3955 Ashley Phosphate RdNorth Charleston, SC 29418

  • Retail properties
  • 7,647 SF
For Sale
$3,582,235 View listing

Property Details for 3955 Ashley Phosphate Rd

Year built
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
1.49 AC
Property size (Sq ft)
7,647 SF
Zone code
I_DC
Property type
Retail properties
Property subtype
Other car washes
APN
172-15-15-020
APU
1721515020

Description

This fee-simple investment opportunity presents a 5,039 square foot Zips Car Wash located at 3955 Ashley Phosphate Rd, North Charleston, SC 29418, in Dorchester County. The property sits on a 0.66-acre lot and boasts a strong 7.65% cap rate, generating a net operating income (NOI) of $274,041. Built in 2007, the car wash operates under a 20-year absolute triple-net (NNN) lease with approximately 14.1 years remaining, providing significant long-term stability. The lease commenced December 28, 2018, and expires December 31, 2038. Annual rent increases of 1.00% are built into the lease, ensuring consistent growth. Further enhancing the investment potential are six five-year tenant renewal options, extending the potential lease term to 50 years. The property is priced at $3,582,235, translating to $710.90 per square foot. This offering qualifies for 15-year accelerated depreciation and bonus depreciation, providing significant tax advantages. The tenant, Zips Car Wash, benefits from a recent $70 million investment by Atlantic Street Capital, solidifying their financial strength and commitment to the location. This is a compelling investment opportunity with substantial long-term returns and built-in growth potential.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $2,329,310
    6.5%
    $2,150,132
    7%
    $1,996,552
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,722,766
    Geo Method
    $3,263,256
  • Alternative Use

    Use
    Valuation
    Residential
    $1,813,717
    Hospitality
    $1,661,355
    Educational
    $1,382,228
    Medical
    $1,429,765
    Retail
    $2,150,132
3955 Ashley Phosphate Rd, North Charleston, South Carolina

Location Insight

City
North Charleston
County
Dorchester
State
South Carolina
Latitude
32.9222
Longitude
-80.0932
CBSA code
16700
CBSA name
CHARLESTON-NORTH CHARLESTON, 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
$63,822
$38,442
$124,439
$162,881
-
$640,700
$2,073,985
$2,714,685

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