Walgreens + AirBnB Investment Property
|Catylist Listing ID:
Medical, Mixed Use, Office Building
|Building Size (RSF):
|Gross Building Area:
|Property Use Type:
||Cash to Seller
Overview / Comments
200 Rutlege Avenue combines the stability of an investment-grade tenant with proven upside income derived from short term rental units. The property is operating at a NOI of $126,000 after short term rental management fees.
The first floor is leased to Walgreens for a Specialty Compounding Pharmacy. Walgreens is 2.5 years into a 10-year corporate lease.
The second floor contains two, 2-bed/2-bath, residential units renovated for Short Term Rentals in 2019. The short term rentals are managed by Stay Duvet and the first guests were welcomed in early November 2019. The seller now has 18 months of operating history and a demonstrated increase in room rates and occupancy.
The building has rights to nine (9) parking spaces within a shared lot and is located within the City of Charleston Accommodations Overlay District allowing for the operation of AirBnB and VRBO units. The local neighborhood—Elliottborough /Cannonborough—is one of Charleston’s most dynamic districts and is a top AirBnB reservation location.
Attachments & Media
||51 - Peninsula Chas. inside of crosstown
||9 parking spaces within a shared parking lot.
|Total Parking Spaces:
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