$1,350,000
124 Cannon Street
Charleston, SC 29403
MLS# 19021641
Status: Closed
6 beds  |  2 baths  |  2118 sqft
AERIAL
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AERIAL existing floor plan pic proposed buildout

Property Description
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).

Details
Documents
Location, Tax & Legal
Legal Description: 124 CANNON
Tax Map #: 4601104160
Street #: 124
Street Name: Cannon
Street Suffix: Street
County: Charleston
State: SC
Zip Code: 29403
Area: 51 - Peninsula Charleston Inside of Crosstown
Tax District: 71 - City of Charleston
Elementary School: Memminger
Middle School: Simmons Pinckney
High School: Burke
Directions: 124 Cannon, between Ashley and President
General Property Info
Stories: 2
Potential Short Sale: No
Bedrooms: 6
Baths - Full: 2
Baths - Total: 2
Primary Structure Apx SqFt: 2118
Year Built: 1840
Acreage: 0.22
Tax/Fees
Taxes: 6202.52
Status Change Info
Sold Price/SqFt: 637.39
New Mortgage Type: Unknown
Sold Date: 2020-12-09
SqFt Source
Hired Measurement: 1
Lot Description
0 - .5 Acre: 1
Misc Exterior
Balcony: 1
Other Style
Live/Work: 1
Stories/Levels
2 Stories: 1
Assumable
No: 1
Proposed Financing
Any: 1
New Owned
Pre-Owned: 1
Water/Sewer
Public Sewer: 1
Public Water: 1
Contract Info
Sub-Type: Other
MLS List Date: 2019-07-25
Status: Closed
List Price: $2,100,000
Current Price: $1,350,000
Property Features
SqFt Source: Hired Measurement
Other Style: Live/Work
Lot Description: 0 - .5 Acre
Misc Exterior: Balcony
New Owned: Pre-Owned
Proposed Financing: Any
Assumable: No
Supplements
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.
IDX
Listing Office: East Rock Properties, LLC

Last Updated: August - 09 - 2023

Properties marked with IDX logo are provided courtesy of Charleston Trident Multiple Listing Service, Inc. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than the website owner are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. The broker providing this data believes it to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Information is provided exclusively for consumers' personal, non-commerical use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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