo, SC 29063

  • Other commercial real estate
  • 15,750 SF
For Sale
$4,300,000 View listing

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
401 Western Ln, Irmo, South Carolina

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
-
-
-
-
-
-
-
$1,625,200

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