124 Cannon Street, Charleston, 29403

Residential - Other For Sale in Cannonborough-Elliottborough

$3,750,000

6Beds
2Baths
2,118Sqft
.22Acres
1840Built
25DOM
MLS® #: 19021641
Active, 25 Days on Market

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: $3,750,000
$/SqFt: $1,771
Bedrooms: 6
Bathrooms: 2.00
Full Baths: 2
Square Footage: 2,118
Acres: 0.22
Year Built: 1840
Type: Residential
Sub-Type: Other
Style: Live/Work
Status: Active
Construction: Pre-Owned

Interior

Stories: 2 Story

Exterior

Exterior Features: Balcony
Lot Description: 0 - .5 Acre

Community Information

Address: 124 Cannon Street
Area: Peninsula Chas. inside of crosstown
Subdivision: Cannonborough-Elliottborough
City: Charleston
County: Charleston
State: SC
Zip Code: 29403

School Information

Elementary: Memminger
Middle: Simmons Pinckney
High: Burke

Additional Information

Listing Office: East Rock Properties, LLC
Days on Website: 25

Scott Campbell

Your contact at Prestige Real Estate

I am delighted to answer any questions you may have.

Please provide a valid email address.
Prestige Real Estate Group
Prestige Real Estate Group LLC
1156 Bowman Road, Suite 200
Mt. Pleasant, SC 29464
1 (843) 259-9913

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 Prestige Real Estate Group 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 2019 Charleston Trident Multiple Listing Service, Inc. All rights reserved.