124 Cannon Street
Charleston, SC 29403
- 6 beds
- 2 baths
- – sqft
- 9,583 sqft lot
- 1840 build
- – on site
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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.
Listing courtesy of CTAR / Loren Ziff / East Rock Properties, LLC
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Last updated Aug 29, 2023
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MLS# 19021641 —
Walk Score®
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Soundscore™
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Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
12/9/20
Dec 9, 2020
|
Sold | CTAR | $1,350,000 |