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.
Listing Date: 01-30-2023
Sold Date: 12-09-2020
Listing Sold: 
3 Year(s), 4 month(s), 15 day(s) ago
Asking Price: $2,100,000
Selling Price: $2,100,000
Price Difference:
Same as list price
Anchored: No
Year Built: 1840
Asking Price Type: Fixed Price
County: Charleston
Land Size: 0.00
Title: 124 Cannon Street: Investment Opp - Short Term Rental Overlay District
Second Property Subtype: Hospitality
Zoning: City of Charleston - LB - Lim
Nearest Msa: Charleston-North Charleston, SC
Property Type: A
Original Price: $2,100,000
Build To Suit: No
Property Use Type: Hospitality, Investment, Vacation/Resort
Class Type: Hospitality
Sold Date: 2020-12-09T00:00:00
Rentable Area: 4918
Courtesy of listing office East Rock Properties, LLC