Historic Bed & Breakfast with
For Sale
Contact for pricing
301 E Richardson Avenue, Summerville, SC 29483
Historic lodging property with separate guest accommodations, updated interiors, and a walkable downtown setting.
Property Size3,602 SF
Lot Size0.57 Acres
Price / SF$355.08
Days on Market142
Property Features for 301 E Richardson Avenue
General Information
Standard status
Active
Size
3,602 SF
Lot size
0.57 Acres
Property subtype
Hospitality, Mixed Use, Land, Office, Retail
Zoning
Dorchester - N-MX - Neighborhood Mixed-Use
Building Details
Year Built
1881
Buildings
1
Listing Agency:
Carolina One Real Estate Summerville
(843) 452-6393
Listed By:
Michael Sally · License #40753
Source:
Crexi
Added: Apr 13
Changed: Aug 30
Last Checked: Sep 1 at 1:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Carolina One Real Estate Summerville
Investment Insights
Based on property information with market context.
Built in 1881, this approximately 3,602-square-foot bed and breakfast property occupies roughly 0.57 acres and retains heart-of-pine floors, eight fireplaces, large period windows, and other original architectural elements. Significant improvements include a renovated kitchen, remodeled areas, and extensions that add functionality while preserving the historic character. The layout includes a first-floor unit with its own entrance that currently operates as an Airbnb, along with a second-floor one-bedroom apartment featuring a living room/bedroom, kitchen, and separate laundry facilities.
The property is located two blocks from downtown Summerville's historic district and within walking distance of Hutchinson Square, shops, restaurants, festivals, and community events. Zoning is Dorchester - N-MX - Neighborhood Mixed-Use. The existing configuration supports continued hospitality use, separate residential accommodations, or an owner-occupied arrangement with additional units.
The property is located two blocks from downtown Summerville's historic district and within walking distance of Hutchinson Square, shops, restaurants, festivals, and community events. Zoning is Dorchester - N-MX - Neighborhood Mixed-Use. The existing configuration supports continued hospitality use, separate residential accommodations, or an owner-occupied arrangement with additional units.
Key Highlights
- 1881 construction with heart‑of‑pine floors, eight fireplaces, period windows, and original architectural details
- Approximately 3,602 sq ft on roughly 0.57 acres
- First‑floor unit has a separate entrance and currently operates as an Airbnb
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$56,281
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,125,620
$1.1M
Cap Rate 7%
$804,014
$804.0K
Cap Rate 9%
$625,344
$625.3K
Market Conditions
NOI Build-Up for 3,602 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$133.1K $36.96/SF
− Vacancy
−$14.6K −$4.07/SF
EGI
$118.5K $32.89/SF
− OpEx
−$62.2K −$17.27/SF
NOI
$56.3K $15.62/SF
Area
Dorchester County, SC
Vacancy
11.00%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,125,620
Cap Rate 7%
$804,014
Cap Rate 9%
$625,344
Alternative Uses
Best Use
Hotel Hospitality
$804.0K
$703.5K – $938.0K
NOI $56,281 @ 7.0% cap · market cap 4.40%
Second Best
Mixed Use
$714.3K
$625.0K – $833.4K
NOI $50,001 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$2.70M
$2.36M – $3.14M
NOI $188,695 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29483, SC
56,778
Population
23,133
Households
2.5
Avg Household Size
38
Median Age
30%
College-Educated
92%
High-School Grad
53.3 sq mi
ZIP Area
1,065
Density / Sq Mi
$82,194
Median Household Income
$42,929
Median Earnings
$1,220
Median Rent
$303,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Historic lodging property with separate guest accommodations, updated interiors, and a walkable downtown setting.
Where is this bed & breakfast located?
The property is located at 301 E Richardson Avenue Summerville, SC.
What is the asking price?
The asking price for this property is $1,279,000.
What are key features of this property?
This property features: 1881 construction with heart‑of‑pine floors, eight fireplaces, period windows, and original architectural details; Approximately 3,602 sq ft on roughly 0.57 acres; First‑floor unit has a separate entrance and currently operates as an Airbnb
