Industrial Flex
For Sale
$1,200,000
161 Fritz Mar Lane, Athens, GA 30603
Commercial Sale, Athens, GA
Property Size7,200 SF
Lot Size3.19 Acres
Price / SF$166.67
Days on Market873
Property Features for 161 Fritz Mar Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking
11
Parking features
Parking Lot
Window features
Display Window(s)
Accessibility
Accessible Approach with Ramp
Lot features
Industrial Park
Directions
Take Branch St and Herring St to S Peter St 1 min (0.4 mi) Take E Broad St to Willow St 2 min (0.5 mi) Continue on Willow St to Barber St 4 min (1.5 mi) Continue on Barber St to Fritz Mar Ln 3 min (1.5 mi) Continue on Fritz Mar Ln to your destination 2 min (0.3 mi)
Standard status
Active
APN
112 020
Size
7,200 SF
Lot size
3.19 Acres
Taxes and HOA fees
Tax Year
23
Tax Annual Amount
878
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2025
Flooring type
Concrete
Building materials
Aluminum Siding, Brick
Roof type
Metal
Listing Agency:
Keller Williams Greater Athens · Keller Williams Realty
(706) 316-2900
Listed By:
Brittany D Purcell · License #324606
(706) 389-0771
Added: Apr 10, 2024
Changed: Aug 19
Last Checked: Aug 30 at 2:06AM
MLS# 10498477
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.
Investment Insights
Based on property information with market context.
Building 100 is a 7,200-square-foot industrial flex shell under construction at 161 Fritz Mar Lane in Athens. The planned structure uses metal construction with a brick front and is divided into two units. Each building includes two front entry doors and two grade-level drive-in roll-up doors. Concrete flooring, insulation, a metal roof, and an accessible ramped approach are specified. Interior plumbing, electrical, and HVAC are excluded from the shell scope.
The 3.19-acre project is zoned I and located within the ACC TAD district. Public water and sewer serve the property, with a 3/4-inch water line and 4-inch sewer stub brought into the building. Electrical service and a meter base are included. Seller-developed roads, sidewalks, landscaping, and parking support the site plan. Delivery is anticipated by year-end 2025.
The 3.19-acre project is zoned I and located within the ACC TAD district. Public water and sewer serve the property, with a 3/4-inch water line and 4-inch sewer stub brought into the building. Electrical service and a meter base are included. Seller-developed roads, sidewalks, landscaping, and parking support the site plan. Delivery is anticipated by year-end 2025.
Key Highlights
- 7,200 square feet in Building 100, divided into two units
- 3.19‑acre industrial project zoned I within the ACC TAD district
- Two grade‑level drive‑in roll‑up doors and two front entry doors
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
$52,854
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
4.40%
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%
$1,057,080
$1.1M
Cap Rate 7%
$755,057
$755.1K
Cap Rate 9%
$587,267
$587.3K
Market Conditions
NOI Build-Up for 7,200 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
$68.3K $9.48/SF
− Vacancy
−$6.1K −$0.84/SF
EGI
$62.2K $8.64/SF
− OpEx
−$9.3K −$1.30/SF
NOI
$52.9K $7.34/SF
Area
Athens, GA
Vacancy
8.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,057,080
Cap Rate 7%
$755,057
Cap Rate 9%
$587,267
Alternative Uses
Best Use
Warehouse
$755.1K
$660.7K – $880.9K
NOI $52,854 @ 7.0% cap · market cap 4.40%
Second Best
Industrial
$626.6K
$548.3K – $731.0K
NOI $43,861 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$1.74M
$1.52M – $2.02M
NOI $121,499 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction shell with grade-level loading and utility connections included.
Where is this flex space located?
The property is located at 161 Fritz Mar Lane Athens, GA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 7,200 square feet in Building 100, divided into two units; 3.19‑acre industrial project zoned I within the ACC TAD district; Two grade‑level drive‑in roll‑up doors and two front entry doors
