Three-Level Class B Office
For Sale
$725,500
1551 Jennings Mill Rd, Watkinsville, GA 30677
Commercial Sale, Watkinsville, GA
Property Size3,200 SF
Lot Size0.03 Acres
Price / SF$226.72
Days on Market25
Property Features for 1551 Jennings Mill Rd
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
4
Appliances
Electric Water Heater
Directions
Resource Valley office complex. Pull into the complex off Jennings Mill Rd, take an immediate left until it dead ends, then take a left. Building is on your right, unit 1400B.
Standard status
Active
APN
C 01P 014B
Size
3,200 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
x
HOA Fee
$1,134 Monthly
Legal Description
x
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1998
Floors in Building
3
Building materials
Brick
Listing Agency:
Virtual Properties Realty
(770) 495-5050
Listed By:
Jacob Blickenstaff · License #384940
(404) 281-5002
Added: Jul 31
Changed: Aug 19
Last Checked: Aug 24 at 5:06PM
MLS# CL361905
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 3,200-square-foot Class B office unit occupies three levels, with 1,200 square feet on the lower level and 2,000 square feet across the main and second floors. The layout includes modern finishes, flexible workspace configurations, and ample natural light. Built in 1998, the property features brick construction, central air, central electric heating, public water, and a septic tank.
The unit is located at 1551 Jennings Mill Rd in Watkinsville, along Jennings Mill Road and near Epps Bridge Parkway, GA 316, and downtown Athens. Retail, dining, and residential development are identified in the surrounding Oconee County context. The property is 100% leased to a single tenant, with approximately 4.5 years remaining on a 5-year lease and 4% annual rent escalations established in the lease terms.
The unit is located at 1551 Jennings Mill Rd in Watkinsville, along Jennings Mill Road and near Epps Bridge Parkway, GA 316, and downtown Athens. Retail, dining, and residential development are identified in the surrounding Oconee County context. The property is 100% leased to a single tenant, with approximately 4.5 years remaining on a 5-year lease and 4% annual rent escalations established in the lease terms.
Key Highlights
- 3,200 SF Class B professional office unit across three levels
- 1,200 SF lower level plus 2,000 SF on the main and second floors
- 100% leased to a single tenant with approximately 4.5 years remaining on a 5‑year lease
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
$41,420
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
5.71%
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%
$828,400
$828.4K
Cap Rate 7%
$591,714
$591.7K
Cap Rate 9%
$460,222
$460.2K
Market Conditions
NOI Build-Up for 3,200 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
$69.1K $21.60/SF
− Vacancy
−$13.9K −$4.34/SF
EGI
$55.2K $17.26/SF
− OpEx
−$13.8K −$4.31/SF
NOI
$41.4K $12.94/SF
Area
Oconee County, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$828,400
Cap Rate 7%
$591,714
Cap Rate 9%
$460,222
Alternative Uses
Best Use
Office B
$591.7K
$517.8K – $690.3K
NOI $41,420 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$771.4K
$675.0K – $900.0K
NOI $54,000 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Explore this area
Business Placement
Demographics for 30677, GA
20,579
Population
7,797
Households
2.6
Avg Household Size
41
Median Age
55%
College-Educated
97%
High-School Grad
122.2 sq mi
ZIP Area
168
Density / Sq Mi
$103,165
Median Household Income
$49,399
Median Earnings
$1,403
Median Rent
$394,800
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?
Office units - Three-level professional office unit with natural light, modern finishes, and an in-place single-tenant lease.
Where is this office units located?
The property is located at 1551 Jennings Mill Rd Watkinsville, GA.
What is the asking price?
The asking price for this property is $725,500.
What are key features of this property?
This property features: 3,200 SF Class B professional office unit across three levels; 1,200 SF lower level plus 2,000 SF on the main and second floors; 100% leased to a single tenant with approximately 4.5 years remaining on a 5‑year lease
