11 Hanover St #A,B, Charleston, SC 29403
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11 Hanover St #A,B, Charleston, SC 29403
11 Hanover St #A,B, Charleston, SC 29403
11 Hanover St #A,B, Charleston, SC 29403
11 Hanover St #A,B, Charleston, SC 29403
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Wendy Whitaker

Wendy Whitaker

+1(843) 872-1065
Listed by   The Boulevard Company
$ 1,999,999
Est. payment /mo
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11 Hanover St #A, B Charleston, SC 29403

7 Beds

3,462 SqFt

UPDATED:

Key Details

Property Type Single Family Home

Sub Type Single Family Detached

Listing Status Active

Purchase Type For Sale

Square Footage 3,462 sqft

Price per Sqft $577

Subdivision Eastside

MLS Listing ID 26021150

Bedrooms 7

HOA Y/N No

Year Built 2021

Lot Size 5,662 Sqft

Acres 0.13

Property Sub-Type Single Family Detached

Property Description

BRING ALL OFFERS! X Flood Zone - No Flood Insurance Required! A rare opportunity to own two charming 2021 construction homes in pristine condition on one lot just blocks from King Street in the heart of downtown Charleston. 11 Hanover Street offers incredible flexibility for a College of Charleston parent, owner-occupant, or investor. Both buildings have been rented since June 1, 2022, with tenants currently in place through May 31, 2027 (Building A) and April 30, 2027 (Building B). Current ownership has never increased rents, which have remained at $1,500 per bedroom since 2022, generating $10,500 per month in rental income. With current market rents ranging from approximately $1,850-$2,100 per bedroom, a new owner has significant upside potential to increase incomeat lease expiration. Tenants are responsible for all utilities with the exception of Wi-Fi.

The property is eligible for the STR CAT 2 Bed & Breakfast permit, allowing an owner to occupy one of the two buildings at the 4% owner-occupied tax rate while legally operating the other as a nightly short-term rental at the 6% tax rate. Projected gross revenue for owner-occupying Building B and short-term renting Building A is approximately $133,000 annually.

The front home (A) features 4 bedrooms, 4 full bathrooms, and 2,084 square feet, while the rear home (B) offers 3 bedrooms, 3 full bathrooms, and 1,378 square feet. Both homes were completed in 2021 and have been meticulously maintained since construction. Properties have recently been landscaped and interiors painted. Additional highlights include metal roofs, tankless water heaters for endless hot water, raised slab foundations (no crawlspace maintenance or moisture concerns), a transferable termite bond through Elam's, PLENTY off-street parking, and the ability to apply for additional residential parking decals through the City of Charleston.

Offering an unbeatable downtown location, rare X Flood Zone designation, modern construction, multiple investment strategies, and substantial income potential, 11 Hanover Street is truly a one-of-a-kind opportunity in downtown Charleston.

Location

State SC

County Charleston

Area 51 - Peninsula Charleston Inside Of Crosstown

Interior

Interior Features Ceiling Fan(s)

Heating Central, Heat Pump

Cooling Central Air

Exterior

Utilities Available Charleston Water Service, Dominion Energy

Roof Type Metal

Building

Dwelling Type Single Family Detached

Story 2

Foundation Raised Slab

Sewer Public Sewer

Water Public

New Construction No

Schools

Elementary Schools James B Edwards

Middle Schools Simmons Pinckney

High Schools Burke

Others

Acceptable Financing Lease Purchase, Any

Listing Terms Lease Purchase, Any

Financing Lease Purchase,Any

NEARBY SCHOOLS & PROPERTIES

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11 Hanover St #A,B