124 Cannon Street, Charleston

$2,100,000

6 Beds
2 Baths
2,118 Sqft
.22 Acres
0 Garages

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 12 bedrooms with 12 full and one half 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. Please see the various attachments and let's schedule a time to discuss how you can make this investment opportunity work for you.

Essential Information
MLS® #19021641
Price$2,100,000
Bedrooms6
Bathrooms2.00
Full Baths2
Square Footage2,118
Acres0.22
Year Built1840
TypeResidential
Sub-TypeOther
StyleLive/Work
StatusActive Contingent
Community Information
Address124 Cannon Street
SubdivisionCannonborough-Elliottborough
CityCharleston
CountyCharleston
StateSC
Zip Code29403
Area

51 - Peninsula Charleston Inside of Crosstown

Interior
Stories2 Story
Exterior
Exterior FeaturesBalcony
Lot Description0 - .5 Acre
ConstructionPre-Owned
School Information
ElementaryMemminger
MiddleSimmons Pinckney
HighBurke
Additional Information
Days on Website343
Listing Details
OfficeEast Rock Properties, LLC
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