$12,499,580 | N/A beds | N/A full baths | N/A half baths | N/A sqft

$12,499,580 No Recent Price Change
587 King St
Charleston, SC 29403
  • N/APrice per SqFt
  • N/ASqFt
  • 84Days on Market
  • N/AZoning
  • N/AYear Built
  • Retail-CommercialUse
  • 460-08-04-057Tax ID
  • MLS# 30810817
  • Commercial Sales
  • Retail-Commercial
  • Pending/contingent

  • Approx Time on Market2 months, 22 days
  • AreaHistoric Charleston
  • CountyCharleston
  • SubdivisionN/A

Overview

585 King Street is also included in this listing. CALL FOR OFFERS. OFFERS DUE AUGUST 22, 2022 by 5pm.PLEASE DO NOT SPEAK TO OR APPROACH TENANTSFor complete property/financial/lease information, please see the Confidentiality & Buyer Registration Agreement-- only valid with buyer's signature. The two properties will only be sold together as a package.585 King Street TMS#: 460-08-04-065587 King Street TMS#: 460-08-04-057585 King originally built circa 1915 and 587 King originally built circa 1910---both buildings completely gutted and reconstructed in 2017/18.Two single tenant NNN leased restaurant properties in Charleston's hottest dining and entertainment corridor. 585 King Street is approximately 4,235 rentable square feet (including rooftop outdoor space). 587 King Street is approximately 9,343 rentable square feet (including rooftop outdoor space). 6 years remain on 585 King Street lease, 10 years remain on the 587 King Street lease. Both leases have 3% annual increases, as well as two 5-year renewal options that bump to the greater of market rent or current rent plus a 3% increase. Renewal term rent increases by 3% annually.These two buildings are two of only FOUR restaurant spaces with rooftop area, and two of only 12 in the downtown historic area.This information has been secured from sources Colony Commercial, LLC believes to be reliable, but Colony Commercial, LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lease terms, or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. A principal in Colony Commercial, LLC holds an ownership interest in 585 and 587 King Street.


Building Info

Year Built Date:  1,910

Financial

Sale Terms:  Cash to Seller

Sale Price Max Total:  $12,499,580

Sale Price Min Total:  $12,499,580

Lot Info

Acres:  0.00

Misc

Use Type:  Net Leased Investment (NNN), Investment

Property Info

Msa:  Charleston-North Charleston

Title:  CALL FOR OFFERS - DUE 8/22/2022 - UPPER KING STREET PORTFOLIO SALE

County:  Charleston

Property Subtype:  Restaurant

Sale / Lease Info

Sqft Info

Size Rentable Sf:  13,578

Tax Info

Courtesy of listing office Colony Commercial LLC 

Mortgage Calculator

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Price & Status History (on robertsonhowland.com since Thu, Jul 14th 2022)
  • Original Price: $12,499,580
  • Current Price: $12,499,580
  • Price Reduced: $0
Date ChangedFromTo
09/27/2022ActivePending/contingent
Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Robertson Howland Properties are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 10-06-2022 10:05 PM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2022 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2022 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 10-06-2022 10:05 PM EST est.

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