Multi-Suite Flex
For Sale
$3,400,000
328 Commerce Boulevard, Athens, GA 30606
Commercial Sale, Athens, GA
Property Size21,000 SF
Lot Size3.40 Acres
Price / SF$161.90
Days on Market322
Property Features for 328 Commerce Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
E-I
Parking
30
Interior features
High Ceilings
Exterior features
Fence
Fencing
Fenced
Appliances
Electric Water Heater
Directions
Follow Atlanta Hwy to Commerce Blvd in Athens. Turn right onto Commerce Blvd. Continue on Commerce Blvd, property will be on the right.
Standard status
Active
APN
073-068
Size
21,000 SF
Lot size
3.40 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SUBD BLK: B,LOT: 31&32; DEEDED ACS: 2
Tax Annual Amount
14468
Legal Description
SUBD BLK: B,LOT: 31&32; DEEDED ACS: 2
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
RE/MAX Living
(770) 725-0533
Listed By:
Lynn Brogdon · License #298128
(706) 614-8820
Added: Oct 21, 2025
Changed: Aug 20
Last Checked: Sep 7 at 11:06PM
MLS# CL342168
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 21,000-square-foot flex property on approximately 3.4 acres includes multiple suites with finished office and warehouse components. Suite features include private offices, conference rooms, kitchenette break rooms, restrooms, roll-up doors, and dock-height loading areas. High ceilings, a metal roof, metal siding, central heating and cooling, public water, and public sewer support a functional industrial layout. The property was built in 1986 and is zoned E-I.
A gated entrance and paved parking serve employees and visitors. The site is positioned for access to Hwy 316 and Loop 10, with connectivity toward the Atlanta metro area and the I-85 corridor. A fenced perimeter, natural-gas heating, electric water heating, and central air conditioning are also included.
A gated entrance and paved parking serve employees and visitors. The site is positioned for access to Hwy 316 and Loop 10, with connectivity toward the Atlanta metro area and the I-85 corridor. A fenced perimeter, natural-gas heating, electric water heating, and central air conditioning are also included.
Key Highlights
- Approximately 3.4 acres with 21,000 square feet of finished space
- Multiple suites with office and warehouse components
- Each suite has at least one roll‑up door and dock‑height loading area
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
$271,820
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
7.99%
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%
$5,436,400
$5.4M
Cap Rate 7%
$3,883,143
$3.9M
Cap Rate 9%
$3,020,222
$3.0M
Market Conditions
NOI Build-Up for 21,000 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
$453.6K $21.60/SF
− Vacancy
−$91.2K −$4.34/SF
EGI
$362.4K $17.26/SF
− OpEx
−$90.6K −$4.31/SF
NOI
$271.8K $12.94/SF
Area
Athens, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$5,436,400
Cap Rate 7%
$3,883,143
Cap Rate 9%
$3,020,222
Alternative Uses
Best Use
Office B
$3.88M
$3.40M – $4.53M
NOI $271,820 @ 7.0% cap · market cap 7.99%
Second Best
Warehouse
$2.20M
$1.93M – $2.57M
NOI $154,158 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$5.06M
$4.43M – $5.91M
NOI $354,372 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30606, GA
46,798
Population
22,603
Households
2.1
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
30.7 sq mi
ZIP Area
1,524
Density / Sq Mi
$61,397
Median Household Income
$35,854
Median Earnings
$1,222
Median Rent
$332,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable industrial space combines finished offices, warehouse areas, loading access, and gated paved parking.
Where is this flex space located?
The property is located at 328 Commerce Boulevard Athens, GA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Approximately 3.4 acres with 21,000 square feet of finished space; Multiple suites with office and warehouse components; Each suite has at least one roll‑up door and dock‑height loading area
