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Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 31007397
Year Built 1831
Property Sub-Type Retail
Property Description
Positioned at the prominent corner of Cannon and Rutledge, 99 Cannon (circa 1831) offers a rare, entitled, mixed-use opportunity in the heart of Cannonborough-Elliotborough neighborhood, now recognized as Charleston's most concentrated dining district for nationally acclaimed chefs and restaurateurs. The property has already been entitled for a restaurant (details below) with a large patio and two luxury short-term rental units above. Within just a few blocks, nine restaurants/chefs have earned Michelin and/or James Beard recognitions, making this neighborhood an exceptional culinary enclave, unlike any other area in Charleston. There are also two large development projects proposed for the adjacent corners that will further enhance the corridor; please inquire with the listing broker for additional details.Zoning approvals are in place for a ~2,357/sf restaurant with a ~930/sf outdoor patio, along with two ~1,373/sf luxury short-term rental units on the second and third floors. The project holds BAR conceptual approval for restoration of the original historic corner storefront, a new exterior dining patio, exterior staircase for the STRs, screening to conceal kitchen mechanicals, and upgraded ground-level window and door systems. The purchase also includes ownership of nine on-site parking spaces (20% of the parking lot), with an additional ~47 onsite pay-to-park spaces available for patrons during evenings, weekends, and holidays. In addition to what is available onsite, there are another ~145 off street pay-to-park spaces located within one block of the property, offering exceptional parking convenience for patrons. The property is 100% leased through July 2026, providing interim income while final design and permitting are completed.A recipient of the Carolopolis Award for historic preservation, 99 Cannon blends Charleston's architectural legacy with all the attributes needed to create a successful and unique culinary location. Of note, the original 1831 brick walls on the ground floor may be exposed to showcase the building's historic character. Contact broker Patrick Price to schedule an onsite tour and/or a virtual meeting. Patrick is also available to do a review of a pricing outline which details how the sales price was formulated. Buyer's profit consideration (development fee), loss of rent during renovation, and other related items were considered when determining the sales price. Price Ventures, LLC makes no representations or warranties, express or implied, regarding the accuracy or completeness of the information provided.
Location
State SC
County Charleston
Zoning City of Charleston - LB - Limited Business
Exterior
Parking Features Surface
Garage Spaces 9.0
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Listed by Patrick Price • Price Ventures, LLC
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