Flex Space with Garage
For Sale
$450,000
4165 Carroll Street SW, Covington, GA 30014
Commercial Sale, Covington, GA
Property Size3,520 SF
Lot Size0.24 Acres
Price / SF$127.84
Days on Market397
Property Features for 4165 Carroll Street SW
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Interior Lot
Directions
GPS
Standard status
Active
APN
C035000020007000
Size
3,520 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
24
Tax Annual Amount
4917
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1927
Building materials
Aluminum Siding
Listing Agency:
Keller Williams Premier · Keller Williams Realty
(678) 487-1600
Listed By:
Christie L Phillips · License #183261
(678) 283-7249
Added: Jul 24, 2025
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# 10570817
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 flex space includes a large garage building and a separate small office building on a 0.24-acre parcel. The improvements total 3,520 square feet and were built in 1927, with aluminum siding and natural gas heating.
Access is available from both Carroll Street and Washington Street. Public water and public sewer serve the property, and water is available. Commercial use requires obtaining the appropriate business license and securing approval from the City of Covington for the intended use.
Access is available from both Carroll Street and Washington Street. Public water and public sewer serve the property, and water is available. Commercial use requires obtaining the appropriate business license and securing approval from the City of Covington for the intended use.
Key Highlights
- 3,520‑square‑foot flex property with a large garage building
- Separate small office building included
- 0.24‑acre parcel
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
$21,443
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
4.77%
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%
$428,860
$428.9K
Cap Rate 7%
$306,329
$306.3K
Cap Rate 9%
$238,256
$238.3K
Market Conditions
NOI Build-Up for 3,520 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
$33.4K $9.48/SF
− Vacancy
−$2.7K −$0.78/SF
EGI
$30.6K $8.70/SF
− OpEx
−$9.2K −$2.61/SF
NOI
$21.4K $6.09/SF
Area
Newton County, GA
Vacancy
8.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$428,860
Cap Rate 7%
$306,329
Cap Rate 9%
$238,256
Alternative Uses
Best Use
Retail
$707.3K
$618.9K – $825.2K
NOI $49,510 @ 7.0% cap · market cap 11.00%
Second Best
Industrial
$306.3K
$268.0K – $357.4K
NOI $21,443 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$984.0K
$861.0K – $1.15M
NOI $68,878 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30014, GA
39,247
Population
16,159
Households
2.4
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
120.7 sq mi
ZIP Area
325
Density / Sq Mi
$71,055
Median Household Income
$37,714
Median Earnings
$1,199
Median Rent
$253,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Epicurean De Luxe — 0000 Emory St SW, Covington, GA 30014
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Frequently Asked Questions
What type of property is this?
Flex space - Garage-oriented commercial property with a separate office building and dual-street access.
Where is this flex space located?
The property is located at 4165 Carroll Street SW Covington, GA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,520‑square‑foot flex property with a large garage building; Separate small office building included; 0.24‑acre parcel
