The building at Carriage Lane was a value-add opportunity acquired in April of 2017. A full renovation of the building’s interior and exterior was completed in 3 months. The office building sits at the corner of Highway 61 and Carriage Lane and is conveniently located in the middle of West Ashley, only minutes from Charleston’s Central Business District.
Renovation details include:
New HVAC systems
All new interior flooring
New ceilings
New lighting throughout
Painting interior and exterior
The property was stabilized at 100% occupancy before the renovations were completed.
Internal Rate of Return: 23%
Cap Rate: 10.5%
Our investment team does ongoing market research and site analysis to determine the best locations geared towards our investment strategy.
We perform site inspections and consult with general contractors and architects to identify property improvement opportunities and cost estimates.
We do extensive property analysis including underwriting property historical cash flow, three tiered income modeling, future cash flow projections and IRR and cash on cash return profitability models.
Our team underwrites the current tenants and reviews all current lease agreements to determine an appropriate credit grade of the property and identify opportunities for improvement.