124 Cannon Street: Investment Opp - Short Term Rental Overlay District

Hospitality for Sale
Sale Pending
Catylist Listing ID: 30462279
Property Subtypes: Vacation Rental(s)
Status: Pending
Building Status: Proposed
Number of Units: 12 Units
Building Size (RSF): 4,918 SF
Gross Building Area: See Agent
Sale Price: $2,100,000
Unit Price: $175,000 Per Unit
Property Use Type: Investment
Sale Terms: Build-to-Suit
Cap Rate: 7.75%
Last Updated: 11/20/2020

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.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 4601104160
Zoning: LB - Limited Business
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: Ashley and President Streets
Property Visibility: Excellent
Largest Nearby Street: Ashley Avenue
Site Description: .22 acre site with an existing 6BR/2BA 2,180 SF property
Area Description: https://www.10best.com/destinations/south-carolina/charleston/cannonborough-elliotborough/
Year Built: 1840

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,315 57,832 136,268
Median Age: 27.2 34.23 36.29
Households: 10,021 24,554 56,862


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