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    187 N Church St Spartanburg, SC 29306

    • Office buildings
    • 146,226 SF
    • 1.17 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Nov 05, 2021
    $1,150,000
    Value Estimations
    $885,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-1254150
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Oxford Barber Company / Barber Shop
    • Golden Apple Agency Inc / Accounting Firm
    • The Pharmacy Coffee | Little River Roasting Co. / Cafe & Coffee Shop
    • Palmetto Roofers / Roofing Company / General Contractor
    • Medicaid Unit Adult Nursing Home / Nursing Home

    Property Details for 187 N Church St

    Year built
    1925
    Construction
    BRICK
    Lot size
    1.17 lot acres
    Property size
    146,226 SF
    Property type
    Office buildings
    APN
    7-1210-04400
    APU
    7121004400

    Description

    This exceptional 1,781-square-foot office suite is located in the beautifully restored Montgomery Building at 187 N Church St, Spartanburg, SC 29306. Built in 1924 and fully renovated in 2018, this Class B, single-tenant space boasts a blend of historic character and modern amenities. Situated in a prime downtown location at the intersection of two major corridors, the property benefits from high visibility and foot traffic. The building is a 10-story structure with elevators, offering convenient access. The surrounding area is vibrant and bustling, with nearby amenities including 63 residential units within the building, popular retail establishments (Pharmacy Coffee, Green Papaya Salon, Oxford Barber, and James & James Collection), a significant office tenant (Agape Health Care with 704 employees), and proximity to USC Upstate School of Business, Chapman Cultural Center, Spartanburg Marriott, and the soon-to-be-completed Fairfield Suites. This presents a unique opportunity to establish a presence in a thriving downtown community with a strong existing consumer base. Spartanburg County location provides easy access to major transportation routes. The property is ideal for businesses seeking a prestigious address and a strong local presence.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $705,000
      ML approach
      $540,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.9325
    Latitude
    34.9521
    CBSA code
    43900
    CBSA name
    SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,851
    $44,940
    $732
    $45,672
    -
    $749,000
    $12,200
    $761,200

    Comparable in this City

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      142 Magnolia St

      OFFICE BUILDING • 19,950 SF
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      215 Magnolia St

      OFFICE BUILDING • 6,132 SF
      215 Magnolia St, Spartanburg, SC 29306-2317
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    • Value Estimation
      $2,260,000
      19,809 SF

      172 Main St

      OFFICE BUILDING • 19,809 SF
      172 Main St, Spartanburg, SC 29306-5181
      View Details
    • Value Estimation
      $5,905,000
      81,000 SF

      200 Saint John St

      OFFICE BUILDING • 81,000 SF
      200 Saint John St, Spartanburg, SC 29306-5124
      View Details
    • Value Estimation
      $1,190,000
      16,314 SF

      180 Daniel Morgan Ave

      PROFESSIONAL BUILDING • 16,314 SF
      180 Daniel Morgan Ave, Spartanburg, SC 29306-2321
      View Details

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    187 N Church St
    Spartanburg, SC 29306
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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