• $2,750,000

    ($12,775.57/mo.)
    • 6
    • 2
    • 2118
    • 0.22
  • House
  • MLS® #: 19021641
  • Days on Website: 59
  • 124 Cannon Street

  • Charleston, SC 29403
  • Cannonborough-Elliottborough

  • MLS® 19021641 is located at 124 Cannon Street in Downtown Charleston, SC. This house offers 6 bedrooms, 2 baths, and is 2118 square feet.
  • Office: East Rock Properties, Llc

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$2,750,000
  • Bedrooms6
  • Full Baths2
  • Square Footage2,118
  • Acres0.22
  • Year Built1840
  • TypeHouse
  • StyleLive/Work

Community Information

  • Address124 Cannon Street
  • SubdivisionCannonborough-Elliottborough
  • CityCharleston
  • CountyCharleston
  • StateSC
  • Zip Code29403

Area

Peninsula Chas. inside of crosstown

Interior

  • Stories2 Story

Exterior

  • Exterior FeaturesBalcony
  • Lot Description0 - .5 Acre
  • ConstructionPre-Owned

School Information

  • ElementaryMemminger
  • MiddleSimmons Pinckney
  • HighBurke

Additional Information

  • Days on Website59

Aerial View/Directions

Birdseye View

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