MLS# 30462279 | 124 Cannon Street Charleston SC | subdivision

 Call Now

843-225-7007

On your phone? Text us now! 

You can also Email Marshall to set up a showing any ACTIVELY listed homes - be sure to include the address!

$2,100,000 | N/A beds | N/A full baths | N/A half baths | 4,918 sqft

$2,100,000
124 Cannon Street
Charleston, SC 29403
  • $427Price per SqFt
  • 4,918SqFt
  • 535Days on Market
  • N/AZoning
  • 1840Year Built
  • HospitalityUse
  • MLS# 30462279
  • Commercial Sales
  • Hospitality
  • Sold

  • Approx Time on MarketN/A
  • AreaHistoric Charleston
  • CountyCharleston
  • SubdivisionN/A

Overview

This .22 acre-site is zoned LB and located within the City of Charleston Short-Term Rental Overlay Zone. Existing code allows up to 4 units and 16 bedrooms on this site. We have created a plan to maximize short-term rental revenue on this site with 4 units consisting of 14 bedrooms with 14 full bathrooms that could be leased together or separately in a wide number of combinations. There are 8 proposed parking spaces on the lot (only 6 would be required).The asking price is built off of a pro forma illustrating what the property could generate once developed and operating for its intended use. The pro forma estimates the average daily rate/bedroom, the occupancy percentage, cost to operate the property and a market driven capitalization rate. The estimated cost to make the improvements as well as an amount for the developers' profit were deducted to determine the asking price.This is a rare opportunity to own, develop, and operate residential/hospitality property for weddings, business and leisure travelers in one of the most scenic and historic cities in the world (7.3 million visitors in 2018 and an $8 billion economic impact from tourism)The existing structure on the site, a duplex of 2,180 SF with 6 bedrooms and 2 bathrooms, is in need of a total upgrade despite its most recent tenants moving out this summer. (NOTE: Roof replaced Aug 2018, and HVAC replaced upstairs in Jan 2018 and downstairs in Oct 2018) Please see the various attachments and let's schedule a time to discuss how you can make this investment opportunity work for you.



Sale Info

Listing Date: 01-30-2023

Sold Date: 12-09-2020

Listing Sold: 
   3 Year(s), 7 month(s), 9 day(s) ago

Asking Price: $2,100,000

Selling Price: $2,100,000

Price Difference: 
Same as list price

Building Info

Anchored:  No

Year Built:  1840

Financial

Asking Price Type:  Fixed Price

Garage / Parking

Lot Info

County:  Charleston

Land Size:  0.00

Misc

Title:  124 Cannon Street: Investment Opp - Short Term Rental Overlay District

Offer Compensation

Property Info

Second Property Subtype:  Hospitality

Zoning:  City of Charleston - LB - Lim

Nearest Msa:  Charleston-North Charleston, SC

Property Type:  A

Original Price:  $2,100,000

Build To Suit:  No

Property Use Type:  Hospitality, Investment, Vacation/Resort

Class Type:  Hospitality

Sold Info

Sold Date:  2020-12-09T00:00:00

Sqft Info

Rentable Area:  4918

Unit Info

Utilities / Hvac

Courtesy of listing office East Rock Properties, LLC 

Mortgage Calculator

%
$
%
Dollars per $1000
$
Approximate Monthly Payment 0.0
On marshallwalker.com since Mon, Jan 30th 2023
No Property History recorded for this listing.
Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Marshall Walker Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-18-2024 9:37 PM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 07-18-2024 9:37 PM EST est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.


This real estate website and IDX data is hosted by Dynamic IDX, LLC (843.637.2411)

We are FULL TIME and Full Service agents!

Wondering what your home in is worth today? Call me and lets speak about your Charleston SC Commercial Sales property for sale?

Call Marshall at 843-532-3214 to list your Charleston home today! : Please Bookmark https://www.marshallwalker.com for the best in Charleston real estate : Choose Marshall Walker for your real estate needs!

Follow us on