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    Fayetteville Land with Two Homes Title is generated by Realmo AI

    150 Old Hwy 138, Fayetteville, GA 30214

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    For Sale
    $450,000

    LAND - Fayetteville, GA

    Property size:
    1,700 SF
    Lot size:
    6.30 Acres
    Price / SF:
    $264/SF
    Added:
    Feb 20, 2026
    Days on Market:
    106
    Last Refresh:
    Jun 6 at 8:06 am

    Property Features for 150 Old Hwy 138

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Partially Wooded
    Fencing
    Fenced, Privacy
    Standard status
    Active
    APN
    130501006 & 130501045
    Size
    1,700 SF
    Lot size
    6.30 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1167

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Water source
    Well, Private

    Building Details

    Additional Structures
    Residence

    We can help!

    Listing Contact
    Cristi Palmer

    Listing agent Cristi Palmer License #369204

    Listing office Atlanta Communities 1801 Peachtree Street NE #155, Suite 155, Marietta, GA

    Listing date Feb 20, 2026

    MLS# 10703460 Listing URL

    Copyright © 2026 Georgia Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 6.3 acres in North Fayette with two homes, offering flexibility for multi‑generational living, rental income, or a private estate.
    • Excellent road frontage and visibility on two corner lots near GA Hwy 138 and Hwy 314, presenting potential for future commercial development.
    • Separate 2‑bedroom cottage with private driveway, kitchen, laundry, and new electrical box, ideal for in‑law suite or rental income.
    • Convenient location: close to Fayetteville, Trilith Studios, I‑85, I‑285, Hartsfield‑Jackson Atlanta International Airport, and Downtown Atlanta.
    • Main residence features 4 bedrooms, mid‑century charm, stainless steel appliances, wood‑burning fireplace, and fenced backyard.
    • Natural spring water system in place for over 100 years, plus tool shed and storage shed for ample storage.

    Overview

    This property features 6.3 acres of partially wooded land in North Fayette. The property includes two homes and presents potential for future commercial use due to its location on two corner lots near the intersection of GA Hwy 138 and Hwy 314. The main residence, approximately 1,700 square feet, contains four bedrooms and two bathrooms, with mid-century design elements such as Pickwick paneling and original pine hardwood floors. The kitchen is equipped with stainless steel appliances, and the den includes a wood-burning fireplace. A laundry room and mudroom lead to a fenced backyard with a patio and paver walkway. The main home has a new water heater. A separate 816-square-foot cottage offers two bedrooms and one bathroom, suitable for an in-law suite, guest quarters, or rental income. The cottage has a kitchen with engineered hardwood floors, an original farmhouse sink, pantry shelving, a stove, a washer and dryer, a new electrical box, and a private gravel driveway. Each home has its own septic system and uses a natural spring water system. The property also includes an in-ground fire pit, a tool shed, and an extra storage shed. It is located near downtown Fayetteville, approximately 30 minutes from Downtown Atlanta, 20 minutes from Hartsfield-Jackson Atlanta International Airport, 10 minutes from I-85 and I-285, and 15 minutes from Trilith Studios.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $44.3k $26.04
    − Vacancy −$2.7k −$1.61
    EGI $41.5k $24.43
    − OpEx −$18.7k −$10.99
    NOI $22.8k $13.43
    1,700 SF · lease $26.04/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $326.3K
    $285.5K – $380.6K (±1% cap)
    NOI $22,838 @ 7.0% cap · market cap 5.08%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $475.2K
    $415.8K – $554.4K (±1% cap)
    NOI $33,265 @ 7.0% cap · market cap 7.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fayetteville
    County
    Fayette
    State
    Georgia
    Longitude
    -84.4442184
    Latitude
    33.5494739

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    FAQs

    What type of property is this?
    Commercial land - 6.3 acres with two homes, potential for commercial use.
    Where is this commercial land located?
    The property is located at 150 Old Hwy 138 Fayetteville, GA.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: 6.3 acres in North Fayette with two homes, offering flexibility for multi‑generational living, rental income, or a private estate.; Excellent road frontage and visibility on two corner lots near GA Hwy 138 and Hwy 314, presenting potential for future commercial development.; **Separate 2‑bedroom cottage with private driveway, kitchen, laundry, and new electrical box, ideal for in‑law suite or rental income.**
    (404) 642-1387
    We can help!
    Listing Contact
    Cristi Palmer
    Real Estate License ID: 369204
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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