Church and Office
New
For Sale
$699,000
449 W Centennial Street, Spartanburg, SC 29303
Commercial/Industrial, Spartanburg, SC
Property Size3,900 SF
Lot Size0.50 Acres
Price / SF$179.23
Days on Market5
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: Sep 22
Last Checked: Sep 26 at 2:06PM
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 church and office property at 449 W Centennial Street includes approximately 2,900 sq ft on the main level and a 1,000 sq ft unfinished basement. The primary floor contains a reception area, file room, three private offices, and a large open room currently used for worship or meetings. Brick construction, natural gas heat, and public water serve the property.
The property occupies a .50-acre lot in Spartanburg, with additional rear area that may provide usable space. Its setting offers convenient access to downtown Spartanburg and Cleveland Park, along with visibility from W Centennial Street. The basement provides storage, workshop, or expansion space, while the existing layout supports church, office, nonprofit, retail, or service-oriented occupancy as described.
The property occupies a .50-acre lot in Spartanburg, with additional rear area that may provide usable space. Its setting offers convenient access to downtown Spartanburg and Cleveland Park, along with visibility from W Centennial Street. The basement provides storage, workshop, or expansion space, while the existing layout supports church, office, nonprofit, retail, or service-oriented occupancy as described.
Key Highlights
- Approximately 2,900 sq ft main level plus 1,000 sq ft unfinished basement
- .50‑acre lot at 449 W Centennial Street in Spartanburg
- Main level includes reception area, file room, and three private offices
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
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Open Analytics
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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Brick facility with private offices, meeting space, and unfinished basement storage.
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 sq ft main level plus 1,000 sq ft unfinished basement; .50‑acre lot at 449 W Centennial Street in Spartanburg; Main level includes reception area, file room, and three private offices
