3353 & 3359 Meeting Street Rd

The asset at 3353 & 3359 Meeting Street Rd is strategically located in the heart of the Charleston MSA, offering convenient access to all major population centers, including Downtown Charleston, Mount Pleasant, West Ashley, James Island, and Summerville, within a 20-minute drive. Charleston MSA, one of the fastest-growing metropolitan areas in the U.S. with 18.5% growth in 2023, has seen a rising demand for commercial flex space driven by population expansion. This property features an in-place NOI of $9.88 PSF, with an additional opportunity for investors to lease a 3,050 SF vacant space, enhancing the property’s income potential. The current average rent is $10.05 PSF, and the projected 5-year NOI CAGR is 9.12% under conservative market leasing assumptions. Additionally, the property includes three loading docks, four roll-up doors, and ceiling heights averaging 18 feet, making it highly attractive to light industrial and flex tenants.
The tenant lineup is robust and diverse, with Insight Group maintaining a presence for over six years and Charleston Wine Vault as a decade-long tenant. While the weighted average lease term remaining among the three tenants is less than 3.8 years with no renewal options, this provides a unique opportunity for a new investor to negotiate favorable terms at market rates. The property has been meticulously maintained, with minimal deferred maintenance and a less than five years old roof. With its strategic location, strong tenant mix, and significant value-add potential, 3359 Meeting Street Rd presents a compelling investment opportunity in the growing North Charleston industrial/flex market.