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3015 DUNES W BLVD MT PLEASANT Mount Pleasant SC 29466

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Details
Property Type Office
Building SqFt 7,500
Sold Date ******
Sold Price ******
Sold Price/SqFt ******
Year Built 2007
Sale NOI ******
Sale Cap Rate ******
Lease Type ******
Days on Market ******
Latitude 32.8978
Longitude -79.8107

Property History

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Property Type
Property Type
Office
Asking Details
Asking Cap Rate
******
Marketing Description


3015 Dunes West Blvd, Building 5, is a two-story Class B office building at the entrance of Dunes West, in the office park known as The Commons. It is located in northern Mount Pleasant within minutes of Highway 41, Highway 17, and Clements Ferry Rd.


This building is approximately 7,500 SF and is rented to multiple tenants. More than half of the building is rented as small, short term office suites, adding flexibility for the new owner, as it can be continued to be leased as a lucrative investment, or quickly be occupied by the new owner when leases expire. Specifically, the lower level has two longer term rentals and two short term office suite rentals, while the entire second floor’s eleven suites are rented to short term tenants. A lobby, restrooms, kitchenette, and back patio are shared common area by its current tenants.

The newly topped and striped parking lot is on Plenty on a first come first serve basis among the seven buildings within the condominium association.



The town of Mount Pleasant, with more than 80,000 residents, is among the fastest-growing in the eastern United States. As a result, the Town Council has imposed moratoriums on new apartment developments and passed other growth restrictions. With high development costs, few new buildings are being developed and the price per square foot to lease or buy has sharply increased in the last couple of years.

An established commercial area, in the middle of several residential neighborhoods, The Commons at Dunes West is a sought after location for residents living nearby. With traffic increase throughout Charleston County, several of current tenants and property owners at The Commons live in these nearby communities.

To curtail traffic, the town has several transportation capital improvement projects in progress, including Transportation Program Development, Park West/Bessemer Roundabout, Highway 41 Widening, and Highway 41 & Joe Rouse Road turn lane.


Investment Highlights
The executive suites (All second floor and three units on the ground floor) program is a recent developed project for this building. Since its inception in May of 2017, tenants have joined the program and, as of June of 2018, the building was fully leased.

Give the recent history of the concept, the NOI calculation is implied by the recent operational activity.

In order to introduce the property to the market some leases were discounted. There is potential for lease corrections to market rate. Unit 501 is leased on a NNN basis and it is the only office managed by the landlord and not by Dunes Commercial Properties.


The executive suites are professionally managed by Dunes Commercial Properties. As part of the management agreement, the property manager oversees leasing inquiries and processing, marketing initiatives, repair and maintenance operations, and maintain the books for the executive suites. The executive suites have a website All executive suite tenants pay rent online via an automated system.

Tenants are provided with furniture, WiFi, and shared use of the conference room, kitchenet, and other common areas. Two 150Mbps Comcast circuits are provide for Internet access.

Loan History

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Financial History

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****** Data
Net Operating Income
******
Reporting Date
******

Tax History

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Contact Information

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Ownership Information

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Property Details

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There are no additional details for this property

Contacts

Sold on
 BY:
LY
Luiz Yamashita PRO
•••.•••.8882
••••••hita@•••••••••••••••.com
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