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    Prime Commercial Land Opportunity, Athens Title is generated by Realmo AI

    1934 Lexington Road, Athens, GA 30605

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    Claim this Listing
    For Sale
    Under Contract
    $2,200,000

    LAND - Athens, GA

    Property size:
    6,600 SF
    Lot size:
    5.00 Acres
    Price / SF:
    $333/SF
    Added:
    Jul 17, 2023
    Days on Market:
    1052
    Last Refresh:
    Jun 2 at 8:06 am

    Property Features for 1934 Lexington Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    174B2 A017 & 174B2 A018
    Size
    6,600 SF
    Lot size
    5.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    17556

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Brian Elrod

    Listing agent Brian Elrod License #251606

    Listing office NAI Elrod Group 3651 Mars Hill Road, Suite 2200, Watkinsville, GA

    Listing date Jul 17, 2023

    MLS# CM1008442

    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.

    HighLights

    • High‑traffic location: 750' frontage on Lexington Rd with 28,900 ADT, perfect for commercial development.
    • Prime development opportunity with Commercial General (C‑G) zoning and all utilities available.
    • Excellent accessibility: Under half a mile from Highway 78 & Loop 10 interchange.
    • Significant frontage on two roads: Lexington Rd (750') and Indiana Avenue (370').
    • Existing income‑producing property: Includes a 6,600 SF commercial building, two small residential houses, and an ice machine generating approximately $5,175 rent per month.
    • Relatively level terrain on an open 7.78‑acre parcel.

    Overview

    This 7.78-acre corner parcel presents a development opportunity with 750 feet of frontage on Lexington Road and 370 feet of frontage on Indiana Avenue. The property is zoned Commercial General, allowing for a range of commercial uses, and all utilities are available. The site has relatively level terrain and visibility, with a traffic count of 28,900 cars. Currently, the property includes an existing 6,600 square foot commercial building, two small residential houses, and an ice machine, generating approximately $5,175 in monthly rent. The location is two miles from downtown Athens and the University of Georgia and less than half a mile from Highway 78 and Loop 10 interchange. The area is experiencing growth, with new multi-family developments nearby, including The Haven of Athens and the Atlas Athens development. The property is located at the corner of Lexington Road and Indiana Avenue, providing access to the community and student population. Proximity to Bypass/Loop 10 facilitates access from the Athens area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Athens
    County
    Clarke
    State
    Georgia
    Longitude
    -83.345777
    Latitude
    33.944553

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    FAQs

    What type of property is this?
    Commercial land - 7.78-acre corner parcel suitable for commercial or mixed-use development.
    Where is this commercial land located?
    The property is located at 1934 Lexington Road Athens, GA.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: High‑traffic location: 750' frontage on Lexington Rd with 28,900 ADT, perfect for commercial development.; Prime development opportunity with Commercial General (C‑G) zoning and all utilities available.; Excellent accessibility: Under half a mile from Highway 78 & Loop 10 interchange.
    (678) 859-6110
    We can help!
    Listing Contact
    Brian Elrod
    Real Estate License ID: 251606
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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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