47-49 Spring Street
Multi-Family / Residential,Retail,
Total price not disclosed
47-49 Spring Street, Charleston, SC, 29403
Building Size:7,410 sqft
Charleston’s history, proximity to the beach, and reputation as a culinary destination have made it a top vacation hot spot in the United States. Short-term rentals have performed remarkably well, particularly due to the advent of online platforms, and 47-49 Spring Street is no exception. The three assets located at this address each boast 600 square feet of leased, first-floor retail space with an average rental income of $40 per square foot (NNN), covering all fixed costs for the current landlord. This property can be sold as a portfolio or individually.
Due to recent regulatory changes, very few assets can legally operate as short-term rentals in Charleston proper, which significantly decreases the competition set for this property. Additional student housing and other short-term rentals on the street are available for purchase and could allow for ownership of an entire block of downtown Charleston.