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    241 East Bay St Charleston, SC 29401

    Sponsored
    For Sale
    $5,500,000

    MULTI_FAMILY - Charleston, SC

    Property size:
    11,752 SF
    Lot size:
    0.15 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 26 at 6:06 pm

    Property Features for 241 East Bay St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 6, Bedroom 9, Bedroom 8, Bedroom 1, Bedroom 7, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5
    Bedrooms
    9
    Size
    11,752 SF
    Lot size
    0.15 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Central, Ductless (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1871
    Floors in Building
    3
    Number of units
    4
    Building materials
    Block/Masonry, Stucco
    Roof type
    Metal

    We can help!

    Listing Contact
    Charles Sullivan

    Carriage Properties, LLC (843) 266-8000

    Listing agent Charles Sullivan

    Listing date Feb 26, 2026

    MLS# 26005460 Listing URL

    Copyright © 2026 CHS Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Charleston Four-Unit Building

    Located in the heart of Charleston's Historic District, this meticulously restored and well-maintained four-unit masonry building is situated one block from the City Market, surrounded by upscale restaurants and shopping. The property features nine on-site parking spaces. Zoned General Business and located within the accommodation zone, it is approved for four-unit accommodations and currently operates as the Charleston Chestnut Mansion, a four-unit short-term rental. This versatile property, situated on the corner of East Bay and Guignard Streets, can function as short-term or long-term rentals, or offices, depending on market demands. All four units are fully updated and furnished, with existing bookings. Each unit has a separate entrance. The first floor contains two 2-bedroom units, each measuring 1,400 square feet. The second floor spans over 3,300 square feet and includes 3 bedrooms, 3 bathrooms, and elevator access. The third level occupies the upper floor with over 2,100 square feet and 2 bedrooms. Originally two separate structures, the original building at 241 East Bay was built in 1871, with an addition at 243 East Bay added during the 1986 Restoration. Comprehensive renovations were completed from 2015 to 2021, including updates to mechanical systems, windows, and interiors. The gross income for 2025 is projected to be $588,061. The property size is 11,752 square feet on a 0.15-acre lot. This turnkey property is ready for immediate operation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Charleston Chestnut Mansion Vacation Rental

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Charleston
    County
    Berkeley
    State
    South Carolina
    Longitude
    -79.92793
    Latitude
    32.782013

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    FAQs

    What type of property is this?
    Short term rental property - Restored four-unit building in Charleston's Historic District.
    Where is this short term rental property located?
    The property is located at 241 East Bay St Charleston, SC.
    What is the asking price?
    The asking price for this property is $5,500,000.
    What are key features of this property?
    This property features: - High Gross Income: Projected gross income of $588,061 for 2025.; - Prime Location: In the heart of the Historic District, one block from the City Market, surrounded by restaurants and shopping.; - Turnkey Operation: Fully furnished and updated units with existing bookings.
    (843) 367-8807
    Request Owner's contact information
    241 East Bay St Charleston, SC 29401
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    Charleston, SC 29401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    241 East Bay St Charleston, SC 29401
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    We can help!
    Listing Contact
    Charles Sullivan
    (843) 367-8807 (843) 266-8000
    Learn more
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