199 St Philip Street, A, Charleston, SC 29403
$1,425,500
Property Type:
Commercial Sale
Square Footage:
1,652
Status:
Active Contingent
Current Price:
$1,425,500
List Date:
7/09/2025
Last Modified:
11/13/2025
Overview
Description
Charleston Commercial, on behalf of ownership, is pleased to exclusively offer 199A St Philip Street. The property is located on St Philip Street in the Short Term Rental Overlay and one block from King Street. The property is 100% occupied by Curated Vacation Properties LLC (CVP), the Seller, who will be signing a long term 10 year 'Lease Back' at closing. The Lease is triple net with no/minimal Landlord responsibilities and features 3% annual escalations on the Base Rent. There is an accelerated pay back schedule for Years 1-4 for the Tenant Build-Out, please see Rent Schedule for more information. Year 1 Cap Rate of 10%, Blended 10 Year Cap of 7.7%.
The property was renovated down to the studs in 2024 and was Built-to-Suit CVP's needs. CVP is a luxury short term management company in Charleston with 145 units under management, totaling over 10,000 reservations and $10M in bookings in 2024. Updates to the property include all new MEP's, commercial washer & dryers, flooring, bathrooms and fresh cosmetics to transform the space into a highly functioning management office and house-keeping HQ.
This 'mission critical' facility includes three on-site parking spaces as well as two large porches. The Seller also developed the back property (199B) in 2024 which is a fully permitted and functioning short term rental unit, which is not included in the sale. There is an easement in place for the shared driveway.
Lastly, due to the zoning, the property can be used as a short term rental in the event the Tenant vacates upon their Lease termination, which further de-risks the opportunity.
Listing Details MLS# 31006533
Location
- Street Number
- 199
- Street Name
- St Philip
- Street Suffix
- Street
- Unit Number
- A
- County
- Charleston
- Nearest MSA
- Charleston-North Charleston, SC
- Submarket/Township
- 51 - Peninsula Charleston Inside of Crosstown
- State or Province
- SC
- Postal Code
- 29403
- Parcel Number
- 460-08-04-183
- Opportunity Zone
- Yes
General Information
- Property Sub Type
- Retail
- Secondary Sub-Type
- Office
- Tertiary Sub-Type
- Hospitality
- Listing Name
- STNL Sale Leaseback
- Property Condition
- Existing
- Building Area Total
- 1652
- Zoning
- City of Charleston - GB - General Business
- Anchored?
- No
- List Price/SqFt
- 862.89
- For Comp Purposes Only
- No
- Opt In to Crexi?
- Yes
Contract Information
- Listing Contract Date
- 2025-07-08
- Original List Price
- 1450000
Building Related
- Year Renovated
- 2024
Land Related
- In Flood Plain?
- No
Status Change Info
- Status Change Date
- 2025-11-13
- Under Contract Date
- 2025-11-13
- Contingent
- Active Contingent
More Information
Auction Details
- Auction
- No
Directions & Remarks
- Public Remarks
- Charleston Commercial, on behalf of ownership, is pleased to exclusively offer 199A St Philip Street. The property is located on St Philip Street in the Short Term Rental Overlay and one block from King Street. The property is 100% occupied by Curated Vacation Properties LLC (CVP), the Seller, who will be signing a long term 10 year 'Lease Back' at closing. The Lease is triple net with no/minimal Landlord responsibilities and features 3% annual escalations on the Base Rent. There is an accelerated pay back schedule for Years 1-4 for the Tenant Build-Out, please see Rent Schedule for more information. Year 1 Cap Rate of 10%, Blended 10 Year Cap of 7.7%. The property was renovated down to the studs in 2024 and was Built-to-Suit CVP's needs. CVP is a luxury short term management company in Charleston with 145 units under management, totaling over 10,000 reservations and $10M in bookings in 2024. Updates to the property include all new MEP's, commercial washer & dryers, flooring, bathrooms and fresh cosmetics to transform the space into a highly functioning management office and house-keeping HQ. This 'mission critical' facility includes three on-site parking spaces as well as two large porches. The Seller also developed the back property (199B) in 2024 which is a fully permitted and functioning short term rental unit, which is not included in the sale. There is an easement in place for the shared driveway. Lastly, due to the zoning, the property can be used as a short term rental in the event the Tenant vacates upon their Lease termination, which further de-risks the opportunity.
Property Sub Type
- Hospitality
- Yes
- Office
- Yes
- Retail
- Yes
Existing Lease Type
- NNN
- Yes
Current Use
- Commercial
- Yes
- Investment
- Yes
- Retail
- Yes
Parking Type
- Surface
- Yes
Property Features
Property Sub Type:
Hospitality; Office; Retail
Current Use:
Commercial; Investment; Retail
Existing Lease Type:
NNN
Parking Type:
Surface
Documents
NDA ›
Listing Office:
Charleston Commercial
Last Updated: November - 13 - 2025
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