279 Coming Street

Description

Three downtown Charleston residences. Income already in place. And a rare opportunity to create a living and investment strategy around one historic address.Now offered at $1,690,000, 279 Coming Street presents a compelling opportunity in the heart of Cannonborough-Elliottborough: three separate 3-bedroom, 2-bath residences totaling approximately 3,100 square feet, with nine bedrooms, six full baths and three dedicated off-street parking spaces.The circa-1852 main house is configured as two spacious 3-bedroom, 2-bath residences, both currently leased into 2027 and producing a combined $4,565 per month in contractual rental income. Behind the main residence is a detached 3-bedroom, 2-bath guest house that is currently available, giving the next owner immediate flexibility.For an owner-occupant, that could mean living in the detached residence while collecting $54,780 in annual contractual rent from the two existing leases. For an investor, the available third residence provides an opportunity to place another tenant and increase income immediately. Based on a projected rent of $2,400 per month for the detached residence, total gross rental income could reach approximately $6,965 per month, or $83,580 annually. Rental projections are estimates and should be independently verified. For a buyer looking beyond today's rent roll, the property also offers a value-add opportunity. Its three-residence configuration, nine-bedroom count and proximity to the College of Charleston, MUSC and Upper King Street position it well for Charleston's strong downtown rental market. Another important feature is the property's location within the City of Charleston Residential Short-Term Rental Overlay. The property is residentially zoned DR-2F; residential properties within the overlay may be eligible for Bed & Breakfast permitting subject to applicable City requirements and approval. Buyer and buyer's agent should independently verify zoning, legal use, permitting and short-term rental/Bed & Breakfast eligibility directly with the City of Charleston. Three off-street parking spaces add another valuable dimension to a property located in one of downtown Charleston's most walkable neighborhoods. Restaurants, shopping, nightlife, CofC and MUSC are all within easy reach. Whether the vision is to live in one residence while generating income from the others, maintain all three as long-term rentals, or renovate and reposition the property over time, 279 Coming Street offers something increasingly difficult to find on the Charleston peninsula: three separate residences, existing income, a detached guest house, off-street parking and multiple paths forward--all at one downtown address.