Vanderking Properties Sells Retail Property On King St In Charleston, SC For $12M
585 King Street, Charleston, South Carolina 29403, United States
$12,000,000
$923,076/SF
Building Size
13 SF
Asset Type
Retail
Closing
Apr 17, 2023
AI
The retail property located at 585 & 587 King St in Charleston, SC has been sold for $12,000,000. The property spans approximately 13,700 square feet, resulting in a price per square foot of $876. The transaction took place on January 25, 2023. The seller of the property was Vanderking Properties.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $12,000,000
- Address: 585 & 587 King St, Charleston, SC
- Market: Charleston, SC
- Seller: Vanderking Properties
- Broker: Tim Weldon - Colony Commercial Real Estate
- Square Footage: 13,700
- Price Per Square Foot: $876
Tim Weldon from Colony Commercial Real Estate represented the seller, Vanderking Properties, in the transaction.
Players
Charleston Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93