74 Cannon Sold, a real estate success story, Charleston style

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74 Cannon SOLD!

74 Cannon SOLD!

Another indication of the desirability of the Elliotborough neighborhood is the recent sale of 74 Cannon St.  What a great success story!  After purchasing the property consisting of three shabby buildings in 1999 for $200,000, the savvy investor proceeded to renovate and rent out the store building and the carriage house and live in the main house.  Then he wisely established a horizontal property regime, a legal document drawn up by an attorney, to divide and sell off the property as three separate units.  In 2007 he sold the 2 bedroom carriage house for $278,000, then that same year sold the small commercial space (currently Mac & Murphy Paper Company) for $210,000.  He sold the main house last Friday for $550,000.  Over all the 11 year investment in Elliotborough grossed $838,000!  This calculation does not subtract for interest or renovation costs but considering that the main house was owner occupied and the other two were producing rental income for 6 years, this is dramatically offset.  Hopefully he can find a good 1031 exchange project farther up the peninsula to continue his success.

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