61 West - Sale

1483 Tobias Gadson Blvd, Charleston, SC 29407

  • For Sale Contact for pricing
  • Property Type Other
  • Property Size 43,426 SF
  • Date Updated Jan 31, 2025

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. 

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Highlights

  • 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)

Contacts

broker
Gary Lyons, CCIM SIOR

Avison Young - US - SC - Greenville

broker
Gregg M. Legerton

Avison Young

Location

Getting Around

  • Walk Score ®

    41/100 Car-Dependent

  • Transit Score ®

    29/100 Some Transit

  • Bike Score ®

    50/100 Bikeable
Powered by Walk Score ®
  • City Charleston, SC
  • Neighborhood Savage Road - Citadel Mall
  • Zip Code 29407
  • Market Charleston

Points of Interest

  • Charleston

    5.02 miles

  • Sunoco

    0.65 miles

  • BP

    0.83 miles

  • Costco Gasoline

    0.85 miles

  • Citgo

    0.86 miles

  • Circle K

    0.96 miles

  • AAA

    1.10 miles

  • AmFlag

    1.27 miles

  • Mobil

    1.28 miles

  • Shell

    1.29 miles

  • ChargePoint

    4.62 miles

  • Higgins Pier Parking

    2.92 miles

  • North Charleston Parking Garage

    4.00 miles

  • Top Golf Parking

    4.26 miles

  • Welcome Center Parking

    4.47 miles

  • MUSC Lot

    4.47 miles

  • Holiday Inn Express Parking

    4.64 miles

  • Marriott Parking

    4.73 miles

  • Overflow B

    4.98 miles

  • Cell Phone

    5.06 miles

  • Economy A Parking

    5.06 miles

  • TownePlace Suites Charleston-West Ashley

    1.10 miles

  • Hampton Inn & Suites Charleston / West Ashley

    1.18 miles

  • Motel 6 Charleston South

    1.21 miles

  • Comfort Suites West of the Ashley

    1.22 miles

  • Town & Country Inn and Suites

    1.24 miles

  • InTown Suites Charleston Southwest

    1.25 miles

  • Quality Inn Charleston - West Ashley

    1.31 miles

  • Home2

    1.36 miles

  • Holiday Inn Express Charleston

    1.38 miles

  • Evergreen Motel

    1.41 miles

  • Bear E Patch

    0.39 miles

  • Domino's

    0.55 miles

  • Chick-fil-A

    0.66 miles

  • Rio Chico

    0.70 miles

  • McDonald's

    0.73 miles

  • O'Charley's

    0.78 miles

  • Tattooed Moose

    0.79 miles

  • Senor Tequila

    0.81 miles

  • Zaxby's

    0.81 miles

  • Firehouse Subs

    0.83 miles

  • West Ashley Middle School

    0.48 miles

  • Saint Andrews Middle School

    1.34 miles

  • Charleston Junior Academy

    1.47 miles

  • Oakland Elementary School

    1.52 miles

  • Orange Grove Elementary School

    1.97 miles

  • Stono Park Elementary School

    2.18 miles

  • Clemson Coastal Research & Education Center

    2.36 miles

  • Springfield Elementary School

    2.50 miles

  • West Ashley High School

    2.62 miles

  • West Ashley Center for Advanced Studies

    2.70 miles

  • Nia Infant, Toddler, and Child Development

    4.69 miles

  • Toddler's Academy & Preschool

    4.79 miles

  • Coastal Kids Academy

    8.79 miles

Frequently Asked Questions

How much does 61 West - Sale cost?

The sale price for 61 West - Sale is available upon request. Contact the listing broker for more information.

What is the total square footage of 61 West - Sale?

61 West - Sale totals 43,426 square feet.

Looking for more in-depth information on this property?

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