Address: 605 N Main St, Moncks Corner, South Carolina, United States 29461
Type: Gas & Conv. Store
Cap Rate: 7.00%
Lease Type: Triple Net (NNN)
Annual Rent: $113,423
Net Operating Income: $113,423
Lease Term Remaining: 2+ Years
Rental Increases: 6.5% Every 5 Years
Options: Four (4), Five (5) Year Renewal Options
Year Built: 1994
Rentable Sq/Ft: 7,899 SF
Rent Sq/Ft: $14.36
Price Sq/Ft: $205
Lot Size: +/- 2.22 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Circle K located at 605 N Main St, Moncks Corner, SC 29461. The property consists of roughly 7,899 rentable square feet of building space on an estimated 2.22 acre parcel of land.
Circle K is subject to a 15 Year Absolute Triple Net (NNN) lease with over 2 years remaining. There are 6.5% rent increases every 5 years, and the tenant has four (4), five (5)-year renewal options.
The subject investment property is located on N Highway 52, which experiences average daily traffic counts of 27,997 vehicles. There are 20,983 individuals within a five-mile radius of the subject property and 46,213 within a ten-mile radius of the subject property. U.S. Route 52 is the main highway through Moncks Corner, leading south 32 miles to Charleston and north 80 miles to Florence.
The subject property presents a unique value-add opportunity. With just over two years remaining on an absolute triple-net (NNN) lease and a 2.22 acre plot, the property can either be redeveloped, or the tenant can renew and extend their lease.
The subject property benefits from being well-positioned in a dense retail area. Major retail tenants in the immediate area include: Chick-Fil-A, Wendy’s, McDonalds, Starbucks, Wal*Mart, Zaxby’s, Murphy USA, Dollar Tree, Dollar General, Tractor Supply Co., Firehouse Subs, KFC, Walgreens, Pizza Hut, Bojangles’, Arby’s, Food Lion, Applebee’s, and many more.
Moncks Corner was granted the trademark “Capital of Santee Cooper Country” by the South Carolina Secretary of State September 9, 1999, and again October 21, 2004. The trademark is a symbol of its abundant outdoor activities, such as horseback riding, hiking, water sports, boating and freshwater fishing. Moncks Corner is also the home of Santee Cooper’s corporate office complex. Moncks Corner is included within the Charleston–North Charleston–Summerville Metropolitan Statistical Area.
Broker of Record: Benjamin Yelm License #86628