Freestanding Restaurant
For Sale
$499,500
1615 Memorial Drive SE, Atlanta, GA 30317
Commercial Sale, Atlanta, GA
Property Size1,120 SF
Lot Size0.16 Acres
Price / SF$445.98
Days on Market142
Property Features for 1615 Memorial Drive SE
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Lot features
Level
Directions
I-20 to Moreland Ave North. Right onto Memorial Dr. to 1615 Memorial Dr.
Standard status
Active
APN
15 178 04 015
Size
1,120 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1765
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1969
Building materials
Brick
Roof type
Metal
Listing Agency:
Keller Williams Realty Atl. Partners
(770) 252-2266
Listed By:
Angie Mckernan · License #376845
(770) 584-8187
Added: Apr 6
Changed: Aug 19
Last Checked: Aug 25 at 2:06PM
MLS# 10725713
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.
This freestanding restaurant property in Atlanta includes a 1,120-square-foot brick building on a 0.16-acre lot. Constructed in 1969, the building has a metal roof, window unit cooling, and a parking lot. The property was previously operated as a restaurant and includes public water and public sewer service.
The site fronts Memorial Drive and offers access to I-20. It is surrounded by dense residential neighborhoods in the East Atlanta and Edgewood area. C2 zoning is identified for the property, while buyers are responsible for verifying zoning, permitted uses, utilities, and other site conditions.
The site fronts Memorial Drive and offers access to I-20. It is surrounded by dense residential neighborhoods in the East Atlanta and Edgewood area. C2 zoning is identified for the property, while buyers are responsible for verifying zoning, permitted uses, utilities, and other site conditions.
Key Highlights
- 1,120 SF freestanding building on a 0.16‑acre lot
- Previously operated as a restaurant
- C2 zoning in the City of Atlanta
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
$15,160
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
3.04%
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%
$303,200
$303.2K
Cap Rate 7%
$216,571
$216.6K
Cap Rate 9%
$168,444
$168.4K
Market Conditions
NOI Build-Up for 1,120 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
$21.5K $19.20/SF
− Vacancy
−$1.3K −$1.15/SF
EGI
$20.2K $18.05/SF
− OpEx
−$5.1K −$4.51/SF
NOI
$15.2K $13.54/SF
Area
Atlanta, GA
Vacancy
6.00%
Lease Rate
$19.20 /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%
$303,200
Cap Rate 7%
$216,571
Cap Rate 9%
$168,444
Alternative Uses
Best Use
Specialty Retail
$216.6K
$189.5K – $252.7K
NOI $15,160 @ 7.0% cap · market cap 3.04%
Second Best
Retail
$186.5K
$163.2K – $217.6K
NOI $13,054 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$313.1K
$274.0K – $365.3K
NOI $21,916 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
722
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30317, GA
13,774
Population
7,220
Households
1.9
Avg Household Size
36
Median Age
61%
College-Educated
95%
High-School Grad
3.5 sq mi
ZIP Area
3,935
Density / Sq Mi
$105,190
Median Household Income
$64,968
Median Earnings
$1,619
Median Rent
$510,600
Median Home Value
Market
Vacancy Rate% for Retail in Atlanta, GA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C2-zoned freestanding building with public water, public sewer, and a parking lot.
Where is this conventional restaurant located?
The property is located at 1615 Memorial Drive SE Atlanta, GA.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 1,120 SF freestanding building on a 0.16‑acre lot; Previously operated as a restaurant; C2 zoning in the City of Atlanta
