Downtown Hotel Assemblage with BZA and BAR Concept Approvals

Hospitality for Sale
Catylist Listing ID: 30450421
Property Subtypes: Hotel
Building Status: Proposed
Number of Units: 50 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 0.06 - 0.70 Acres
Sale Price: $1
Unit Price: $0.02 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Building Name: 22 Cumberland
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/7/2019

Overview / Comments

**List Price is not $1** This offering is un-priced with a call for offers date of August 8th, 2019. Birchin Lane Realty Advisors is pleased to present an exclusive assemblage in downtown Charleston, South Carolina. The offering consists of three separate parcels, with frontage on Church Street, Linguard Street, State Street and Cumberland Street. These parcels are centrally located within the historic district of the Charleston peninsula, just steps from the City Market. All parcels zoned General Business and are in the Accommodations Overlay. Parcels "A, B & C" can be purchased as an assemblage or individually.

Parcel A - Cumberland Hotel Site:
The seller received architectural and zoning approvals for a 50-key hotel with ground floor restaurant and event space. The sale of this parcel would include a vehicle access easement over the adjacent parcel with frontage on Linguard Street. All parking requirements have been met with long term leases in a nearby Charleston County-owned parking garage at the corner of Church and Cumberland Streets.

Parcel B - Cumberland/Linguard Development Site:
This parcel provides a diverse development opportunity for a variety of uses. It offers significant value-add potential for office, retail, restaurant, condo, short term rental, and event space. Additionally, the underlying zoning supports a hospitality use. This property is being marketed in conjunction with the adjacent parcel located at 9 Linguard Street. The structure formerly located on 9 Linguard has been demolished, offering significant redevelopment opportunity as well as valuable parking solutions for the redevelopment of the existing historic buildings fronting Cumberland Street. These historic buildings may qualify for significant tax credit opportunities through the South Carolina Abandoned Buildings Revitalization Act.

Parcel C - 158 Church Street:
This parcel includes an existing, turnkey restaurant, including a full liquor license in hand. No onsite or off-site parking is required for this building, as there is an active variance in place. The ground floor is estimated to be approximately 2,600 SF. The second floor had previously been used as additional restaurant space but could also be redeveloped into office or residential.
For Residential use - This property is in the accommodations overlay and would allow for short term rentals.

The website and deal room can be seen here: www.cumberlandoffering.com

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 458-05-03-089, 090, 091, 093 & 097
Zoning: GB - General Business
Year Built: 1972

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,690 60,756 132,467
Median Age: 30 34.56 36.68
Households: 6,759 25,333 56,316
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