Church Facility with Finished Main
For Sale
$699,000
449 W Centennial Street, Spartanburg, SC 29303
COMMERCIAL - Spartanburg, SC
Property Size3,900 SF
Lot Size0.50 Acres
Price / SF$179.23
Days on Market74
Property Features for 449 W Centennial Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
033
Standard status
Active
APN
7-07-12-107.00
Lot size
0.50 Acres
Utilities
Heating system
Natural Gas
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
Laura Simmons & Associates RE
(864) 608-1510
Listed By:
Michelle Stenersen · License #118479
(864) 884-1392
Added: Jun 17
Changed: Aug 11
Last Checked: Aug 29 at 4:06AM
MLS# 1583969
Copyright © 2026 Greater Greenville Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick church facility at 449 W Centennial Street provides approximately 2,900 square feet on the main level, arranged with a reception area, file room, three private offices, and a substantial open room used for worship or meetings. An additional 1,000-square-foot unfinished basement provides storage, workshop, or future expansion capacity. The property sits on a 0.50-acre lot and includes rear space that may support additional usable area.
Natural gas heat and public water serve the property. Its Spartanburg setting is minutes from downtown and Cleveland Park, with visibility and convenient access noted for the site. The building’s combination of administrative rooms, open assembly space, and lower-level utility area supports continued religious or meeting use.
Natural gas heat and public water serve the property. Its Spartanburg setting is minutes from downtown and Cleveland Park, with visibility and convenient access noted for the site. The building’s combination of administrative rooms, open assembly space, and lower-level utility area supports continued religious or meeting use.
Key Highlights
- Approximately 2,900 SF main level with reception area, file room, three private offices, and open assembly room
- Additional 1,000‑square‑foot unfinished basement for storage, workshop, or expansion
- Situated on a 0.50‑acre lot with rear space offering potential additional usable area
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
$60,286
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
8.62%
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%
$1,205,720
$1.2M
Cap Rate 7%
$861,229
$861.2K
Cap Rate 9%
$669,844
$669.8K
Market Conditions
NOI Build-Up for 3,900 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
$94.1K $24.12/SF
− Vacancy
−$13.7K −$3.51/SF
EGI
$80.4K $20.61/SF
− OpEx
−$20.1K −$5.15/SF
NOI
$60.3K $15.46/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$24.12 /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%
$1,205,720
Cap Rate 7%
$861,229
Cap Rate 9%
$669,844
Alternative Uses
Best Use
Office B
$861.2K
$753.6K – $1.00M
NOI $60,286 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.03M
$2.65M – $3.53M
NOI $211,936 @ 7.0% cap · market cap 30.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Brick church facility with offices, reception space, meeting area, and unfinished lower-level storage or expansion space.
Where is this church & religious facility located?
The property is located at 449 W Centennial Street Spartanburg, SC.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 2,900 SF main level with reception area, file room, three private offices, and open assembly room; Additional 1,000‑square‑foot unfinished basement for storage, workshop, or expansion; Situated on a 0.50‑acre lot with rear space offering potential additional usable area
