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Welcome to the R. C. Salas House located at 78 Society St. This unique property, with a history dating back to the 1880s, is located in the heart of downtown's commercial district. The building is situated along the bustling section of Society Street between Meeting Street and King Street, just a few blocks north of the Charleston Place Hotel. Thoughtfully designed for comfort and charm, this turnkey property features two separate units, ideal for investors looking to maximize rental revenue. Importantly, the property benefits from a rare BZAZ variance, which allows for the operation of two legal accommodation units on the property. This is a premier investment property, with a proven track record of short-term rental success on Airbnb and VRBO-(the current owner has operated the property as a self-managed short term rental operation for several years). In addition to two on-site (tandem) parking spaces, the property benefits from an off-site parking easement with the right to use two parking spaces in the adjacent property that are located immediately next to 78 Society St (there is no monthly cost for the use of these spaces and are available 24/7). The downstairs unit sleeps 4 guests with 2 bedrooms and 2. 5 bathrooms. The upstairs unit sleeps 8 guests with 3 bedrooms and 1. 5 bathrooms. The entire home accommodates up to 12 guests with a total of 5 bedrooms, 3 full baths, and 2 half baths. This home features fully equipped kitchens on both levels, 7 fireplaces (not used by owner), charming, enclosed side porches, and a picturesque courtyard in the back. For a creative investor, the rear section of the property may offer an opportunity to expand the structure or build a supplemental building (buyer to study and verify). Why You'll Love it! - Turnkey: Ready for immediate rental income -Prime Location: In the heart of downtown Charleston. One block from King Street, two blocks from Market Street, walking distance to fine dining and shopping! -Strong Rental History: A high performing short-term rental with outstanding reviews. -Versatile Investment: Rent as two separate units or as one large home. Property is also zoned General Commercial. -X-500 flood zone (flood insurance not required by lenders). Don't miss this rare opportunity to own a profitable, well-established investment property! *The information herein is furnished to the best of the Listing Agent's knowledge, but is subject to verification by the purchaser and their agent. Listing Agent assumes no responsibility for correctness thereof, nor warrant the accuracy of the information or the condition of the property. If square footage is important - measure! Buyer to verify schools. *
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RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $2,800,000 | $2,800,000 | $2,800,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.250% | 6.625% | 6.625% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.911% | 6.754% | 6.792% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $17,240 | $17,929 | $24,584 |
Total Monthly Payment | $17,365 | $18,054 | $24,709 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.