Building Details

Year Built 1950

Listing Agency: Spencer/Hines Properties Spartanburg

Listed By: Andy Hayes · License #SC 13179 Show Phone

Source: Crexi

Added: Apr 1 Changed: Oct 11 Last Checked: Oct 16 at 9:02AM

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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

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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.

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 / Yr

$24,655

Cap Rate

3.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$493,100 $493.1K

Cap Rate 7%

$352,214 $352.2K

Cap Rate 9%

$273,944 $273.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,595 SF

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 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 (±1% cap)

NOI $86,676 @ 7.0% cap · market cap 12.56%

Second Best

Office B

$352.2K

$308.2K – $410.9K (±1% cap)

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. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Dental Office Spa & Massage Center Hair Salon Electrical Service Skin Care Clinic Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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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