124 Cannon Street: Investment Opp - Short Term Rental Overlay District
|Catylist Listing ID:
|Number of Units:
|Building Size (RSF):
|Gross Building Area:
||$175,000 Per Unit
|Property Use Type:
Overview / Comments
This .22 acre-site is zoned LB and located within the City of Charleston Short-Term Rental Overlay Zone. Existing code allows up to 4 units and 16 bedrooms on this site. We have created a plan to maximize short-term rental revenue on this site with 4 units consisting of 14 bedrooms with 14 full bathrooms that could be leased together or separately in a wide number of combinations. There are 8 proposed parking spaces on the lot (only 6 would be required).
The asking price is built off of a pro forma illustrating what the property could generate once developed and operating for its intended use. The pro forma estimates the average daily rate/bedroom, the occupancy percentage, cost to operate the property and a market driven capitalization rate. The estimated cost to make the improvements as well as an amount for the developers' profit were deducted to determine the asking price.
This is a rare opportunity to own, develop, and operate residential/hospitality property for weddings, business and leisure travelers in one of the most scenic and historic cities in the world (7.3 million visitors in 2018 and an $8 billion economic impact from tourism)
The existing structure on the site, a duplex of 2,180 SF with 6 bedrooms and 2 bathrooms, is in need of a total upgrade despite its most recent tenants moving out this summer. (NOTE: Roof replaced Aug 2018, and HVAC replaced upstairs in Jan 2018 and downstairs in Oct 2018) Please see the various attachments and let’s schedule a time to discuss how you can make this investment opportunity work for you.
Attachments & Media
||51 - Peninsula Chas. inside of crosstown
||LB - Limited Business
||General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
|Property Located Between:
||Ashley and President Streets
|Largest Nearby Street:
||.22 acre site with an existing 6BR/2BA 2,180 SF property
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