1240 21st Avenue
1240 21st Avenue, Myrtle Beach, SC

The property at 21st Avenue in North Myrtle Beach was a Core Plus opportunity acquired in December 2017. The property is located within Central Business District of Myrtle Beach in the 21st Avenue Commerce Center Building. The property is 100% leased with anchor credit tenants.

Total Investment Costs: $1.4 Million
Net Operating Income: $150,000
Going in Cap Rate: 10.5
Internal Rate of Return: 11.5%


One Carriage Lane
One Carriage Lane, Building C, Charleston, SC

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%


Urban Core CoWorking
1470 Tobias Gadson Blvd, Suite 202, Charleston, SC

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%


The Market Shoppes at Carnes Crossroads
2006 N Main Street, Summerville, SC

New ground-up construction of a 10,000 SF Speculative Retail Center in the Carnes Crossroads development in Summerville, SC. The ground floor of the building features retail spaces, and the 2nd floor offers office space for the retail tenants. This development is being delivered in fall 2018.

The Retail Center features:
1.1 Acre Site
5:1 Parking Ratio
10,000 SF of Space

The construction commenced in early 2018 and was stabilized at an 80% occupancy rate within three months of commencing construction.


1703 Ashley River Rd
1703 Ashley River Road, Charleston, SC

This value add property was acquired in April of 2018.  The property was a residential to office conversion with a full renovation of the interior and exterior of the building.

Renovation details include:
- New flooring
- Painting interior and exterior
- Paving and site work on exterior
- Complete landscaping
- New electrical and plumbing
- Building was made ADA compliant with a wheelchair ramp, handicap parking space and an ADA accessible restroom

Construction process- 4 months
Period of time listed - 3 months
Total holding period - 6 months

Return on Investment - 26%


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.