124 Cannon Street: Investment Opp - Short Term Rental Overlay District
|Catylist Listing ID:
|Number of Units:
|Building Size (RSF):
|Gross Building Area:
||$229,166.67 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 12 bedrooms with 12 full and one half 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. 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
© Copyright 2001-2019 Catylist. All Rights Reserved.
The information presented herein is provided as is, without warranty of any kind.
Neither South Carolina Statewide Commercial MLS nor
Catylist Real Estate Software, Inc. assume any liability for errors or omissions.