Address124 Cannon Street, Charleston, SC, 29403

Price$2,750,000

  • 6 Beds
  • 2 Baths
  • Residential
  • 2,118 SQ FT
  • Built in 1840

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$2,750,000
  • Bedrooms6
  • Bathrooms2.00
  • Full Baths2
  • Square Footage2,118
  • Acres0.22
  • Price/SqFt$1,298 USD
  • Year Built1840
  • TypeResidential
  • Sub-TypeOther
  • StyleLive/Work
  • StatusActive

Community Information

  • Address124 Cannon Street
  • CityCharleston
  • CountyCharleston
  • StateSC
  • Zip Code29403

Area

51 - Peninsula Charleston Inside of Crosstown

Subdivision

Cannonborough-Elliottborough

Interior

  • Stories2 Story

Exterior

  • Exterior FeaturesBalcony
  • Lot Description0 - .5 Acre
  • ConstructionPre-Owned

School Information

  • ElementaryMemminger
  • MiddleSimmons Pinckney
  • HighBurke

Additional Information

  • Days on Website88

Listing Details

  • OfficeEast Rock Properties, LLC
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