Historic Downtown Charleston Office
For Sale
Contact for pricing
Pending
171 Church Street, Charleston, SC 29401
Office suite in the historic Franke Building, downtown Charleston.
Property Size1,879 SF
Days on Market962
Property Features for 171 Church Street
General Information
Standard status
Pending
Size
1,879 SF
Total Parking Spaces
3
Property subtype
Office
Listing Agency:
CBRE - Charleston
(843) 577-1162
Listed By:
Charles Carmody · License #SC 5454
Source:
Crexi
Added: Jan 10, 2024
Changed: Aug 23
Last Checked: Aug 28 at 5:39PM
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 CBRE - Charleston
Investment Insights
Based on property information with market context.
Located on Church Street in downtown Charleston, this suite is situated within the historic Franke Building. The property offers 1879 square feet of space. Its location provides walking distance access to the Charleston City Market.
Key Highlights
- Prime downtown Charleston location on Church Street
- Walking distance to Charleston City Market
- Located in the historic Franke Building
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
$26,374
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
4.67%
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%
$527,480
$527.5K
Cap Rate 7%
$376,771
$376.8K
Cap Rate 9%
$293,044
$293.0K
Market Conditions
NOI Build-Up for 1,879 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
$41.7K $22.20/SF
− Vacancy
−$6.5K −$3.49/SF
EGI
$35.2K $18.71/SF
− OpEx
−$8.8K −$4.68/SF
NOI
$26.4K $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%
$527,480
Cap Rate 7%
$376,771
Cap Rate 9%
$293,044
Alternative Uses
Best Use
Office B
$376.8K
$329.7K – $439.6K
NOI $26,374 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$508.5K
$444.9K – $593.2K
NOI $35,594 @ 7.0% cap · market cap 6.30%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office suite in the historic Franke Building, downtown Charleston.
Where is this office units located?
The property is located at 171 Church Street Charleston, SC.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Prime downtown Charleston location on Church Street; Walking distance to Charleston City Market; Located in the historic Franke Building
