$249,000 SALE
330 SF
1401 Shrimp Boat Ln Unit 206
Mount Pleasant, SC 29464

Condo hotel ownership in Shem Creek Inn. This investment offering is a rare opportunity to buy into the only hotel on Shem Creek. Condo units are individually owned, with limited owner use options. The Inn is under hotel management agreement & HOA regime. Beautiful 3rd floor, Creek Side 2 Queen condo with fantastic view of Shem Creek. Unit amenities include: Free WiFi, microwave oven, refrigerator, coffee maker, LCD TV with satellite channels, & private furnished balcony. Property amenities include: Beautiful pool & sundeck right on Shem Creek, free parking & breakfast in a great location convenient to beaches & downtown Charleston, elevator, daily housekeeping, & 24-hour front desk with Concierge services. Shem Creek Inn was newly renovated in 2017. There is a 5 year $5,819 annual owner special assessment ending in 2022 to pay for the renovation. The 2019 cap rate is 6.52% at the current offering price. Without the special assessment, the cap rate would have been 8.9%.

Property Type Hospitality
Year Built 2010
Renovated Year 2017
Zoning OTHER
Cap Rate Percentage 6.52
Listing ID LKBZ3R
MLS ID 30721601
Style Other Style
Building Size 330 SF
Available Date Apr 6th, 2021
Area Demographics

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