2022 Duplex with Tenant
For Sale
$275,000
459 Merrywood Drive, Lagrange, GA 30241
Residential Income, Lagrange, GA
Property Size1,296 SF
Lot Size0.17 Acres
Price / SF$212.19
Days on Market161
Property Features for 459 Merrywood Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1
Parking
4
Appliances
Range, Refrigerator, Washer
Subdivision
College Heights
Directions
From Ragland St, Turn Onto Borton St. Turn Left Onto Merrywood Drive. The Property Is On The Left.
Standard status
Active
APN
0504C006039
Size
1,296 SF
Lot size
0.17 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
2022
Number of units
2
Listing Agency:
Coldwell Banker / Kennon, Parker, Duncan & Davis · Coldwell Banker Real Estate
(706) 256-1000
Listed By:
Tyler Ward · License #372190
(706) 577-4554
Added: Mar 23
Changed: Aug 27
Last Checked: Aug 30 at 4:06PM
MLS# 228070
Copyright © 2026 Columbus Board of Realtors (GA). 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.
Built in 2022, this duplex contains 1,296 square feet on a 0.17-acre lot in LaGrange, Georgia. One of the two units is tenant-occupied. The property features vinyl siding, architectural shingle roofs, forced-air heating, and a layout comprising four bedrooms and two bathrooms. Appliances include a range, refrigerator, and washer.
Public water and public sewer serve the property. Its location at 459 Merrywood Drive places the duplex in LaGrange, with downtown, shopping, dining, and local amenities described as minutes away. The combination of recent construction, two-unit configuration, and an existing occupied unit provides a clear overview for residential income property buyers.
Public water and public sewer serve the property. Its location at 459 Merrywood Drive places the duplex in LaGrange, with downtown, shopping, dining, and local amenities described as minutes away. The combination of recent construction, two-unit configuration, and an existing occupied unit provides a clear overview for residential income property buyers.
Key Highlights
- 2022‑built duplex with 1,296 square feet of property size
- One of two units is currently tenant‑occupied
- Situated on a 0.17‑acre lot at 459 Merrywood Drive
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
$10,382
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
3.78%
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%
$207,640
$207.6K
Cap Rate 7%
$148,314
$148.3K
Cap Rate 9%
$115,356
$115.4K
Market Conditions
NOI Build-Up for 1,296 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
$15.9K $12.24/SF
− Vacancy
−$1.0K −$0.80/SF
EGI
$14.8K $11.44/SF
− OpEx
−$4.4K −$3.43/SF
NOI
$10.4K $8.01/SF
Area
Troup County, GA
Vacancy
6.50%
Lease Rate
$12.24 /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%
$207,640
Cap Rate 7%
$148,314
Cap Rate 9%
$115,356
Alternative Uses
Best Use
Multifamily LT 5
$148.3K
$129.8K – $173.0K
NOI $10,382 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$133.0K
$116.3K – $155.1K
NOI $9,307 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$290.0K
$253.7K – $338.3K
NOI $20,299 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 30241, GA
25,509
Population
10,433
Households
2.4
Avg Household Size
37
Median Age
18%
College-Educated
88%
High-School Grad
112.4 sq mi
ZIP Area
227
Density / Sq Mi
$47,988
Median Household Income
$34,411
Median Earnings
$1,077
Median Rent
$167,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one occupied unit, low-maintenance exterior materials, and public water and sewer service.
Where is this duplex located?
The property is located at 459 Merrywood Drive Lagrange, GA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2022‑built duplex with 1,296 square feet of property size; One of two units is currently tenant‑occupied; Situated on a 0.17‑acre lot at 459 Merrywood Drive
