199 St Philip Street , A

Description

Charleston Commercial, on behalf of ownership, is pleased to exclusively offer 199A St Philip Street. The property is located on St Philip Street in the Short Term Rental Overlay and one block from King Street. The property is 100% occupied by Curated Vacation Properties LLC (CVP), the Seller, who will be signing a long term 10 year 'Lease Back' at closing. The Lease is triple net with no/minimal Landlord responsibilities and features 3% annual escalations on the Base Rent. There is an accelerated pay back schedule for Years 1-4 for the Tenant Build-Out, please see Rent Schedule for more information. Year 1 Cap Rate of 10%, Blended 10 Year Cap of 7.7%. The property was renovated down to the studs in 2024 and was Built-to-Suit CVP's needs. CVP is a luxury short term management company in Charleston with 145 units under management, totaling over 10,000 reservations and $10M in bookings in 2024. Updates to the property include all new MEP's, commercial washer & dryers, flooring, bathrooms and fresh cosmetics to transform the space into a highly functioning management office and house-keeping HQ. This 'mission critical' facility includes three on-site parking spaces as well as two large porches. The Seller also developed the back property (199B) in 2024 which is a fully permitted and functioning short term rental unit, which is not included in the sale. There is an easement in place for the shared driveway.Lastly, due to the zoning, the property can be used as a short term rental in the event the Tenant vacates upon their Lease termination, which further de-risks the opportunity.