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SOLD – 112 South Service Court, Socastee Township, Myrtle Beach, SC

This investment property consists of 4,800 sf office and warehouse consisting of expanded ceiling height and spacious overhead doors situated on .71 acres.  A well-positioned service and trade complex with ease of access to SC Highway 544, this road serves as a primary tourism route with average daily traffic counts of 32,800.  Bedroom community permanent population base immediately accessible via Forestbrook Rd. offering connection to US Highway 501.

 

A single tenant occupied 4,300 sf.  With the owner having retained 500 sf of office for personal use, in evaluating the lease terms and circumstances of the owners use, a sale/leaseback was recommended by H. B. Springs Co. Real Estate.  Market research related to area rents was conducted by H.B. Springs Co. Real Estate and a recommendation made to the ownership establishing the rent and term.

 

The result of both leases was a modified net lease resulting in a net operating income of over $30,000.  Pricing of the asset was based together on area cap rates for like kind properties as well as comparable sales.  Marketing information was assembled, a target audience defined, marketing efforts were then initiated resulting in a closing taking place 130 days from implantation of these efforts

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