Second-Floor Office Suite in Historic
For Sale
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171 Church Street #Unit 2c1, Charleston, SC 29401
Well-configured office suite with open workspace and private offices in the historic Franke Building downtown.
Property Size2,600 SF
Price / SF$403.85
Days on Market104
Property Features for 171 Church Street #Unit 2c1
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Office
Zoning
City of Charleston - GB - General Business
Building Details
Buildings
1
Units
1
Listed By:
Malena Liguori · License #144881
Source:
Crexi
Added: May 27
Changed: Sep 4
Last Checked: Sep 7 at 11:22AM
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 Malena Liguori
Investment Insights
Based on property information with market context.
Located in the Franke Building at 171 Church St, this approximately 2,600 SF second-floor office suite offers an efficient, flexible layout within a well-maintained historic setting. The space includes expansive open workspace, two private offices, a storage room, and a kitchenette, providing practical separation for collaboration and focused work.
The property is positioned in the heart of Downtown Charleston, just off Meeting and Market Streets. It benefits from a dense commercial environment with nearby retailers, restaurants, hotels, and cultural destinations along one of the city’s most active corridors.
For buyers seeking an income-oriented acquisition, the current tenant’s lease expires in two years, creating a defined timeline for either continued tenancy or potential owner-occupancy. The suite’s mix of open and enclosed areas also supports a range of professional uses that need both collaboration space and dedicated offices.
The property is positioned in the heart of Downtown Charleston, just off Meeting and Market Streets. It benefits from a dense commercial environment with nearby retailers, restaurants, hotels, and cultural destinations along one of the city’s most active corridors.
For buyers seeking an income-oriented acquisition, the current tenant’s lease expires in two years, creating a defined timeline for either continued tenancy or potential owner-occupancy. The suite’s mix of open and enclosed areas also supports a range of professional uses that need both collaboration space and dedicated offices.
Key Highlights
- +/-2,600 SF second‑floor office suite in the historic Franke Building at 171 Church St in downtown Charleston
- Efficient, flexible layout with expansive open workspace plus two private offices
- Includes a storage room and kitchenette within the suite
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
$36,493
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
3.48%
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%
$729,860
$729.9K
Cap Rate 7%
$521,329
$521.3K
Cap Rate 9%
$405,478
$405.5K
Market Conditions
NOI Build-Up for 2,600 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
$57.7K $22.20/SF
− Vacancy
−$9.1K −$3.49/SF
EGI
$48.7K $18.71/SF
− OpEx
−$12.2K −$4.68/SF
NOI
$36.5K $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%
$729,860
Cap Rate 7%
$521,329
Cap Rate 9%
$405,478
Alternative Uses
Best Use
Office B
$521.3K
$456.2K – $608.2K
NOI $36,493 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$703.6K
$615.7K – $820.9K
NOI $49,252 @ 7.0% cap · market cap 4.69%
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 - Well-configured office suite with open workspace and private offices in the historic Franke Building downtown.
Where is this office units located?
The property is located at 171 Church Street #Unit 2c1 Charleston, SC.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: +/-2,600 SF second‑floor office suite in the historic Franke Building at 171 Church St in downtown Charleston; Efficient, flexible layout with expansive open workspace plus two private offices; Includes a storage room and kitchenette within the suite
