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Address
124 Cannon Street Charleston, SC
Price
$ 2,750,000
Property Attributes
  • MLS#19021641
  • TypeSingle Family
  • CountyCHARLESTON
  • CityCharleston
  • AreaCharleston Inside Crosstown
  • NeighborhoodCannonborough-Elliottborough
  • Zip29403
  • StyleLive/Work
  • Price$ 2,750,000
  • Bedrooms6
  • Full Bathrooms2
  • Half Bathrooms0
  • Sqr Footage2118
  • Lot Size9,583 SqFt
Listing Provided Courtesy Of:
East Rock Properties, LLC
Property Description

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 Elementary School Simmons Pinckney Middle School Burke High School
Price History
7/25/2019 Listed $3,750,000
9/9/2019 27% - $2,750,000

General Features

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

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 29403

Price
AVG $780K
$2.75M
Visits
AVG 152
101
Year Built
AVG 1937
1840
Walkscore
AVG 82
93
Data Provided by Walkscore ® not using MLS data

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