Listing Agency: LANDMARK REALTY l***@comsouth.net Show Phone

Listed By: Laura Branham · License #356996 Show Phone

Added: Jun 23 Changed: Aug 19 Last Checked: Sep 4 at 12:06AM

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MLS# 263783

Copyright © 2026 Central Georgia 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 2,940-square-foot commercial property is classified as an auto shop and carries C2 zoning. The building is equipped with heat pump heating and cooling, supporting year-round interior use. The property may accommodate a mechanic shop, warehouse, office, or other commercial operation identified for the site.

Located at 494 S Hwy 247 in Bonaire, the property sits at the intersection of Hwy 247 and Hwy 96, providing direct access to two highways. The site encompasses 0.0452 acres in Houston County, Georgia.

Key Highlights

• 2,940 square feet of commercial property
• C2 zoning
• Located at 494 S Hwy 247 in Bonaire, GA 31005

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

$36,833

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

5.85%

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%

$736,660 $736.7K

Cap Rate 7%

$526,186 $526.2K

Cap Rate 9%

$409,256 $409.3K

Market Conditions

NOI Build-Up for 2,940 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

$57.5K $19.56/SF

− Vacancy

−$4.9K −$1.66/SF

EGI

$52.6K $17.90/SF

− OpEx

−$15.8K −$5.37/SF

NOI

$36.8K $12.53/SF

Area

Houston County, GA

Vacancy

8.50%

Lease Rate

$19.56 /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%

$736,660

Cap Rate 7%

$526,186

Cap Rate 9%

$409,256

Alternative Uses

Best Use

Retail

$526.2K

$460.4K – $613.9K (±1% cap)

NOI $36,833 @ 7.0% cap · market cap 5.85%

Second Best

Industrial

$179.5K

$157.1K – $209.4K (±1% cap)

NOI $12,564 @ 7.0% cap · market cap 2.00%

Theoretical Best

Office A

$634.6K

$555.2K – $740.3K (±1% cap)

NOI $44,419 @ 7.0% cap · market cap 7.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Auto shops

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

142

Businesses Nearby

73k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 50% Shops & Services 47% Dining 3%

Publix Groceries

36,466 visits/mo 0.1 miles

Circle K Shops & Services

25,342 visits/mo 0.1 miles

Dollar General Shops & Services

8,514 visits/mo 0.2 miles

SUBWAY Dining

2,432 visits/mo 0.1 miles

Demographics for 31005, GA

20,531

Population

7,514

Households

2.7

Avg Household Size

36

Median Age

41%

College-Educated

96%

High-School Grad

23.1 sq mi

ZIP Area

889

Density / Sq Mi

$107,071

Median Household Income

$58,603

Median Earnings

$1,248

Median Rent

$247,800

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

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Corner Flex Space

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Retail Building for Sale

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Frequently Asked Questions

What type of property is this?

Auto shop - C2-zoned commercial property at the Hwy 247 and Hwy 96 intersection in Bonaire.

Where is this auto shop located?

The property is located at 494 S Hwy 247 Bonaire, GA.

What is the asking price?

The asking price for this property is $629,700.

What are key features of this property?

This property features: 2,940 square feet of commercial property; C2 zoning; Located at 494 S Hwy 247 in Bonaire, GA 31005