219 Cedar StSummerville, SC 29483

Property Details for 219 Cedar St

Year built

2013

Lot size

0.04 AC

Property size (Sq ft)

2,340 SF

Zone code

DMX_SV

Property type

Turn key restaurants

APN

137-07-05-007

APU

1370705007

Description

This exceptional mixed-use investment property in downtown Summerville, SC, offers a compelling opportunity for discerning investors. Located at 219 & 217 S Cedar St, this property consists of two buildings, totaling 3,831 square feet, and features a thriving bar and restaurant tenant under a 10-year NNN lease with two 5-year renewal options, commencing April 30, 2024. The lease provides a stable income stream with a current NOI of $135,645 and a 4.53% cap rate. Adding to the property's value are two fully furnished, short-term rental apartments located above one of the buildings, generating significant additional income. These units, a studio and a one-bedroom, are frequently booked. The property boasts a 100% occupancy rate and underwent renovations in 2023. Situated across from the new Bonaire Park and in Hutchinson Square, this property benefits from increased foot traffic and the revitalization of the downtown area. The property's prime location, strong tenant, and additional rental income streams make it an ideal investment with significant potential for both immediate returns and long-term appreciation. The zoning is D-Mx_Sv, and the property features two stories. This is a rare opportunity to acquire a high-performing, mixed-use asset in a rapidly growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $712,774

  6.5%

  $657,946

  7%

  $610,949

• Comparable approach

  Method

  Valuation

  Relative Method

  $527,170

  Geo Method

  $998,564

• Alternative Use

  Use

  Valuation

  Residential

  $555,002

  Hospitality

  $508,379

  Educational

  $422,965

  Medical

  $437,511

  Retail

  $657,946

Location Insight

City

Summerville

County

Dorchester

State

South Carolina

Latitude

33.0191

Longitude

-80.1778

CBSA code

16700

CBSA name

CHARLESTON-NORTH CHARLESTON, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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