UNIQUE SPRING STREET DEVELOPMENT OPPORTUNITY

Multi-Family for Sale
Also listed as Hospitality, Retail-Commercial
Catylist Listing ID: 30623127
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden, Mixed Use, Student Housing, Other
Number of Units: 6 Units
Building Size (RSF): 31,057 SF
Gross Building Area: See Agent
Gross Land Area: 0.71 Acres
Sale Price: $8,500,000
Unit Price: $1,416,666.67 Per Unit
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Spring Street Portfolio
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 10/12/2020

Overview / Comments

The current opportunity presents a variety of development opportunities otherwise unavailable in downtown Charleston, SC just two blocks from historic King Street. With a comfortable and safe urban setting built for the upscale shopper, tourist or local, Spring Street has become the most unique and vibrant corridor in downtown Charleston, SC. This unique portfolio of contiguous parcels is located in Charleston’s Short-Term Overlay District, which accounted for more than half of all short-term rentals in the state of South Carolina in 2018. Additionally, Charleston, SC in recent years has been recognized as a top wedding destination and consistently sees strong wedding-related activity tourism primarily in the Downtown region. Consequently, the portfolio is one door down from Cannon Green, one of downtown Charleston’s premier wedding and event spaces, which would provide a strong opportunity to form a built-in customer base for both hotel and/or short-term rental uses.

The accompanying feasibility study provided by local firm LS3P Architects shows a variety of options for a true mixed-use development, featuring retail, hotel, multi-family and short-term rental uses with the required parking.

Please call for details!

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 460-08-03-076, 077, 078
Property Located Between: Spring Street and Rutlege Avenue
Area Description: The Charleston region has enticed visitors for centuries. It’s one of few places in the world where you have an immediate sense of something special. Iconic for beautifully-preserved historic architecture, gardens & design, award-winning food, world-class golf, arts & culture, and miles of unspoiled beaches – Charleston offers endless sources of inspiration and recreation. Known for charming, friendly people and gracious hospitality, Charleston is the preferred destination for international business and discerning travelers. It’s why this community consistently appears on the World’s Best Cities lists, and why Condé Nast Traveler readers voted Charleston the #1 city in the U.S. for five years in a row.
Total Number of Buildings: 6
Property Condition: Average
Year Built: 1971
Parking Type: Surface
Lot Frontage: 245 Ft.
Lot Depth: 173 Ft.
Land Ownership: Fee Simple Ownership

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,309 56,772 137,473
Median Age: 27.14 34.18 36.34
Households: 9,093 24,050 57,435
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