3 Parcel Portfolio Sale At The Corner Of Rutledge & Doughty Street

Retail-Commercial for Sale
Catylist Listing ID: 30578025
Property Subtypes: Free-Standing Building, Mixed Use
Building Size (RSF): 14,500 SF
Sale Price: $8,500,000
Unit Price: $586.21 PSF
Property Use Type: Investment, Business
Usable Size (USF): 14,500 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/27/2020

Overview / Comments

Carolina One presents to you the most unique and versatile portfolio for sale on the Charleston peninsula. This portfolio sale consists of 3 tax parcels. The first parcel is a completely renovated Charleston single which currently is in operation as event rental space, a 22 space,10,000 sq ft parking lot with vertical construction possibilities and a Carriage house currently being utilized as student housing. The second parcel is a 2018 Carolopolis award winner given by the Charleston Preservation Society for outstanding and meticulous preservation/renovation work. The third parcel consists of 3 & 3 1/2 Doughty Street. The current zoning for the buildings create endless options for businesses or housing and comes complete with 32 total parking spaces. These five historic buildings are located directly adjacent to MUSC College of Health Professions and are an easy walk to the College of Charleston and the Charleston School of Law.

This portfolio is also available for sale as three individual parcels. Parcel one to include 159 & 159 1/2 Rutledge along with a 22 space,10,00 sq ft parking lot for 5.9 Million. Parcel two is 161 Rutledge Avenue for 2 Million. Parcel three consists of 3 & 3 1/2 Doughty St. for 1 Million. Property Descriptions:

159 Rutledge Avenue:

This four story building is approximately 7,534 SF. Within the last two years this building was meticulously restored to include all new plumbing, electric, HVAC system and a completely modernized elevator system. Every system is now up to code to include a sprinkler system throughout. Ingress/Egress points along with all bathrooms are now ADA compliant. The first floor wine cellar tasting room makes a fabulous way to greet your guests at 159 Rutledge. Featuring reclaimed wood and exposed beams, the room showcases the original brick and stucco walls. This one-of-a-kind space also features a prep kitchen and a 500lb Hoshizaki ice machine. Journey up our staircase to the Rutledge Ballroom, a spacious second floor featuring original wood flooring, immaculate exposed brick fireplaces and plaster medallions with chandeliers. The room boasts enclosed Charleston single style piazzas, a modern twist on the iconic design to keep your guests cool and the vibe festive. Make your way to Upstairs at Rutledge, the best place for a refined evening or a raucous celebration. This event space features a versatile floor plan with exposed beams and offers endless possibilities to transform your vision into a reality.

Property built in 1845
HVAC System: Super efficient, all new Mitsubishi engineered system, 10 year assignable warranty on parts.
Complete Renovation in 2018: All new mechanicals to include new sprinkler system, modernized elevator system and is now ADA compliant
Currently operating as an event rental space
Standing Seam/Hydrostop Roofing
Zoning: Limited Business
Permitted Uses: Multifamily, Student Housing, Office, Retail

159 1/2 Rutledge Avenue:

This is a two story brick building that is approximately 1,325 SF and is located behind 159 Rutledge Avenue. The exterior and interior have been renovated and currently used for student housing.

Property built in 1845
Zoned limited business
Permitted uses: multifamily, student housing, office
Great condition
2 bedrooms and one bath upstairs 1 bedroom and 1 bath down

161 Rutledge Avenue:

In 2018, 161 Rutledge received the prestigious Carolopolis Award given by the Preservation Society of Charleston for outstanding and meticulous preservation/renovation work. Completely and thoroughly renovated with all new mechanicals. The first floor is currently restaurant space with grease trap and hood already in place and the second floor consists of (2) 2 bedroom 2 bath apartments that are 1,000 SF each with full size washer and dryer.
SF: 4,004
Year Built: 1845
Each apartment has 3 mini split AC units.
All of 161 has tankless water heaters and the 2 apartments are on one water meter
The roof is Architectural Shingle and part Hydrostop
Zoning: Limited Business
Permitted Uses: Multifamily, Student Housing, Office, Restaurant

3 Doughty Street:

1,875 SF
4br 2 ba with a family room on the first floor. Floors refinished, new interior paint and renovated bathrooms.
New HVAC
Zoned Limited Business
Permitted Uses: Multifamily, Student Housing,Office,Retail

3 1/2 Doughty Street:

1,896 SF 2 Story Building with 2 parking spaces
New Mechanical, electrical and plumbing roughed-in and ready for interior architectural finishes.
New Hydrostop roof applied in 2017
Zoned Limited Business
Permitted Uses: Multifamily, Student Housing, Office, Retail

Attachments & Media

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 4601504069
Retail Clientele: General, Business
Property Located Between: Corner of Rutledge & Doughty Street
Property Visibility: Excellent
Largest Nearby Street: Rutledge Avenue
Highway Access: Close to US 17 and I26
Airports: Charleston International
Area Description: In the heart of the Charleston peninsula directly adjacent to MUSC
Tenancy: Multiple Tenants
Total Number of Buildings: 5
Number of Stories: 4
Property Condition: Excellent
Year Built: 1845
Year Renovated: 2018
Roof Type: Other
Construction/Siding: Brick, Wood Siding
Total Parking Spaces: 32
Parking Type: Surface
Sprinklers: Wet
Heat Source: Central
Air Conditioning: Engineered System, Other
Zoning Description: Limited Business Permitted Uses: Multifamily, Student Housing, Office, Retail
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,068 59,660 137,128
Median Age: 28.17 34.59 36.43
Households: 9,022 25,314 57,318

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