124 Cannon St, Charleston

$2,100,000

0 Beds
0 Full Bath
0 Sqft
0 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 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.

Essential Information
MLS® #30462279
Price$2,100,000
Acres0.00
TypeCommercial Sale
StatusActive
Community Information
Address124 Cannon St
CityCharleston
CountyCharleston
StateSC
Zip Code29403
Area

Peninsula Chas. inside of crosstown

Additional Information
ZoningLB
Listing Details
OfficeEast Rock Properties, LLC

Properties for Sale Similar to 124 Cannon St, Charleston, SC

Photo of Listing #30582375

1084 King St, Charleston

$2,300,000 - 5,955 Sf

MLS® # 30582375

Charleston Trident Association of Realtors Logo
Photo of Listing #30567807

623 Meeting St, Charleston

$2,300,000

MLS® # 30567807

Charleston Trident Association of Realtors Logo
Photo of Listing #30555919

227 Rutledge Ave, Charleston

$1,800,000

MLS® # 30555919

Charleston Trident Association of Realtors Logo

Charleston Trident Association of Realtors Logo 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 Seabrook Island 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.

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 2020 Charleston Trident Multiple Listing Service, Inc. All rights reserved.

Sign up for email updates