1470 Tobias Gadson Blvd, Suite 202,Charleston, SC

Urban Core CoWorking1470 Tobias Gadson Blvd, Suite 202, Charleston, SC


Location



 Contact us

Description

Urban Core Advisors acquired this value add opportunity in June 2017. The office space had not been occupied for 10 years, and a full renovation of the interior was completed in 3 months. The renovation included dividing the existing office into a co-working executive suites style space that features multiple furnished office spaces, a reception area, conference room and a kitchen/breakroom.

Renovation details include:
-New flooring throughout
-Paint
-Ceiling replaced
-New Lighting
-HVAC systems
-New Breakroom
-New Plumbing

The project was originally projected to stabilize in 8 months, however Urban Core had the property stabilized at 90% occupancy in 5 months.

Internal Rate of Return: 12%
Cap Rate: 10%

 Back to Results

Our ProcessStep By Step

SiteIdentification

Our investment team does ongoing market research and site analysis to determine the best locations geared towards our investment strategy.

SiteInspections

We perform site inspections and consult with general contractors and architects to identify property improvement opportunities and cost estimates.

PropertyAnalysis

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.

TheUnderwriting

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.