MLS# 30462279 | 124 Cannon Street Charleston SC | subdivision
843-225-7007
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Charleston, SC 29403
- $427Price per SqFt
- 4,918SqFt
- 242Days 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:
2 Year(s), 9 month(s), 20 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
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 09-29-2023 10:05 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.
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