Four-Unit Stucco
New
For Sale
$1,395,000
131 S Milledge Avenue, Athens, GA 30605
Residential Income, Athens, GA
Property Size3,747 SF
Lot Size0.39 Acres
Price / SF$372.30
Days on Market5
Property Features for 131 S Milledge Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
C-O
Zoning description
Commercial
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 9, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 3, Bedroom 7, Bedroom 8, Bathroom 2, Bedroom 3
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Fireplace
Exterior features
Deck
Fireplace
1
Appliances
Some Gas Appliances, Cooktop, Dishwasher, Gas Water Heater, Dryer, Refrigerator, Washer
Directions
From the intersection of Broad Street and Milledge Ave, head south on Milledge and the house is the second on the left. There is a parking lot behind the house that can also be accessed from Broad Streeet through the parking lot of Renew Automotive Detail.
Standard status
Active
APN
171A3-K-004
Size
3,747 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
131 S MILLEDGE AVE
Tax Annual Amount
11398
Legal Description
131 S MILLEDGE AVE
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
porches
private decks
outdoor space
Building Details
Year built
1965
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Hardwood
Building materials
Stucco
Roof type
Composition
Listing Agency:
Dwell Real Estate
(706) 612-5576
Listed By:
Gena Knox · License #392457
(706) 224-1365
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 6 at 2:06AM
MLS# CL363762
Copyright © 2026 Hive MLS. 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 3,747-square-foot stucco quadplex contains four separately metered residences. The main level includes two 3-bedroom/1-bath units with hardwood floors, central heat and air, and private decks. The lower level adds 1-bedroom/1-bath and 2-bedroom/1-bath units, each with central heat and air and its own outdoor space. Deep front porches, arched entry details, mature shade trees, and on-site parking contribute to the property's established residential character. The property is currently rented and zoned C-O. Gas and electric are separately metered to each unit, with tenants responsible for those utilities and the owner covering water.
Located at 131 S Milledge Avenue, the property sits directly across from the ADPi house near the corner of Broad. Its 0.39-acre site places the quadplex along a recognized Athens corridor, with public water and public sewer serving the property. Interior and building features include fireplaces, hardwood and vinyl flooring, central cooling, natural-gas heating, composition roofing, and deck areas.
Located at 131 S Milledge Avenue, the property sits directly across from the ADPi house near the corner of Broad. Its 0.39-acre site places the quadplex along a recognized Athens corridor, with public water and public sewer serving the property. Interior and building features include fireplaces, hardwood and vinyl flooring, central cooling, natural-gas heating, composition roofing, and deck areas.
Key Highlights
- Four‑unit configuration with two 3‑bedroom/1‑bath units, one 1‑bedroom/1‑bath unit, and one 2‑bedroom/1‑bath unit
- 3,747 square feet on a 0.39‑acre site
- Each unit has separate gas and electric metering; tenants cover those utilities and owner covers water
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
$45,503
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
3.26%
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%
$910,060
$910.1K
Cap Rate 7%
$650,043
$650.0K
Cap Rate 9%
$505,589
$505.6K
Market Conditions
NOI Build-Up for 3,747 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
$68.8K $18.36/SF
− Vacancy
−$3.8K −$1.01/SF
EGI
$65.0K $17.35/SF
− OpEx
−$19.5K −$5.20/SF
NOI
$45.5K $12.14/SF
Area
Athens, GA
Vacancy
5.51%
Lease Rate
$18.36 /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%
$910,060
Cap Rate 7%
$650,043
Cap Rate 9%
$505,589
Alternative Uses
Best Use
Multifamily LT 5
$650.0K
$568.8K – $758.4K
NOI $45,503 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$599.0K
$524.2K – $698.9K
NOI $41,933 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$903.3K
$790.4K – $1.05M
NOI $63,230 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Currently rented quadplex with separately metered units, outdoor spaces, and commercial zoning in an established Athens corridor.
Where is this quadplex located?
The property is located at 131 S Milledge Avenue Athens, GA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Four‑unit configuration with two 3‑bedroom/1‑bath units, one 1‑bedroom/1‑bath unit, and one 2‑bedroom/1‑bath unit; 3,747 square feet on a 0.39‑acre site; Each unit has separate gas and electric metering; tenants cover those utilities and owner covers water
