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.
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), 4 month(s), 9 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
Grazing Permits Forest Service: Yes
Grazing Permits Private: Yes
Grazing Permits Blm: Yes
Horse: No
Farm Credit Service Incl: Yes
Fullbaths: 2
Levels: Two
Year Built: 1840
Rent Control: No
Exterior Features: Balcony
Pool Private: No
Garage: No
Attached Garage: No
Fireplace: No
Lot Size: 0.22
Lot Desc: 0 - .5 Acre
Lot Size Units: Acres
Acres: 0.22
Lot Sqft: 9583.2
Irrigation Water Rights: Yes
Mobile Home Remains: Yes
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
Beds: 6
Sold Date: 2020-12-09T00:00:00
Lease Renewal Option: Yes
Lease Considered: Yes
Lease Assignable: Yes
Sqft: 2118
Water Source: Public
Heating: No
Water Sewer: Public Sewer
Cooling: No
Waterfront: No
Courtesy of listing office East Rock Properties, LLC