264 Grove Street 1-4, Charleston, SC 29403 (MLS# 24004773)

Supplements: IMPORTANT INFORMATION: Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$4,500 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner … (Read more) IMPORTANT INFORMATION: Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$4,500 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner- occupy 1 unit, they may apply for the B&B permit through the City of Charleston. What this means: The City should allow 1 of the 4 units to be a NIGHTLY AirBNB (maximum income potential) – but the other 2 units would have to remain 30-day or long-term rentals, however, 30-day rentals can also be marketed on Airbnb and Vrbo platforms for maximum exposure. The city requires enough maneuverable off-street parking on site which we have confirmed the property DOES HAVE. Please ask your representation for a copy of the proforma for 1 short-term nightly rental unit in the marketing package. The projected revenue (conservative) for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-$4,500/mo based on the property’s rental history thus far. In short, if BUYER chooses to purchase building as their PRIMARY RESIDENCE and owner occupy 1 of the 4 units, they will have the ability to short term rent ONE UNIT on a nightly basis, and 30-day rent TWO UNITS. The PROJECTED annual revenue for this scenario would be $287,000. PROPERTY FACTS: – $400,000+ renovation in 2022. All units are turn-key. – Roof replaced in 2014 – 4 Tankless water heaters installed within the last 3-5 years – All windows replaced within the last 5-8 years per previous owner – HVACs: Unit C is 6 years old, parts updated on other units – Plumbing and electrical has been updated – Property is located in X flood zone- no flood insurance required Wagener Terrace stands as a testament to Charleston’s rich history and Southern hospitality. The combination of historic homes, community spirit, and convenient location makes it a desirable place to call home in the Holy City. Hampton Park is one of the City’s largest and most popular parks just a stone’s throw away from 264 Grove Street, as well as multiple restaurants, coffee shops, bars, and local businesses.