First-Floor Class A Office
For Sale
Contact for pricing
171 Church Street, Charleston, SC 29401
First-floor office suite with receptionist lobby, two conference rooms, and kitchen, plus four parking passes to a covered garage.
Property Size3,476 SF
Price / SF$431.24
Days on Market44
Property Features for 171 Church Street
General Information
Standard status
Active
Size
3,476 SF
Class
A
Total Parking Spaces
4
Property subtype
Office
Occupancy
100%
Lease Type
Modified Gross
Additional Details
Furnished
Yes
Amenities
lobby area with receptionist desk
conference rooms
kitchen
parking passes
Building Details
Buildings
1
Units
1
Tenancy
Multi
Listing Agency:
Sperry - KEY Group
Listed By:
Bill Hopkins · License #124112 SC
Source:
Crexi
Added: Jul 16
Changed: Aug 22
Last Checked: Aug 26 at 4:14PM
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 Sperry - KEY Group
Investment Insights
Based on property information with market context.
Class A office space located on the first floor in the Franke Building. The suite includes a nice lobby area with a receptionist desk, two conference rooms with tables and chairs included, and a kitchen with a refrigerator and microwave included.
The property is in the heart of downtown Charleston near the market and close to the Courthouses. Four parking passes are included for an attached City-owned and operated covered garage.
The property is in the heart of downtown Charleston near the market and close to the Courthouses. Four parking passes are included for an attached City-owned and operated covered garage.
Key Highlights
- Class A first‑floor office space in the Franke Building in downtown Charleston
- Receptionist lobby with a receptionist desk
- Includes two conference rooms with tables and chairs
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
$48,789
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
3.25%
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%
$975,780
$975.8K
Cap Rate 7%
$696,986
$697.0K
Cap Rate 9%
$542,100
$542.1K
Market Conditions
NOI Build-Up for 3,476 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
$77.2K $22.20/SF
− Vacancy
−$12.1K −$3.49/SF
EGI
$65.1K $18.71/SF
− OpEx
−$16.3K −$4.68/SF
NOI
$48.8K $14.04/SF
Area
Charleston, SC
Vacancy
15.70%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$975,780
Cap Rate 7%
$696,986
Cap Rate 9%
$542,100
Alternative Uses
Best Use
Office B
$697.0K
$609.9K – $813.2K
NOI $48,789 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$940.7K
$823.1K – $1.10M
NOI $65,847 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 29401, SC
9,145
Population
5,808
Households
1.6
Avg Household Size
38
Median Age
75%
College-Educated
96%
High-School Grad
1.5 sq mi
ZIP Area
6,097
Density / Sq Mi
$90,074
Median Household Income
$45,653
Median Earnings
$1,838
Median Rent
$1,165,900
Median Home Value
Market
Vacancy Rate% for Office in Charleston, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - First-floor office suite with receptionist lobby, two conference rooms, and kitchen, plus four parking passes to a covered garage.
Where is this office units located?
The property is located at 171 Church Street Charleston, SC.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Class A first‑floor office space in the Franke Building in downtown Charleston; Receptionist lobby with a receptionist desk; Includes two conference rooms with tables and chairs
