124 Cannon Street, Charleston, SC 29403 (MLS# 19021641)

124 Cannon Street, Charleston, SC 29403

$1,350,000

Property Type: Residential Bedrooms: 6 Baths: 2 Square Footage: 2,118 Lot Size (sq. ft.): 9,583 Status: Closed

Current Price: $1,350,000 List Date: 7/25/2019 Last Modified: 8/09/2023

Overview

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).

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 ... (Read more)

Listing Details MLS# 19021641

Location, Tax & Legal

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
Legal Description: 124 CANNON

Contract Info

Sub-Type: Other
MLS List Date: 2019-07-25

General Property Info

Baths - Full: 2
Baths - Total: 2
Stories: 2
Primary Structure Apx SqFt: 2118
Year Built: 1840
Acreage: 0.22
Potential Short Sale: No

Status Change Info

Sold Date: 2020-12-09
Sold Price/SqFt: 637.39
New Mortgage Type: Unknown

Tax/Fees

Taxes: 6202.52

SqFt Source

Hired Measurement: Yes

More Information

Lot Description

0 - .5 Acre: Yes

Misc Exterior

Balcony: Yes

Other Style

Live/Work: Yes

Stories/Levels

2 Stories: Yes

Assumable

No: Yes

Proposed Financing

Any: Yes

New Owned

Pre-Owned: Yes

Water/Sewer

Public Sewer: Yes
Public Water: Yes

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

Documents

PRO FORMA ›

Listing Office: East Rock Properties, LLC

Last Updated: August - 09 - 2023

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