Viewing Listing MLS# 19021641

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Cannonborough-Elliottborough - Charleston, SC Real Estate | Charleston - Residential Property

  • $2,100,000
    Reduced -$650,000
  • 124 Cannon Street
    Charleston, SC 29403
6Beds
2Full Baths
N/AHalf Baths
2,118SqFt
1840Year Built
0.22Acres
  • MLS# 19021641
  • Residential
  • Other
  • Active Contingent

AreaHistoric Charleston
CountyCharleston

Agent Remarks

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.


Baths Info

Halfbaths:  0

Fullbaths:  2

Building Info

Year Built:  1840

Exterior Features

Misc Ext:  Balcony

Lot Info

Acres:  0

Lot Desc:  0 - .5 Acre

Property Features

Stories:  2 Stories

Rooms Info

Beds:  6

SqFt Info

Sqft:  2,118

Utilities / HVAC

Water Sewer:  Public Sewer, Public Water

Schools

Elem:  Memminger

Middle:  Simmons Pinckney

High:  Burke

Courtesy of listing office East Rock Properties, LLC 

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Price & Status History (on heatherlord.com since Thu, Jul 25th 2019)
  • Original Price: $3,750,000
  • Current Price: $2,100,000
  • Price Reduced: $1,650,000
Date ChangedFromTo
05/20/2020ActiveActive Contingent
02/12/2020$2,750,000 $2,100,000 Reduced by $650,000
Residential, Land, Other Disclaimer:

Broker Reciprocity 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 The Boulevard Company, LLC 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. Last updated on 09-28-2020 9:01 AM EST . 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.
Commercial Sale/Lease: Copyright 2020 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 09-28-2020 9:01 AM EST est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.


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