Flex Space with Warehouse and
For Sale
$3,499,000
4900 Highway 98 E, Comer, GA 30629
Commercial Sale, Comer, GA
Property Size21,040 SF
Lot Size5.17 Acres
Price / SF$166.30
Days on Market116
Property Features for 4900 Highway 98 E
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
I
Parking
25
Appliances
Electric Water Heater, Refrigerator
Directions
From Comer: Take HWY 98 E towards Danielsville. Go through the 4-way intersection with HWY 172. The property is approximately .2 of a mile on the LEFT. Mobile users: 4900 HWY 98E Comer, Ga.
Standard status
Active
APN
0083-002
Size
21,040 SF
Lot size
5.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
C & M /LAND
Tax Annual Amount
6509
Legal Description
C & M /LAND
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
restrooms with showers
meeting room
break area with kitchen
reception area
foyer
break room
pull through unloading area
ventilated painting area
mezzanine storage space
Building Details
Year built
2023
Floors in Building
1
Building materials
Metal Siding
Listing Agency:
Iris Inc Realty
(706) 743-5812
Listed By:
Jake Willcox · License #402642
(706) 338-0765
Added: May 4
Changed: Aug 19
Last Checked: Aug 27 at 6:06AM
MLS# CL355249
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 21,040-square-foot flex property occupies 5.17 acres and includes two buildings completed around a practical mix of office, warehouse, and industrial functions. Building one, constructed in 2023, provides 7,815 square feet of open warehouse area with two roll-up doors, a loading dock, mezzanine storage, two restrooms with showers, and 2,185 square feet of finished office space. The office component includes nine private offices, a meeting room, reception area, and kitchen-equipped break area.
Building two contains 5,000 square feet of office space with seven offices, a meeting room, foyer, two bathrooms, break room, and mezzanine storage. Its additional 6,120 square feet of industrial area includes two roll-up doors, storage, a ventilated painting area, two workers’ restrooms, and a pull-through unloading area. Established 3-phase power, public water, septic service, metal siding, central heating, and central air support the property. The site is located at 4900 Highway 98 E in Comer, Georgia, within Madison County, and carries I zoning.
Building two contains 5,000 square feet of office space with seven offices, a meeting room, foyer, two bathrooms, break room, and mezzanine storage. Its additional 6,120 square feet of industrial area includes two roll-up doors, storage, a ventilated painting area, two workers’ restrooms, and a pull-through unloading area. Established 3-phase power, public water, septic service, metal siding, central heating, and central air support the property. The site is located at 4900 Highway 98 E in Comer, Georgia, within Madison County, and carries I zoning.
Key Highlights
- 21,040 square feet of total property space on 5.17 acres
- 2023 construction with 10,000 sf of warehouse and office space in Building One
- Building One includes 7,815 sf of open warehouse space and 2,185 sf of finished office space
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
$272,338
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
7.78%
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%
$5,446,760
$5.4M
Cap Rate 7%
$3,890,543
$3.9M
Cap Rate 9%
$3,025,978
$3.0M
Market Conditions
NOI Build-Up for 21,040 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
$454.5K $21.60/SF
− Vacancy
−$91.3K −$4.34/SF
EGI
$363.1K $17.26/SF
− OpEx
−$90.8K −$4.31/SF
NOI
$272.3K $12.94/SF
Area
Madison County, 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%
$5,446,760
Cap Rate 7%
$3,890,543
Cap Rate 9%
$3,025,978
Alternative Uses
Best Use
Office B
$3.89M
$3.40M – $4.54M
NOI $272,338 @ 7.0% cap · market cap 7.78%
Second Best
Warehouse
$2.21M
$1.93M – $2.57M
NOI $154,451 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$5.07M
$4.44M – $5.92M
NOI $355,047 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30629, GA
4,950
Population
1,975
Households
2.5
Avg Household Size
41
Median Age
26%
College-Educated
79%
High-School Grad
74.4 sq mi
ZIP Area
67
Density / Sq Mi
$58,806
Median Household Income
$36,934
Median Earnings
$911
Median Rent
$173,600
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 - Versatile commercial facility combining warehouse, office, loading, and industrial improvements on a state highway.
Where is this flex space located?
The property is located at 4900 Highway 98 E Comer, GA.
What is the asking price?
The asking price for this property is $3,499,000.
What are key features of this property?
This property features: 21,040 square feet of total property space on 5.17 acres; 2023 construction with 10,000 sf of warehouse and office space in Building One; Building One includes 7,815 sf of open warehouse space and 2,185 sf of finished office space
