Industrial Land with
For Sale
Contact for pricing
160 Keltner Ave, Spartanburg, SC 29302
The tract includes office space, storage buildings, and shop improvements.
Property Size1,595 SF
Price / SF$432.60
Days on Market154
Property Features for 160 Keltner Ave
General Information
Standard status
Active
Size
1,595 SF
Property subtype
Industrial, Land
Building Details
Year Built
1950
Listing Agency:
Spencer/Hines Properties Spartanburg
(864) 706-0189
Listed By:
Andy Hayes · License #SC 13179
Source:
Crexi
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 11:07AM
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 Spencer/Hines Properties Spartanburg
Investment Insights
Based on property information with market context.
This industrial land property encompasses 20.45 ± acres and includes existing office and storage improvements. The office building contains 1595+/- sq. ft., along with two half bathrooms and one full bathroom equipped with a shower. Storage and shop buildings add approximately 2870 +/- sq. ft. of additional improvements.
The property has 1180± of frontage along Keltner Avenue in Spartanburg County. Sewer is located across the street on Utilities Road, and the property is identified as having no zoning under the county jurisdiction. The site is addressed at 160 Keltner Ave, Spartanburg, SC 29302.
The property has 1180± of frontage along Keltner Avenue in Spartanburg County. Sewer is located across the street on Utilities Road, and the property is identified as having no zoning under the county jurisdiction. The site is addressed at 160 Keltner Ave, Spartanburg, SC 29302.
Key Highlights
- 20.45 ± acres in Spartanburg County
- 1595+/- sq. ft. office building with 2 half bathrooms and 1 full bath with shower
- 2870 +/- sq. ft. of storage and shop buildings
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
$24,655
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
3.57%
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%
$493,100
$493.1K
Cap Rate 7%
$352,214
$352.2K
Cap Rate 9%
$273,944
$273.9K
Market Conditions
NOI Build-Up for 1,595 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
$38.5K $24.12/SF
− Vacancy
−$5.6K −$3.51/SF
EGI
$32.9K $20.61/SF
− OpEx
−$8.2K −$5.15/SF
NOI
$24.7K $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%
$493,100
Cap Rate 7%
$352,214
Cap Rate 9%
$273,944
Alternative Uses
Best Use
Warehouse
$1.24M
$1.08M – $1.44M
NOI $86,676 @ 7.0% cap · market cap 12.56%
Second Best
Office B
$352.2K
$308.2K – $410.9K
NOI $24,655 @ 7.0% cap · market cap 3.57%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 29302, SC
17,356
Population
8,169
Households
2.1
Avg Household Size
42
Median Age
41%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
342
Density / Sq Mi
$77,428
Median Household Income
$44,476
Median Earnings
$1,031
Median Rent
$264,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial land - The tract includes office space, storage buildings, and shop improvements.
Where is this industrial land located?
The property is located at 160 Keltner Ave Spartanburg, SC.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 20.45 ± acres in Spartanburg County; 1595+/- sq. ft. office building with 2 half bathrooms and 1 full bath with shower; 2870 +/- sq. ft. of storage and shop buildings
