Flex Space with Drive-In
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 Market500
Property Features for 161 Fritz Mar Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
I
Parking
11
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
Lot size
3.19 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
877
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Building materials
Concrete
Roof type
Metal
Listing Agency:
Keller Williams Greater Athens · Keller Williams Realty
(706) 316-2900
Listed By:
A.J. Purcell · License #394288
(706) 255-4161
Added: Apr 11, 2025
Changed: Aug 20
Last Checked: Aug 23 at 3:06AM
MLS# CM1024929
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 under-construction flex property includes a 7,200-square-foot shell building configured as two units. The planned structure uses metal construction with a brick front, insulation, two front entry doors, and two grade-level drive-in roll-up doors. The building is scheduled for completion by year-end and is identified as a 2025 project.
The 3.19-acre development provides seller-completed roads, sidewalks, and planned landscaping. Public water and public sewer serve the site, with a 4-inch sewer stub, 3/4-inch water line, electrical service, and meter base included in the building scope. Interior plumbing, electrical, and HVAC are excluded. The property is zoned I and located within the ACC TAD district in Athens-Clarke County, Georgia.
The 3.19-acre development provides seller-completed roads, sidewalks, and planned landscaping. Public water and public sewer serve the site, with a 4-inch sewer stub, 3/4-inch water line, electrical service, and meter base included in the building scope. Interior plumbing, electrical, and HVAC are excluded. The property is zoned I and located within the ACC TAD district in Athens-Clarke County, Georgia.
Key Highlights
- 7,200 sq ft building divided into two units
- 3.19‑acre development zoned I
- 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
$43,861
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
3.66%
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%
$877,220
$877.2K
Cap Rate 7%
$626,586
$626.6K
Cap Rate 9%
$487,344
$487.3K
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
−$5.6K −$0.78/SF
EGI
$62.7K $8.70/SF
− OpEx
−$18.8K −$2.61/SF
NOI
$43.9K $6.09/SF
Area
Athens, GA
Vacancy
8.20%
Lease Rate
$9.48 /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%
$877,220
Cap Rate 7%
$626,586
Cap Rate 9%
$487,344
Alternative Uses
Best Use
Industrial
$626.6K
$548.3K – $731.0K
NOI $43,861 @ 7.0% cap · market cap 3.66%
Second Best
Flex RnD
$599.6K
$524.6K – $699.5K
NOI $41,971 @ 7.0% cap · market cap 3.50%
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
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 flex space with shell delivery, grade-level access, and public water and sewer.
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 sq ft building divided into two units; 3.19‑acre development zoned I; Two grade‑level drive‑in roll‑up doors and two front entry doors
