MLS# 31006533 | 199 St Philip Street UNIT A Charleston SC | subdivision
843-225-7007
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Charleston, SC 29403
- $877.72Price per SqFt
- 1,652SqFt
- 10Days on Market
- N/AZoning
- N/AYear Built
- RetailUse
- MLS# 31006533
- Commercial Sales
- Retail
- Active
- Approx Time on Market10 days
- AreaHistoric Charleston
- CountyCharleston
- Subdivision N/A
Overview
Charleston Commercial, on behalf of ownership, is pleased to exclusively offer 199A St Philip Street. The property is located on St Philip Street in the Short Term Rental Overlay and one block from King Street. The property is 100% occupied by Curated Vacation Properties LLC (CVP), the Seller, who will be signing a long term 10 year 'Lease Back' at closing. The Lease is triple net with no/minimal Landlord responsibilities and features 3% annual escalations on the Base Rent. There is an accelerated pay back schedule for Years 1-4 for the Tenant Build-Out, please see Rent Schedule for more information. Year 1 Cap Rate of 10%, Blended 10 Year Cap of 7.7%. The property was renovated down to the studs in 2024 and was Built-to-Suit CVP's needs. CVP is a luxury short term management company in Charleston with 145 units under management, totaling over 10,000 reservations and $10M in bookings in 2024. Updates to the property include all new MEP's, commercial washer & dryers, flooring, bathrooms and fresh cosmetics to transform the space into a highly functioning management office and house-keeping HQ. This 'mission critical' facility includes three on-site parking spaces as well as two large porches. The Seller also developed the back property (199B) in 2024 which is a fully permitted and functioning short term rental unit, which is not included in the sale. There is an easement in place for the shared driveway.Lastly, due to the zoning, the property can be used as a short term rental in the event the Tenant vacates upon their Lease termination, which further de-risks the opportunity.
Building Info
Anchored: No
Financial
Garage / Parking
Parking Type: Surface
Lot Info
County: Charleston
Land Size: 0.00
Misc
Title: STNL Sale Leaseback
Offer Compensation
Property Info
Second Property Subtype: Hospitality, Office, Retail
Zoning: City of Charleston - GB - Gen
Nearest Msa: Charleston-North Charleston, SC
Property Type: A
Original Price: $1,450,000
Property Use Type: Commercial, Investment, Retail
Class Type: Retail
Sold Info
Sqft Info
Rentable Area: 1652
Unit Info
Unit: A
Utilities / Hvac
Courtesy of listing office Charleston Commercial
MLS# 31005305 
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 07-19-2025 11:54 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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