Mixed-Use Property with
For Sale
$475,000
1120 21st Street, Columbus, GA 31901
Commercial Sale, Columbus, GA
Property Size4,225 SF
Lot Size0.75 Acres
Price / SF$112.43
Days on Market52
Property Features for 1120 21st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Fenced
Lot features
Street Lights, Free Standing
Directions
From 12th Ave South Turn Right Onto 21st St.
Subdivision
Muscogee
Standard status
Active
APN
028 024 009
Size
4,225 SF
Lot size
0.75 Acres
Utilities
Utilities
Water Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Ceiling Fan(s), Central Air
Building Details
Year built
1946
Number of units
4
Listing Agency:
Normand Real Estate, LLC
(706) 395-5424
Listed By:
Dana Carfrey
(706) 662-9128
Added: Jul 31
Changed: Sep 13
Last Checked: Sep 20 at 4:06AM
MLS# 233314
Copyright © 2026 Columbus Board of Realtors (GA). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use package combines four buildings, seven storage units, and a vacant lot across multiple addresses on 21st Street. The improvements include three houses, a business-operated building, and storage units positioned along the rear of the property. One storage unit requires repairs, while three are currently vacant. The portfolio occupies 0.75 acres and includes 4,225 square feet of property space.
The properties are situated in Midtown near a hospital in Columbus, Georgia. The site is fenced and has water available, with natural gas and forced-air heating along with electric and central air cooling. The buildings date to 1946 and include tenant-occupied residential and commercial uses.
The properties are situated in Midtown near a hospital in Columbus, Georgia. The site is fenced and has water available, with natural gas and forced-air heating along with electric and central air cooling. The buildings date to 1946 and include tenant-occupied residential and commercial uses.
Key Highlights
- Mixed‑use package includes 4 buildings, 7 storage units, and a vacant lot
- 0.75 acres with 4,225 square feet of property space
- Three houses and one business‑operated building included
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
$39,181
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
8.25%
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%
$783,620
$783.6K
Cap Rate 7%
$559,729
$559.7K
Cap Rate 9%
$435,344
$435.3K
Market Conditions
NOI Build-Up for 4,225 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
$60.8K $14.40/SF
− Vacancy
−$4.9K −$1.15/SF
EGI
$56.0K $13.25/SF
− OpEx
−$16.8K −$3.97/SF
NOI
$39.2K $9.27/SF
Area
Columbus, GA
Vacancy
8.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$783,620
Cap Rate 7%
$559,729
Cap Rate 9%
$435,344
Alternative Uses
Best Use
Mixed Use
$690.4K
$604.1K – $805.5K
NOI $48,330 @ 7.0% cap · market cap 10.17%
Second Best
Self Storage
$559.7K
$489.8K – $653.0K
NOI $39,181 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$945.3K
$827.2K – $1.10M
NOI $66,174 @ 7.0% cap · market cap 13.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 31901, GA
7,126
Population
3,971
Households
1.8
Avg Household Size
36
Median Age
35%
College-Educated
82%
High-School Grad
4.4 sq mi
ZIP Area
1,620
Density / Sq Mi
$47,316
Median Household Income
$35,062
Median Earnings
$893
Median Rent
$208,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Tenant-occupied residential and commercial components include rear storage units and a separate vacant lot.
Where is this mixed-use property located?
The property is located at 1120 21st Street Columbus, GA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Mixed‑use package includes 4 buildings, 7 storage units, and a vacant lot; 0.75 acres with 4,225 square feet of property space; Three houses and one business‑operated building included
