Classic Cash Flowing Inn

Multi-Family for Sale
Catylist Listing ID: 30622885
Property Subtypes: Duplex/Fourplex
Number of Units: 5 Units
Building Size (RSF): 6,025 SF
Gross Land Area: 0.20 Acres
Sale Price: $3,100,000
Unit Price: $620,000 Per Unit
Property Use Type: Investment, Business
Building Name: The Rutledge Avenue Inn
Usable Size (USF): 6,025 SF
Sale Terms: Cash to Seller
Cap Rate: 7.19%
Vacation Rental Income: Yes
Last Updated: 11/20/2020

Overview / Comments

Step into an existing business with continual cash flow and bookings well into 2021. The 196 Rutledge Avenue Inn has, circa 1910, has been operating since 2011. Review over 800 5-star reviews of rental history! The main house was renovated down to the studs in 2008. All electric, plumbing, and HVAC were updated at that time. A ''cottage'' was built at 194 Rutledge Avenue in 2008, beside the main house. Off-street parking for 8 cars. The main house boasts high ceiling with original molding and mahogany inlaid wood floors. Units A and B have spacious open floor plans, measuring over 1,350sf with two large bedrooms and two and a half bathrooms. Units C & D are 800 sf each and feature 1BR/1BA.
The two level, single unit cottage has 2BR/2.5BA in approx. 1,550sf. A private fenced front yard provides a relaxing area beside a stunning, grand magnolia tree that provides shade for your afternoon tea or cocktails. The cottage is setback a distance from Rutledge Avenue creating a unique, peaceful, and private urban setting.
Other features include Carrara marble countertops throughout over custom cabinets in the kitchens and bathroom vanities. High-end stainless-steel appliances featuring some built-in refrigerators, duel-fuel ranges with electric convection ovens, large under-mount sinks, and Bosch dishwashers. All units have washer and dryers.
An opportunity an excellent opportunity to own a cash-flowing piece of Historic Charleston.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $22,139 (Annual)
Gross Operating Income $345,500 (Annual)
Net Operating Income $223,000 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Taxing Authority: Charleston County
Tax ID/APN: 4601502063
Zoning: OTHER
Property Located Between: Cannon and Morris Street
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1910
Year Renovated: 2008
Construction/Siding: Wood Siding
Exterior Description: wood lap, metal roof
Parking Type: Surface
Parking Description: ground level, off street
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Internet Access: Cable
Interior Description: Finished and furnished. List price includes the appliances and furnishings
In Flood Plain?: Yes
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,871 59,289 137,473
Median Age: 26.92 34.56 36.34
Households: 8,886 25,119 57,435

Contact

Photograph of Listing Agent

Duncan Townsend

Dana Properties, LLC SCCMLS Member
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