Remodeled Two-Story Office
For Sale
$284,000
23 Lee Street, Jonesboro, GA 30236
Commercial Sale, Jonesboro, GA
Property Size1,764 SF
Lot Size0.09 Acres
Price / SF$160
Days on Market241
Property Features for 23 Lee Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
6
Parking features
Parking Lot
Lot features
Level
Directions
GPS Friendly and Just off Main Street in Downtown Jonesboro
Standard status
Active
APN
13241A B025
Size
1,764 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
23
Tax Annual Amount
2472
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Zoned, Forced Air, Central
Cooling system
Zoned, Electric, Central Air
Water source
Public
Amenities
reception area
conference room
built-in bookcases
private entrances
new LVP flooring
Building Details
Year built
1984
Flooring type
Laminate, Carpet, Vinyl
Building materials
Brick, Frame
Roof type
Composition
Listing Agency:
RE/MAX SOUTHERN · RE/MAX International
(770) 227-5555
Listed By:
Rhonda Ross · License #179111
(770) 616-6817
Added: Jan 29
Changed: Sep 13
Last Checked: Sep 27 at 5:06AM
MLS# 10817254
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 stand-alone office building at 23 Lee Street is a two-story, all-brick property with 1,764 square feet of interior space. The layout includes a reception area, multiple offices, a conference room, built-in bookcases, and 3.5 bathrooms. Two offices have private entrances, while the configuration can accommodate 5-7 private rooms. Vinyl, laminate, and carpet flooring are present, with new LVP flooring included among the recent improvements. The building is leased and has public water and public sewer service.
The property sits in a mixed-use office district with Commercial zoning and includes a dedicated paved parking lot for 6-8 vehicles. Downtown restaurants, shopping, and the new Government building are within walking distance. Access to Georgia Highway 54, State Routes 41 and 138, I-75, and I-285 is nearby, and Hartsfield-Jackson Atlanta International Airport is 5 miles away.
The property sits in a mixed-use office district with Commercial zoning and includes a dedicated paved parking lot for 6-8 vehicles. Downtown restaurants, shopping, and the new Government building are within walking distance. Access to Georgia Highway 54, State Routes 41 and 138, I-75, and I-285 is nearby, and Hartsfield-Jackson Atlanta International Airport is 5 miles away.
Key Highlights
- 1,764‑square‑foot, two‑story office building at 23 Lee Street
- All‑brick construction with recent remodeling and new LVP flooring
- Layout includes reception, conference room, built‑in bookcases, and 3.5 bathrooms
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
$23,622
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
8.32%
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%
$472,440
$472.4K
Cap Rate 7%
$337,457
$337.5K
Cap Rate 9%
$262,467
$262.5K
Market Conditions
NOI Build-Up for 1,764 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
$42.1K $23.87/SF
− Vacancy
−$10.6K −$6.02/SF
EGI
$31.5K $17.85/SF
− OpEx
−$7.9K −$4.46/SF
NOI
$23.6K $13.39/SF
Area
Clayton County, GA
Vacancy
25.20%
Lease Rate
$23.87 /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%
$472,440
Cap Rate 7%
$337,457
Cap Rate 9%
$262,467
Alternative Uses
Best Use
Office B
$337.5K
$295.3K – $393.7K
NOI $23,622 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$493.1K
$431.5K – $575.3K
NOI $34,517 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 30236, GA
50,446
Population
19,230
Households
2.6
Avg Household Size
36
Median Age
22%
College-Educated
84%
High-School Grad
32.4 sq mi
ZIP Area
1,557
Density / Sq Mi
$68,867
Median Household Income
$36,501
Median Earnings
$1,233
Median Rent
$219,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial zoning and dedicated paved parking support a professional setting near downtown Jonesboro.
Where is this office building located?
The property is located at 23 Lee Street Jonesboro, GA.
What is the asking price?
The asking price for this property is $284,000.
What are key features of this property?
This property features: 1,764‑square‑foot, two‑story office building at 23 Lee Street; All‑brick construction with recent remodeling and new LVP flooring; Layout includes reception, conference room, built‑in bookcases, and 3.5 bathrooms
