Assisted Living Facility | ±55,602 SF | Charleston, SC
$6,500,000
2333 Ashley River Road, Charleston, SC 29414
55,602 sqft
Building Size
4 acres
Lot Area
Details:
Highlights:
- PROPERTY HIGHLIGHTS
- • List Price: $6,500,000.00. Sold vacant
- • Building Size: ±55,602 SF
- • Site Size: ±4 AC
- • # of Units: 95
- • Zoning: DR-4 (City of Charleston) | Behavioral/IDD requires Special Use Permit
- • CoStar South Carolina Sold Comps: $305.35/SF; subject property at $116.90/SF
- • 2025 Weitz Replacement Cost (Construction cost only): $353/SF
- • Parcel ID: 3540400006
- PRO FORMA HIGHLIGHTS
- • Property Qualifies for a SBA 504 Loan: 25-year term, 85% LTC, and 5.722% interest
- • Pro Forma Vacancy: 30% (Year 1), 20% (Year 2) 10% (Years 3 - 10)
- • IRR: 88.25%
- • Cash on Cash: 37.5%
- • Acquisition Cap Rate: 12.97%
- • Debt Service Coverage Ratio: 2.03
- • Projected Sales Year 5: $17.29 million
- • Sales proceeds after expenses: $11.83 million
Description:
Charleston: Geography and Population
Charleston stands as South Carolina’s most populous city, strategically positioned along the state’s coastline where the Ashley, Cooper, and Wando rivers converge to form Charleston Harbor. As the county seat of Charleston County, it serves as the central hub for a rapidly growing metropolitan area that houses over 800,000 residents.
Charleston’s Silicon Harbor
A Tech and Academic Hub, Charleston’s transformation into “Silicon Harbor” is driven by a dense ecosystem of over 1,600 tech companies, anchored by global leaders and a burgeoning startup scene. Blackbaud, the world’s leading cloud software provider for social impact, serves as the region’s primary tech anchor with its global headquarters in the city. Other major players include Boeing South Carolina and Volvo, which integrate advanced aerospace and automotive engineering with sophisticated software development. The region also hosts significant operations for Booz Allen Hamilton and many others. This innovation is deeply intertwined with the city’s prestigious higher education institutions: The Citadel and the College of Charleston. These schools act as essential talent pipelines, specifically through joint master’s programs in computer and information sciences.
Bull Realty SC License #: 13327
Assisted living campus on Ashley River Road in Charleston, situated within Charleston County near key healthcare and senior housing infrastructure.
Documents:
| Title | ||
|---|---|---|
| Offering_Memorandum.pdf | ||
| Offering_Memorandum.pdf |
Location
Gallery
