Listing Agency: GOLDEN KEY REALTY Show Phone

Listed By: Nicholas Horne · License #443164 Show Phone

Added: May 8 Changed: Sep 16 Last Checked: Sep 17 at 6:06PM

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MLS# 262831

Copyright © 2026 Central Georgia 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 8,900-square-foot flex property occupies 2.2 acres and combines warehouse, storage, office, and retail components. The main facility has four loading bays, supporting shipping and receiving operations, while a separate rear building provides additional space for inventory or equipment. A smaller adjoining retail area includes three private offices and was formerly used as a massage studio. The space can accommodate office, salon, wellness, or retail functions as described in the property information.

Security features include cameras and intercom access throughout the facility. Building systems include central air conditioning and central electric heating, with additional electric heating identified for the property.

Key Highlights

• 8,900 square feet on 2.2 acres
• 4 loading bays for shipping and receiving
• Separate rear storage building for inventory or equipment

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

$68,976

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

5.75%

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%

$1,379,520 $1.4M

Cap Rate 7%

$985,371 $985.4K

Cap Rate 9%

$766,400 $766.4K

Market Conditions

NOI Build-Up for 8,900 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

$115.3K $12.96/SF

− Vacancy

−$9.2K −$1.04/SF

EGI

$106.1K $11.92/SF

− OpEx

−$37.1K −$4.17/SF

NOI

$69.0K $7.75/SF

Area

Houston County, GA

Vacancy

8.00%

Lease Rate

$12.96 /SF/Yr

Expense Ratio

35.00%

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%

$1,379,520

Cap Rate 7%

$985,371

Cap Rate 9%

$766,400

Alternative Uses

Best Use

Retail

$1.59M

$1.39M – $1.86M (±1% cap)

NOI $111,501 @ 7.0% cap · market cap 9.29%

Second Best

Flex RnD

$985.4K

$862.2K – $1.15M (±1% cap)

NOI $68,976 @ 7.0% cap · market cap 5.75%

Theoretical Best

Office A

$1.92M

$1.68M – $2.24M (±1% cap)

NOI $134,465 @ 7.0% cap · market cap 11.21%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

A.D.A. Supplies, Inc. Big Box & Wholesale Store

Suggested Use

Top Pick Auto Repair Shop Big Box & Wholesale Store HVAC Service Law Firm Electrical Service Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

133

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 31005, GA

20,531

Population

7,514

Households

2.7

Avg Household Size

36

Median Age

41%

College-Educated

96%

High-School Grad

23.1 sq mi

ZIP Area

889

Density / Sq Mi

$107,071

Median Household Income

$58,603

Median Earnings

$1,248

Median Rent

$247,800

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Retail Building for Sale

205 Old Perry Road, Bonaire, GA 31005

$1,200,000

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Auto Shop with Highway Access

494 S Hwy 247, Bonaire, GA 31005

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Frequently Asked Questions

What type of property is this?

Flex space - Versatile commercial facility combines warehouse, storage, office, and retail components with integrated security features.

Where is this flex space located?

The property is located at 205 Old Perry Road Bonaire, 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: 8,900 square feet on 2.2 acres; 4 loading bays for shipping and receiving; Separate rear storage building for inventory or equipment