Value-add medical office investment | Call for Offers | Due February 28th, 2025

61 West

1483 Tobias Gadson Blvd, Charleston, SC 29407

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Building

Summary

  • Building size (SF) 43,426
  • Sale price Call for offers
  • Lot size (Acres) 6.15
  • TMS # 351-02-00-028
  • Zoning GO (General Office)
  • Stories 2
  • Year built 1988
  • # of tenants 16
  • Parking spaces 178
  • Lease type Full service

The 61 West Medical complex presents an outstanding opportunity for a major MOB investor to establish a presence in the high barrier to entry market of Charleston, SC. This well-located West Ashley asset has an excellent mix of clinical healthcare practices and just 1.2 miles from Bon Secours/St. Francis Hospital’s flagship campus. It is easily accessible from I-526 & Hwy 61, and only 7.2 miles from the central business district of historic Charleston.

Boasting a growing population, a technically skilled workforce, and global marketplace connections, Charleston provides an ideal backdrop for this investment opportunity. Despite this rapid population growth the market has not seen a significant increase in new medical buildings resulting in a limited supply of quality medical space. As a result, the West Ashley submarket is currently experiencing a vacancy rate of 15% and has seen an absorption of >99,000 sf in the past 12 months (Costar report).

With average rents at more than $2 psf below the sub-market average and with nearly one quarter of the existing space in the building without renewal options, this investment presents a significant value-add opportunity for the next owner. Current research also suggests a significant opportunity exists for healthcare services in the West Ashley submarket. Notably, there is a lack of facilities in primary care, physical/occupational therapy, and mental/behavioral health.

Property will be sold via a call for offers process. All offers are due by 5 p.m. EST on February 28, 2025. 

Stats

Outstanding tenant roster of healthcare providers including Medical University of SC (MUSC), Anaesthesia Associates & Parkwood Pediatric Group.

Over 92% of the RBA is leased to medical practices or healthcare businesses

W.A.L.T of 52.3 months (occupied space) and 43.3 months (entire building)

Largest tenant, MUSC, occupies 16.4% of the building providing outstanding tenant diversification

Below Market Rents - $26.17 psf vs. $28.41 psf (West Ashley office space)
Current vacancy rate in the West Ashley submarket is approx. 4%, and no medical buildings are under constructio

Significant renovations to lobby and common areas in 2023

Pricing expectations significantly below replacement cost

Preliminary Cost Segregation proposal estimates a $479-695K tax deduction (first yr ownership)

Downloads

61 West-1483 Tobias Gadson Blvd_Flyer_For Sale

Team

Gary Lyons, CCIM SIOR

Gary Lyons, CCIM SIOR

Principal | Capital Markets
Avison Young - US - SC - Greenville
+1 864 535 5142
+1 919 323 0118
Gregg Legerton

Gregg Legerton

Vice President, Office Services
Avison Young - US - SC - Charleston
18438307236