588 E Bay Street, Charleston, SC 29403 (MLS# 31009073)

588 E Bay Street, Charleston, SC 29403

$4,250,000

588 East Bay -Tidalcreekphoto- (30) boun

Property Type: Commercial Sale Square Footage: 2,215 Status: Active Contingent

Current Price: $4,250,000 List Date: 7/27/2026 Last Modified: 7/30/2026

Overview

Description

Rarely does an asset of this caliber come to market: a convenience store, gas station, and car wash occupying a 34,289 SF (.787 acre) site in the heart of Downtown Charleston's Historic District, directly across from the main Downtown US Post Office. This irreplaceable property benefits from extremely high barriers to entry and commands one of the highest traffic flow of any main artery in Downtown Charleston, with counts averaging 28,600 vehicles per day over the past three years -- outpacing Meeting St. (~17,600), Calhoun St. (18,300-20,500), and King St. (7,600). Excellent visibility and access are secured by two curb cuts on East Bay St. plus cross access to the Chapel St. intersection. The investment is secured by an absolute net ground lease with zero landlord responsibilities, backed by an investment-grade credit tenant operating 17,300 stores across 27 countries.. This is a proven location with 19 years' operating history and recent renewal term extension. With the downtown p ... (Read more)

Listing Details MLS# 31009073

Location

Street Number: 588
Street Direction Prefix: E
Street Name: Bay
Street Suffix: Street
County: Charleston
Nearest MSA: Charleston-North Charleston, SC
Submarket/Township: 51 - Peninsula Charleston Inside of Crosstown
State or Province: SC
Postal Code: 29403
Parcel Number: 4590000155
Opportunity Zone: No

General Information

Property Sub Type: Retail
Secondary Sub-Type: Special Purpose
Listing Name: Trophy Asset For Sale- Credit Tenant Absolute Net Ground Lease
Building Area Total: 2215
Lot Acres: 0.787
Zoning: City of Charleston - GB - General Business
Anchored?: No
List Price/Acre: 5379746.84
List Price/SqFt: 1918.74
For Comp Purposes Only: No
Opt In to Crexi?: Yes

Contract Information

Listing Contract Date: 2026-07-15
Original List Price: 4250000
Tax Legal Description: Tract C

Building Related

Tenancy: Single Tenant
General Condition: Good
Year Built: 1997

Land Related

In Flood Plain?: Yes

Financials

Tax Assessed Value: 217350

More Information

Status Change Info

Status Change Date: 2026-07-30
Under Contract Date: 2026-07-30
Contingent: Active Contingent
Contingency Reason: Due Diligence

Auction Details

Auction: No

Directions & Remarks

Directions: East Bay Street Charleston
Public Remarks: Rarely does an asset of this caliber come to market: a convenience store, gas station, and car wash occupying a 34,289 SF (.787 acre) site in the heart of Downtown Charleston's Historic District, directly across from the main Downtown US Post Office. This irreplaceable property benefits from extremely high barriers to entry and commands one of the highest traffic flow of any main artery in Downtown Charleston, with counts averaging 28,600 vehicles per day over the past three years -- outpacing Meeting St. (~17,600), Calhoun St. (18,300-20,500), and King St. (7,600). Excellent visibility and access are secured by two curb cuts on East Bay St. plus cross access to the Chapel St. intersection. The investment is secured by an absolute net ground lease with zero landlord responsibilities, backed by an investment-grade credit tenant operating 17,300 stores across 27 countries.. This is a proven location with 19 years' operating history and recent renewal term extension. With the downtown population growing and the supply of gas stations shrinking, this offering represents a rare, no-maintenance, high-barrier investment in one of Charleston's most established and irreplaceable corridors. Priced at less than 50% of comparable land sales, and generating solid income, this is the perfect acquisition for a patient investor looking for solid cash flow and long-term upside.

Property Sub Type

Retail: Yes
Special Purpose: Yes

Existing Lease Type

Ground Lease: Yes

Current Use

Car Wash: Yes
Convenience Store: Yes
Gas Station: Yes
Investment: Yes

Structure Type

Retail: Yes

Water Source

Public: Yes

Sewer

Public Sewer: Yes

Listing Terms

1031 Exchange: Yes
Cash: Yes
Conventional: Yes

Property Features

Property Sub Type: Retail; Special Purpose Current Use: Car Wash; Convenience Store; Gas Station; Investment Structure Type: Retail Existing Lease Type: Ground Lease Water Source: Public Sewer: Public Sewer Listing Terms: 1031 Exchange; Cash; Conventional

Documents

Listing Office: Prospect Real Estate Brokers

Last Updated: July - 30 - 2026

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