128 Cannon Street

Description

TWO STR UNITS AVAILABLE WITH 10 PARKING SPACES! This unique property allows short term rental investors to get exposure to the rapidly growing and developing Cannonborough Elliotborough Neighborhood, one of Charleston's fastest growing areas. The Location: The property is situated on Cannon Street within Charleston's highly coveted short term rental district (LB within STR overlay), which importantly allows for short term rental investors to operate short term rentals without any restrictions regarding owner occupancy. Charleston's short term rentals within this neighborhood have only continued appreciating in value over time due to the scarce nature of those properties that qualify for this highly coveted and unusual zoning allowance. With few of these properties left, prospective ownership of a short term rental duplex with 10 parking spaces in the rear of the structure is a golden opportunity. Development Project: The property has undergone an extensive phase of entitlement approvals, including reviews by Charleston's Board of Zoning Appeals, The City Board of Architectural Review, and the City of Charleston's Building Department. The property was purchased by the seller with an allowance for only one short term rental unit. Seller was able to secure a variance for the allowance of a second short term rental unit on the property; an accomplishment for which there exists little if any precedent for properties with the same zoning. Replication of this effort within the short term rental overlay would not only be incredibly arduous; but nearly impossible. Seller and his team have also received approvals from the BAR for the restoration of the property's piazzas, and other work that will allow the aesthetics of the exterior of the structure to be beautified as much as possible, while still retaining its historic flair. Consistent with the architectural and building plans that the seller's team developed for this property of preserving the historical nature of the outside structure, the Preservation Society of Charleston also expressed support for the Board of Architectural Review's approval of the seller's team's plans for the property. Architectural Plans: Seller's team of incredibly talented architects at Tyler A Smyth Architect, developed impressive plans for restoring the structure and developing two beautiful 3 bedroom units along with an outdoor area in the rear of the structure situated between the immediate rear of the structure and the beginning of the property's parking lot. These plans were likewise very costly; all of which have received relevant approvals from the relevant bureaucratic bodies; and would be included in the sale of the property to the purchaser, affording the purchaser the ability to hand-off the plans and all approvals to his/her contractor to ensure a seamless and expeditious completion of the restoration of the structure, bringing it to operational terms. Financing Opportunities: Seller maintains a network of relationships with local and community based lenders in Charleston. For those purchasers looking for assistance in obtaining financing, the seller would be happy to facilitate introductions to local and community based traditional lenders - institutional and otherwise to help them secure the requisite financing to purchase the property. Parking Value: Within the short term rental overlay and among those short term rental properties on Cannon Street in particular, there exists an acute shortage of parking. This has led many operators to pay neighboring operators substantial monthly payments in exchange for leasing parking spaces for their guests. This property has an impressive 10 parking spaces in the rear of the structure. If marketed correctly, buyer can generate $250-300/month for renting out these spaces; the equivalent of $50,000-60,000/space, another incredible value.