$3,750,000 124 Cannon Street Charleston, SC

MLS: 19021641   Type: Single Family   County: Charleston   City: Charleston   Area: Charleston Inside Crosstown   Neighborhood: Cannonborough-elliottborough   Zip: 29403   Style: Live/Work     Stories: 2

Mortgage $17,606 /mo

Beds

Baths

Half Baths

Sqr Footage

Lot Size

Built

6

2

0

2,118

9,583

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.

Elementary School

Middle School

High School

Memminger
Distance: 0.93 Miles
Simmons Pinckney
Distance: N/A Miles
Burke
Distance: 0.36 Miles

Price History

7/25/2019 Listed $3,750,000

Listing Area 51 - Peninsula Charleston Inside of Crosstown
New Owned Pre-Owned
Subdivision Cannonborough-Elliottborough

Interior Features

Other Style Live/Work
Stories 2 Stories
Total Bedrooms 6

Exterior Features

Acreage 0.22
Lot Description 0 - .5 Acre
Misc. Exterior Balcony

Property Schools



Direct Link:

https://www.topcharlestonhomes.com/property/13-19021641-124-Cannon-Street-Charleston-SC-29403

Gallery (3 photos)

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Property vs Zip Code Avg (29403)

Price 3.75M Avg 767K

Sqr Feet 2,118 Avg 1,944

Cost / Sqr Ft $1,771 Avg $395

Acres 0.22 Avg 0.08

Visits 58 Avg 196

Days on Site 31 Avg 123

Walkscore® 93 Avg 82

Data Provided by Walkscore ® not using MLS data

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Listing Provided Courtesy Of: East Rock Properties, LLC




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Location & Address

Carolina One Real Estate

Charleston, SC
843-940-7388