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Bohemian Bull 2859 S Highway 17 5,000 SF Retail Building Murrells Inlet, SC 29576 $2,643,000 ($528.60/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- HIGH GROWTH MURRELLS INLET – A TOP VACATION MARKET
- RECENT RENOVATIONS
- STRONG LEASE FUNDAMENTALS
EXECUTIVE SUMMARY
STRONG LEASE FUNDAMENTALS
- 10 year term with 3% Increases Annually Providing a strong inflation hedge
- Two (2) five (5) year extensions
POSITIONED IN A DENSE RETAIL NODE
- More than 1.7M SF of retail space located within a 1-mile radius of the site
- Nearby National Retail Tenants Include: Walmart Supercenter, Belk, Kroger, The Home Depot, and more
- Retail vacancy in a 1-mile radius of the site is 0.1% according to CoStar
FRONTING BUSY THOROUGHFARE WITH CROSS ACCESS
- Property is fronting busy US-17 BUS (32.4K VPD)
- US-17 runs along the coast of the Carolinas, connecting Charleston, SC with Myrtle Beach, SC and Wilmington, NC and up into Jacksonville, NC
DENSE RESIDENTIAL AREA
- Located within a 1-mile radius of the site are 750 multifamily units and more than 3,500 homes
- Located just half a mile from the site is the new single family development Middlebrooke - 338 single family houses and 150 duplexes
HIGH GROWTH MURRELLS INLET – A TOP VACATION MARKET
- Murrells Inlet population increased by more than 6.21% in 2021-2022, while median HHI increased 4.47% in same time span (DataUSA)
- Over 17.6M people visited Murrells Inlet in 2023, accounting for over $12.5B in economic impact by direct visitor spending, a 4.7% increase from 2022
RECENT RENOVATIONS
- The Building has recently been converted to suit the tenant’s specifications
- Tenant has paid to add specific capital improvements to improve customer experience, improvements include outdoor patio, and beer garden with live music
- 10 year term with 3% Increases Annually Providing a strong inflation hedge
- Two (2) five (5) year extensions
POSITIONED IN A DENSE RETAIL NODE
- More than 1.7M SF of retail space located within a 1-mile radius of the site
- Nearby National Retail Tenants Include: Walmart Supercenter, Belk, Kroger, The Home Depot, and more
- Retail vacancy in a 1-mile radius of the site is 0.1% according to CoStar
FRONTING BUSY THOROUGHFARE WITH CROSS ACCESS
- Property is fronting busy US-17 BUS (32.4K VPD)
- US-17 runs along the coast of the Carolinas, connecting Charleston, SC with Myrtle Beach, SC and Wilmington, NC and up into Jacksonville, NC
DENSE RESIDENTIAL AREA
- Located within a 1-mile radius of the site are 750 multifamily units and more than 3,500 homes
- Located just half a mile from the site is the new single family development Middlebrooke - 338 single family houses and 150 duplexes
HIGH GROWTH MURRELLS INLET – A TOP VACATION MARKET
- Murrells Inlet population increased by more than 6.21% in 2021-2022, while median HHI increased 4.47% in same time span (DataUSA)
- Over 17.6M people visited Murrells Inlet in 2023, accounting for over $12.5B in economic impact by direct visitor spending, a 4.7% increase from 2022
RECENT RENOVATIONS
- The Building has recently been converted to suit the tenant’s specifications
- Tenant has paid to add specific capital improvements to improve customer experience, improvements include outdoor patio, and beer garden with live music
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,000 SF
Building Class
B
Year Built
2017
Price
$2,643,000
Price Per SF
$528.60
Cap Rate
7%
NOI
$185,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.30
Lot Size
0.38 AC
Parking
50 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
138’ on Highway 17
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Bohemian Bull
- -
- 5,300 SF
- -
- Triple Net
- Apr 2035
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Bohemian Bull | - | 5,300 SF | - | Triple Net | Apr 2035 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 47002010001 | Improvements Assessment | $76,757 |
| Land Assessment | $17,406 | Total Assessment | $94,163 |
PROPERTY TAXES
Parcel Number
47002010001
Land Assessment
$17,406
Improvements Assessment
$76,757
Total Assessment
$94,163
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Bohemian Bull | 2859 S Highway 17
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