200 Rutlege Avenue combines the stability of an investment-grade tenant with proven upside income derived from short term rental units. The property is operating at a NOI of $126,000 after short term rental management fees. The first floor is leased to Walgreens for a Specialty Compounding Pharmacy. Walgreens is 2.5 years into a 10-year corporate lease.The second floor contains two, 2-bed/2-bath, residential units renovated for Short Term Rentals in 2019. The short term rentals are managed by Stay Duvet and the first guests were welcomed in early November 2019. The seller now has 18 months of operating history and a demonstrated increase in room rates and occupancy.The building has rights to nine (9) parking spaces within a shared lot and is located within the City of Charleston Accommodations Overlay District allowing for the operation of AirBnB and VRBO units. The local neighborhood--Elliottborough /Cannonborough--is one of Charleston's most dynamic districts and is a top AirBnB reservation location.
Listing Date: 01-30-2023
Sold Date: 12-06-2021
Listing Sold:
2 Year(s), 11 month(s), 2 day(s) ago
Asking Price: $2,065,041
Selling Price: $2,065,041
Price Difference:
Same as list price
Anchored: No
Year Built: 1978
Asking Price Type: Fixed Price
Parking Type: Surface
County: Charleston
Land Size: 0.00
Title: Walgreens + AirBnB Investment Property
Second Property Subtype: Office
Zoning: City of Charleston - LB - Lim
Nearest Msa: Charleston-North Charleston, SC
Sale Terms: Cash
Property Type: A
Original Price: $2,065,041
Build To Suit: No
Property Use Type: Industrial, Investment, Medical/Dental, Mixed Use, Multi-Family, Office, Retail
Class Type: Office
Sold Date: 2021-12-06T00:00:00
Rentable Area: 4500
Courtesy of listing office Cityvolve Commercial Realty LLC
MLS# 31001925 
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