Chris Anderson Broker 843.442€¦ · THE OFFERING PRESENTED BY: 04. Conﬁdential 289-291 King...

Chris Anderson | [email protected] Society Street | Charleston, SC 29401 289-291 King Street, Charleston, SC

289-291 King Street, Charleston, SC 29401ConfidentialOffering Memorandum

DISCLAIMER

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the

acquisition of 298-291 King Street (the “Property”). This Memorandum contains selected information pertaining to the Property and does not purport to be a

representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information

which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference

purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the

Owner and King & Society. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All

references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property

will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are

described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced.

Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this

Memorandum in any manner. Neither the Owner or King & Society, nor any of their respective directors, officers, affiliates or representatives make any

representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment

or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections

of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all

expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise

as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an

offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by

the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this

Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this

Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or King & Society. You also agree that you will not

use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or King & Society. If after reviewing this Memorandum, you

have no further interest in purchasing the Property, kindly return this Memorandum to King & Society.

PRESENTED BY: 02

Investment Overview


PRESENTED BY: 03TABLE OF CONTENTS

Offering highlightsInvestment HighlightsProperty SummaryLease InformationUnit MixPhotosFloor Plans & ElevationsLocation SummaryProperty AerialRetail AerialDemographics

456789

10 - 16171819

20


King & Society Real Estate is pleased to present a rare opportunity to own an asset in the highly desirable downtown

submarket of historic Charleston, South Carolina. This grand, iconic structure is an extremely, well-located 11-unit

apartment building on the nationally-recognized King Street retail, hospitality, and restaurant corridor in downtown

Charleston.

Just steps away from the College of Charlestonʼs 12,000 students and the Medical University of South Carolina, this

prominent multifamily building features 11 apartments (lofts, 1-BR and 2-BR units) and is located on the western side

of King Street at the intersection of of Society Street. The properties are part of a master regime which also includes

the King Street retail space, which is not included in this offering.

Charleston's economic mix is diverse, combining one of the busiest container ports, a world-recognized visitor

industry, a thriving airport, one of the Southeastʼs most impressive medical hubs, a well-established base of national

and international manufacturers, as well as a large military presence. The Charleston metroʼs dynamic economy,

alongside the natural beauty, world-class culture and historic charm, has led to a highly sought after destination for

businesses, potential residents and tourists.

PRESENTED BY: 04THE OFFERING


INVESTMENT HIGHLIGHTSPRESENTED BY: 05

Upside OpportunityPotential to push rents through strategic unit upgrades and upside opportunity for different uses, including condominiums and office.

Repositioning: Full set of approved /prelimanary architectural plans for residential use, adding 1,800+ sf and 4 additional bedrooms.

Area ProfileKing Street is regarded as one of the Top 10 Shopping Streets in America and is two blocks away from a thriving college with more than 12,000 students. Charleston is the largest city in South Carolina and attracts more than 6 million visitors annually.

Prime LocationWalk to all of the amenities of downtown Charleston and Upper King Street.

Well Positioned: Opportunity for residents to live in a nice downtown apartment without paying the price for new construction apartments; prime residential location for condominium living.


PROPERTY SUMMARYPRESENTED BY: 06

Year ConstructedAddressCityCountyUnitsBedroomsStoriesGross SFRoofFramingFoundationSubfloorsParkingHeating/ACRegime/Property Association

1900289-291 King Street, Charleston, SC 29401CharlestonCharleston1119311,076CMVSteelSlabWoodN/ASeparate system for each unitProperty for sale is 11 of 12 units in Property Association;Additional unit is ground floor retail space on King Street(not included).

