124 Cannon Street: Investment Opportunity in Short-Term Rental Overlay District

AERIAL
Under Contract

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.  Please see the various attachments and let’s schedule a time to discuss how you can make this investment opportunity work for you.

Price:$2,100,000
Address:124 Cannon Street
City:Charleston
State:SC
Zip Code:29403
Year Built:1840
Square Feet:4918
Bedrooms:12
Bathrooms:12
Half Bathrooms:2

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