Church Building with Development
For Sale
Contact for pricing
Pending
591 Rutledge Avenue, Charleston, SC 29403
Vacant church structure with partially newer build and an additional empty parcel suitable for redevelopment concepts.
Property Size2,600 SF
Days on Market61
Property Features for 591 Rutledge Avenue
General Information
Standard status
Pending
Size
2,600 SF
Property subtype
Industrial
Zoning
City of Charleston - LB - Limited Business
Building Details
Units
1
Listing Agency:
Marshall Walker Real Estate
(843) 225-7007
Listed By:
Marshall Walker · License #SC 43542
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Jul 24 at 8:07AM
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 Marshall Walker Real Estate
Investment Insights
Based on property information with market context.
This vacant church building has not been used for 16 or more years. Approximately half of the structure dates to the 1990s, while the remaining portion is older (about one-third to one-half as recent as 1980). The property includes a brick-clad portion added in the 1990s, with stained glass windows removed at that time. Some roof replacement work was completed around 2010. The building is described as being under BAR rules, and the buyer would need to verify any ability to partially demolish with BAR.
The offering also includes an adjacent empty parcel to the right, described as having single TMS references with a lot line abandoned, which may support site planning depending on the buyer’s intended use. The seller is the listing agent.
While the building has been unused for an extended period, the configuration and prior improvements may appeal to buyers evaluating adaptive reuse or development alternatives. The seller notes the possibility of office, restaurant, residential, or multifamily concepts, and also indicates potential land lease or partial seller financing, subject to buyer verification and applicable approvals.
The offering also includes an adjacent empty parcel to the right, described as having single TMS references with a lot line abandoned, which may support site planning depending on the buyer’s intended use. The seller is the listing agent.
While the building has been unused for an extended period, the configuration and prior improvements may appeal to buyers evaluating adaptive reuse or development alternatives. The seller notes the possibility of office, restaurant, residential, or multifamily concepts, and also indicates potential land lease or partial seller financing, subject to buyer verification and applicable approvals.
Key Highlights
- Vacant church structure unused for 16+ years, with about half built in the 1990s
- Includes an additional empty parcel to the right (single TMS with lot line abandoned)
- Part of the roof was replaced around 2010
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
4.29%
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 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$703.6K
$615.7K – $820.9K
NOI $49,252 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
665
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - Vacant church structure with partially newer build and an additional empty parcel suitable for redevelopment concepts.
Where is this church & religious facility located?
The property is located at 591 Rutledge Avenue Charleston, SC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Vacant church structure unused for 16+ years, with about half built in the 1990s; Includes an additional empty parcel to the right (single TMS with lot line abandoned); Part of the roof was replaced around 2010