ServiceElectricityWaterTrashCable/Internet

ProviderSCE&GCharleston WaterCityComcast

ResponsibilityResidentLandlordLandlordResident

Resident BillingDirect to ResidentN/AN/ADirect to Resident


LEASE INFORMATIONPRESENTED BY: 07

289 KingUnit CUnit DUnit E Unit F Unit GUnit H

– August 10, 2019- July 31, 2020

– August 1, 2019- July 31, 2020

– July 1, 2019- July 31, 2020

– August 1, 2019- July 31, 2020

– August 1, 2019- July 31, 2020

– August 1, 2019- July 31, 2020

$1,300$1,850$1,300$1,325$1,800$1,900

July 31, 2019- July 31, 2020August 1, 2019- July 31, 2020August 1, 2019- July 31, 2020August 10, 2019- August 9, 2020

291 King

Unit A –

Unit B –

Unit C –

Unit D –

Unit E – August 1, 2019- July 31, 2020

$1,850$2,750$1,800$1,750$1,950


UNIT MIXPRESENTED BY: 08

Total Units – 11

Total Bedrooms – 19

Existing Square Footage – 11,076 Sq Ft

Beds1 Bedroom2 Bedroom2 Bedroom3 Bedroom

Baths1 Baths1 Baths2 Baths2 Baths

Unit Count3611

Total Units – 11

Total Bedrooms – 23

Proposed Square Footage – ±12,909 Sq Ft

Beds1 Bedroom2 Bedroom3 Bedroom

Baths1 Bath2 Baths3 Baths

Unit Count263

Proposed Unit MixExisting Unit Mix


PHOTOSPRESENTED BY: 09


FLOOR PLANSPRESENTED BY: 10

First Floor Plan - Proposed

Ground Floor Plan - Existing



Second Floor Plan - Proposed

Second Floor Plan - Existing

Third Floor Plan - Proposed

Third Floor Plan - Existing





Mezzanine Plan - Proposed

Mezzanine Level- Existing


PRESENTED BY: 14

Penthouse Level - Proposed

Fourth Floor Roof Level Plan - Proposed

FLOOR PLANS



High Roof Plan- Proposed

Roof Plan Existing


KING STREET STREET VIEWPRESENTED BY: 16

ConfidentialOffering Memorandum289-291 King Street, Charleston, SC 29401

LOCATION SUMMARY #1 Small Cityin America Conde Nast

#1 Best Cityin the South

Southern Living

#1 Best Cityin America for Economic Opportunity

Yelp

#4 BestMid-Size City in US

Forbes

#4 Most Fun Cityto Live In US

News & World Report

#6 Best CityWhere Young People are Happy

Business Insider

#7 Most Exciting FoodCity in America

Zagat

Market Street

Meeting Street

King Street

College ofCharleston


PROPERTY AERIALPRESENTED BY: 18


RETAIL AERIALPRESENTED BY: 19

Select King Street Tenants

King Street is ‘King’ for Retail

King Street is still the top choice for national retailers with experience-driven retail trending.

Charleston is experiencing an urbanization and interest in 24-hour city centers. This trend has a direct effect on retailers.

There are limited infill sites available on the Peninsula, driving rental rates to historic highs and keeping vacancy rates low.

Development is booming on the Peninsula, with new office and residential projects, in addition to rehabilitation of historic properties throughout the downtown area.


DEMOGRAPHICSPRESENTED BY: 20

2017 Summary

Population

Households

Families

Average Household Size

Owner Occupied Housing Units

Renter Occupied Housing Units

Median Age

Median Household Income

Average Household Income

2022 Summary

Population

Households

Families

Average Household Size

Owner Occupied Housing Units

Renter Occupied Housing Units

Median Age

Median Household Income

Average Household Incomea

1 MILE

21,031

8,926

2,772

2.00

2,905

6,021

25.0

$38,214

$77,518

1 MILE

22,680

9,752

2,966

2.00

3,125

6,627

26.1

$44,049

$88,086

3 MILE

51,468

21,900

9,313

2.10

9,700

12,200

29.9

$44,014

$80,609

3 MILE

55,458

23,825

9,998

2.10

10,500

13,325

31.4

$52,772

$92,123

5 MILE

128,224

55,542

27,796

2.20

30,060

25,482

36.5

$53,569

$83,353

5 MILE

138,875

60,416

29,912

2.20

32,699

27,717

37.7

$61,359

$94,798

1 Mile

3 Miles

5 Miles

Chris Anderson | [email protected] Society Street | Charleston, SC 29401

289-291 King Street, Charleston, SC

Date post:	20-Jul-2020
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