--- title: Charter school developer underwriter for 325 S. Church Street description: "A charter facility developer's arithmetic: project cost, rent and rent as a share of a charter school's revenue, against the 12-18% limits." url: "https://325southchurch.com/tools/charter-developer-underwriter/" image: "https://325southchurch.com/images/325-south-church-og.jpg" site: 325 South Church date_modified: 2026-10-07 --- [Tools](https://325southchurch.com/tools/) · Developer underwriter # Would a developer's rent on this campus fit a charter school's budget? A charter-facility developer buys and converts a building, then charges rent as a share of the project's cost. A school keeps that rent within 12-15% of its revenue at full enrollment, and under 18% while it grows. Purchase pricethe asking price; an ask, not a value Conversion Light, low: $0.33M Light, high: $1.54M Full, both buildings: $4.9M Rent, % of project cost a yeardevelopers charge 8-12% Students Revenue per student$11,000-$13,600 in posted budgets Owner and occupant Leased to a public charter (exempt on filing) Taxable owner: $95,792 a year **Project cost** $4,840,000 **Annual rent** $484,000 **Share of school revenue** 11.9% **Students needed** 238 for 15%, 198 for 18% Formula: project cost = price + conversion; rent = project cost × rent rate; share of revenue = (rent + property tax) ÷ (students × revenue per student). Results illustrate your assumptions; they are not an appraisal or a lease offer. The reasoning behind every default is in [the charter school campus case](https://325southchurch.com/business-cases/charter-school-campus/). ## Sources 1. [325 S Church Street / 101 Deborah Dr, LoopNet listing 42390275](https://www.loopnet.com/Listing/325-S-CHURCH-STREET-101-DEBORAH-DR/42390275/). LoopNet. On market 29 September 2026. Accessed 6 October 2026. 2. [Charter school developer survey findings](https://lisc.org/charter-schools/understanding-your-needs/build-it-yourself-or-hire-developer/developer-survey-findings). Local Initiatives Support Corporation (LISC). Accessed 7 October 2026. 3. [Entrepreneur High School charter application (as posted by the authorizer)](https://www.dropbox.com/scl/fi/e28iogok0x56iam5393zc/Entrepreneur-High-School-Charter-Application.pdf?rlkey=kk09k0clfjdsmhoahwt10x741&dl=1). Charter Institute at Erskine. PDF of 23 June 2026. Accessed 7 October 2026. 4. [American Classical Academy - Spartanburg charter application (as posted by the authorizer)](https://www.dropbox.com/scl/fi/g8jo3zn7bxf487rl1wug6/American-Classical-Academy-Spartanburg-Charter-Application.pdf?rlkey=knty5kfcvlo7lf5nbpgicv47w&dl=1). Charter Institute at Erskine. Submitted 30 January 2026. Accessed 7 October 2026. 5. [Joint Bond Review Committee agenda, 3 June 2025 (state HVAC and fire-alarm projects)](https://www.scstatehouse.gov/CommitteeInfo/JointBondReviewCommittee/Agendas/Joint%20Bond%20Review%20Committee%20Agenda%20June%203,%202025.pdf). South Carolina Legislature. 3 June 2025. Accessed 7 October 2026. 6. [Charter school will open in former office building in Spartanburg, South Carolina](https://www.asumag.com/facilities-management/article/55126183/charter-school-will-open-in-former-office-building-in-spartanburg-south-carolina). American School & University. Accessed 7 October 2026. 7. [S.C. Code Title 59, Chapter 40 (charter schools: §59-40-70 application and opening; §59-40-140 funding and tax exemption)](https://www.scstatehouse.gov/code/t59c040.php). South Carolina Legislature. Accessed 7 October 2026. 8. [Hock RH LLC v. South Carolina Department of Revenue (S.C. Ct. App. 2018)](https://caselaw.findlaw.com/court/sc-court-of-appeals/1892666.html). South Carolina Court of Appeals. Accessed 7 October 2026. 9. [Tax Estimator for parcel 7-12-14-355.02 (district 7SSZ millage)](https://qpublic.schneidercorp.com/Application.aspx?AppID=857&LayerID=16069&PageTypeID=4&PageID=9054&KeyValue=7-12-14-355.02). Spartanburg County (qPublic). 2025 levy. Accessed 7 October 2026. ## Structured data ```json {"@context":"https://schema.org","@graph":[{"@type":"WebSite","@id":"https://325southchurch.com/#website","url":"https://325southchurch.com/","name":"325 South Church","inLanguage":"en-US","about":{"@id":"https://325southchurch.com/#property"}},{"@id":"https://325southchurch.com/#property","name":"325 South Church"},{"@type":"WebPage","@id":"https://325southchurch.com/tools/charter-developer-underwriter/#webpage","url":"https://325southchurch.com/tools/charter-developer-underwriter/","name":"Charter school developer underwriter for 325 S. 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