196 Rutledge Ave - Rutledge Avenue Inn 6,025 SF Specialty Building Offered at $3,250,000 at a 5% Cap Rate in Charleston, SC 29403

194-196 Rutledge Ave, “The Rutledge Ave Inn”, is an existing & operating Bed and Breakfast located in the Short-Term Rental Overlay. The main house (196 Rutledge), built in 1910, was renovated down to the studs in 2008 and includes four spacious rental units; two 2BR/2.5BA units A&B, and two 1BR/1BA units C&D. The units are in great condition with modern luxury finishes coupled with historic charm. The Cottage (194 Rutledge) which was built in 2008, is a two level 2BR/2.5BA detached house with it’s own private fenced in yard and back porch. The Cottage is setback off the street providing a peaceful and unique oasis.
The property exudes modern amenities with historical charm. The spacious units feature carrara marble countertops, custom cabinets, stainless steel appliances, gas ranges, intertwined with original pine floors, crown molding, original fireplaces and historic windows. Units A&B have large front porches for each units. Ownership has kept meticulous care of the property, with recent upgrades consisting of new roof, HVAC, tankless water heaters, porches and gas meters. All units are individually metered for water, electric, and gas, and have individual washer/dryers. The site features private entrances for all five units, as well as private on-site parking in the rear.
The Bed&Breakfast is professionally managed by StayDuvet and operates as high-end short term rental units. The Seller currently occupies one of the units as their primary residence in order to qualify as a Bed & Breakfast, which the next owner would need to do if they wanted to continue to do short-term rentals.
Currently, the Seller occupies Unit D as their primary residence; with the four operational units, the property grosses over $300,000 annually.
The Property’s central location in the Cannonborough Elliotborough neighborhood lends itself to being within ½ a mile of King Street, and a few blocks from MUSC and College of Charleston campuses. Additionally, this ‘foodie’ neighborhood boasts some of the best restaurants in the City including Vern’s, Chubby Fish, Southbound, Xiao Bao, R Kitchen and more.
The opportunity lends itself to a variety of investment approaches such as Bed&Breakfast, long term rentals, executive rentals, condo conversion or other repositioning avenues.
All FF&E is negotiable.