Short Term Rental Downtown Charleston

Hospitality for Sale
Catylist Listing ID: 30453789
Property Subtypes: Bed & Breakfast, Extended Stay, Hostel, Hotel, Inn, Motel, Vacation Rental(s), Other
Number of Units: 2 Units
Building Size (RSF): 2,841 SF
Gross Building Area: See Agent
Gross Land Area: 0.08 Acres
Sale Price: $615,000
Unit Price: $307,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Cash to Seller
Cap Rate: 8.84%
Last Updated: 7/9/2019

Overview / Comments

This investment property has a pending Short Term Rental license approval. STR cap rate of 8.84 or traditional long-term rental cap rate of 4.98. Charleston has been the #1 city in the US for 6 straight years by Travel and Leisure Magazine, and is Southern Living Magazine’s “South’s Best City 2019.” Charleston has also been named the #1 city in the world by Travel and Leisure Magazine, the first domestic city to be so named.

Owner can live in one unit and legally short-term rent the other to maximize return pending license approval. Property could also serve strictly as investment with two residential units; one upstairs with two bedrooms and two bathrooms and the other downstairs with two bedrooms and one bathroom. Square footages are 1,445 and 1,395 respectively.

With off-street parking, one block off of Rutledge Ave. and three blocks to popular dining destinations Leon’s, Melfi’s, Little Jack’s, Graft Wine Bar, Dellz Uptown and more, guests and residents can leave the car at home and stroll to dinner! Hampton Park is a short five block walk, The Citadel, MUSC and Marion Square are all within a mile.

For commuters, the property is two blocks to the crosstown, Septima Clark Parkway/US 17 and the T. Allen Legare and Arthur Ravenel Jr. Bridges with easy access to both West Ashley and Mt. Pleasant as well as James Island via the connector. I-26 into North Charleston is just a mile and a half up Rutledge Ave.

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Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 52 - Peninsula Chas. outside of crosstown
Taxing Authority: City of Charleston
Tax ID/APN: 460-04-03-023
Zoning: DR-1F - Diverse Residential (19.4 units per acre)
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: Carolina St. and Sumter St.
Property Visibility: Excellent
Largest Nearby Street: Rutledge Ave. one block off
Site Description: As you arrive at this wonderful 1940’s Charleston duplex, be charmed by its historical presence. Take notice of the double front porches and lovely driveway that grace the front of this home, and as you enter the property, you will find true old Southern charm and character in both units. Delight in the original hardwood floors, doors and hardware. Be “taken in” by the 4 antique fireplaces (2 in each unit) with old, detailed mantels/surrounds. Be awed by the 10+ foot ceilings, bright and sunny rooms and wide hallways. Open the door to Unit B and be greeted by a nice first floor foyer and a hardwood staircase. Walk up the steps and be greeted by absolutely gorgeous original hardwood floors, 10+ ceilings and a bright and sunny hallway. Unit B boasts: a spacious, light-filled front living room (currently used as a bedroom) with front porch access, two bedrooms, one full bath, an eat-in kitchen with sitting area, two charming fireplaces and a laundry/storage room. Step into Unit A and you will find beautiful hardwood floors, 9+ foot ceilings, a spacious front living room filled with tons of natural light, under-stair storage, 2 large bedrooms, both with ample closet space and one of which is a true master bedroom with its own private bath, full hall bath, separate dining room and kitchen with separate laundry/storage space. Expect to be impressed by this wonderful Westside neighborhood, tree-lined street, and charming downtown Charleston duplex! Welcome home to 13 Perry Street.
Area Description: This quiet, little street, provides tree-lined sidewalks, private driveways and ample curb-side parking for homeowners, guests and tenants. As you drive down Perry Street, notice the historic Charleston singles with their double front porches and moss-draped Oak trees. Just imagine the history lessons that these old Oaks could tell, if only they could speak.
Year Built: 1940
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,573 58,416 139,277
Median Age: 27.86 34.33 36.14
Households: 9,051 24,794 58,059
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