$2,100,000 | 6 beds | 2 full baths | N/A half baths | 2,118 sqft

$1,350,000
124 Cannon Street
Charleston, SC 29403
  • 6Beds
  • 2Full Baths
  • N/AHalf Baths
  • 2,118SqFt
  • 1840Year Built
  • 0.22Acres
  • MLS# 19021641
  • Residential
  • Other
  • Sold


Overview

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.


Sale Info

Listing Date: 07-25-2019

Sold Date: 12-09-2020

Aprox Days on Market: 
   1 Year(s), 4 month(s), 13 day(s)

Listing Sold: 
   3 Year(s), 3 month(s), 19 day(s) ago

Original Asking Price: $3,750,000

Asking Price: $2,100,000

Selling Price: $1,350,000

Price Difference From Original: 
Reduced By $2,400,000

Price Difference From Asking: 
Reduced By $750,000

Agriculture / Farm

Grazing Permits Forest Service:  Yes

Grazing Permits Private:  Yes

Grazing Permits Blm:  Yes

Horse:  No

Farm Credit Service Incl:  Yes

Association Fees / Info

Bathroom Info

Fullbaths:  2

Building Info

Levels:  Two

Year Built:  1840

Business Info

Rent Control:  No

Buyer Compensation

Exterior Features

Exterior Features:  Balcony

Pool Private:  No

Garage / Parking

Garage:  No

Attached Garage:  No

Green / Env Info

Interior Features

Fireplace:  No

Lot Info

Lot Size:  0.22

Lot Desc:  0 - .5 Acre

Lot Size Units:  Acres

Acres:  0.22

Lot Sqft:  9583.2

Irrigation Water Rights:  Yes

Offer Compensation

Other

Mobile Home Remains:  Yes

Property Info

Property Type:  A

Stories:  2

New Construction:  No

Building Area Units:  Square Feet

View:  No

Home Warranty:  Yes

Habitable Residence:  Yes

Structure Type:  Live/Work

Room Info

Beds:  6

Sale / Lease Info

Sold Date:  2020-12-09T00:00:00

Lease Renewal Option:  Yes

Lease Considered:  Yes

Lease Assignable:  Yes

Special Features

Sqft Info

Sqft:  2118

Unit Info

Utilities / Hvac

Water Source:  Public

Heating:  No

Water Sewer:  Public Sewer

Cooling:  No

Waterfront / Water

Waterfront:  No

Schools

Elem:  Memminger

Middle:  Simmons Pinckney

High:  Burke

Directions

124 Cannon, Between Ashley And President

Courtesy of listing office East Rock Properties, LLC 

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Price & Status History (on kennedyrealty.com since Thu, Jul 25th 2019)
  • Original Price: $3,750,000
  • Current Price: $2,100,000
  • Price Reduced: $1,650,000
Date ChangedFromTo
11/18/2021$1,350,000 $2,100,000 Increase by $750,000
02/12/2020$2,750,000 $2,100,000 Reduced by $650,000
09/09/2019$3,750,000 $2,750,000 Reduced by $1,000,000
Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Carolina One Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 03-28-2024 10:03 AM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 03-28-2024 10:03 AM EST est.

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