Two-Story Office
For Sale
$2,800,000
191 Rutledge Avenue, Charleston, SC 29403
Medical office improvements occupy the first floor, while elevator-served general office space is leased on the second floor.
Property Size6,200 SF
Lot Size0.33 Acres
Price / SF$451.61
Days on Market90
Property Features for 191 Rutledge Avenue
General Information
Standard status
Active
Size
6,200 SF
Class
B
Total Parking Spaces
23
Elevators
Yes
Lot size
0.33 Acres
Property subtype
Office/Medical Office
Zoning
DR-2F
Building Details
Building Size
6,200 SF
Buildings
2
Stories
2
Construction
Contemporary
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
(843) 270-9124
Listed By:
Thomas M. Boulware, SIOR, CCIM · License #56673
Source:
Naicharleston
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 8:11AM
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 Thomas M. Boulware, SIOR, CCIM
Investment Insights
Based on property information with market context.
This two-story office property combines an operating medical suite with leased general office space. The first floor includes 7 exam rooms, reception, a general work area, two restrooms, and a kitchenette. The upper level is served by an elevator and is occupied by Charleston School of Music. A small outbuilding is also included.
The property contains ±6,200 SF on ±0.33 AC and features a masonry exterior, contemporary design, and 23 on-site parking spaces. Zoned DR-2F, it is located on the Charleston peninsula within walking distance of MUSC, the VA, and Roper Hospital. The building’s configuration accommodates distinct office environments across its two floors.
The property contains ±6,200 SF on ±0.33 AC and features a masonry exterior, contemporary design, and 23 on-site parking spaces. Zoned DR-2F, it is located on the Charleston peninsula within walking distance of MUSC, the VA, and Roper Hospital. The building’s configuration accommodates distinct office environments across its two floors.
Key Highlights
- ±6,200 SF two‑story office building on ±0.33 AC
- First‑floor medical suite with 7 exam rooms
- Second floor is elevator‑served general office space
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
$87,434
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
3.12%
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%
$1,748,680
$1.7M
Cap Rate 7%
$1,249,057
$1.2M
Cap Rate 9%
$971,489
$971.5K
Market Conditions
NOI Build-Up for 6,200 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
$160.0K $25.80/SF
− Vacancy
−$14.2K −$2.30/SF
EGI
$145.7K $23.50/SF
− OpEx
−$58.3K −$9.40/SF
NOI
$87.4K $14.10/SF
Area
Charleston, SC
Vacancy
8.90%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$1,748,680
Cap Rate 7%
$1,249,057
Cap Rate 9%
$971,489
Alternative Uses
Best Use
Healthcare Medical
$1.25M
$1.09M – $1.46M
NOI $87,434 @ 7.0% cap · market cap 3.12%
Second Best
Office B
$1.24M
$1.09M – $1.45M
NOI $87,023 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,448 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 29403, SC
21,363
Population
13,013
Households
1.6
Avg Household Size
30
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
3,956
Density / Sq Mi
$65,689
Median Household Income
$43,421
Median Earnings
$1,658
Median Rent
$624,000
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 building - Medical office improvements occupy the first floor, while elevator-served general office space is leased on the second floor.
Where is this office building located?
The property is located at 191 Rutledge Avenue Charleston, SC.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: ±6,200 SF two‑story office building on ±0.33 AC; First‑floor medical suite with 7 exam rooms; Second floor is elevator‑served general office space
