Building Details

Year built 1967

Building materials Block, Brick, Concrete

Roof type Metal

Listing Agency: Georgia Premier RE Advisors Show Phone

Listed By: Matthew L Smith Show Phone

Added: Apr 15 Changed: Aug 19 Last Checked: Sep 13 at 4:06AM

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MLS# 10741988

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 property includes approximately 2.17 acres within the city limits, with several functional improvements suited to commercial service operations. The primary warehouse and shop measures approximately 3,200 square feet and includes three roll-up doors, plus 1,100 square feet of attached covered storage. An approximately 1,134-square-foot office area has been refreshed with new LVP flooring and fresh paint. Additional improvements include an approximately 1,000-square-foot block building with high ceilings and an approximately 1,800-square-foot pole shed.

The site is enclosed by chain-link fencing and provides excess land for outdoor operations or expansion. Construction materials include block, brick, and concrete, with a metal roof. The property has public water, water available, and a septic tank, along with window-unit cooling. Built in 1967, it offers a combination of enclosed workspace, office accommodation, covered storage, and accessory structures.

Key Highlights

• Approximately 2.17 acres within the city limits of Lexington, Georgia
• 3,200 SF warehouse/shop with three roll‑up doors
• 1,100 SF attached covered storage 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

$32,109

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

8.25%

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%

$642,180 $642.2K

Cap Rate 7%

$458,700 $458.7K

Cap Rate 9%

$356,767 $356.8K

Market Conditions

NOI Build-Up for 4,374 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

$41.5K $9.48/SF

− Vacancy

−$3.7K −$0.84/SF

EGI

$37.8K $8.64/SF

− OpEx

−$5.7K −$1.30/SF

NOI

$32.1K $7.34/SF

Area

Oglethorpe County, GA

Vacancy

8.90%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

15.00%

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%

$642,180

Cap Rate 7%

$458,700

Cap Rate 9%

$356,767

Alternative Uses

Best Use

Office B

$808.8K

$707.7K – $943.6K (±1% cap)

NOI $56,616 @ 7.0% cap · market cap 14.55%

Second Best

Retail

$706.2K

$618.0K – $823.9K (±1% cap)

NOI $49,436 @ 7.0% cap · market cap 12.71%

Theoretical Best

Office A

$1.05M

$922.6K – $1.23M (±1% cap)

NOI $73,811 @ 7.0% cap · market cap 18.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Hansford Hay Truck ... Car Dealership

Suggested Use

Top Pick Auto Parts Store Real Estate Agency Auto Repair Shop Hair Salon Pet Grooming Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

114

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 30648, GA

2,741

Population

1,212

Households

2.3

Avg Household Size

45

Median Age

31%

College-Educated

91%

High-School Grad

92.1 sq mi

ZIP Area

30

Density / Sq Mi

$72,431

Median Household Income

$43,325

Median Earnings

$879

Median Rent

$158,300

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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

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Frequently Asked Questions

What type of property is this?

Flex space - Multi-building commercial property with updated offices, workshop improvements, and room for outdoor operations or future expansion.

Where is this flex space located?

The property is located at 557 W Main Street Lexington, GA.

What is the asking price?

The asking price for this property is $389,000.

What are key features of this property?

This property features: Approximately 2.17 acres within the city limits of Lexington, Georgia; 3,200 SF warehouse/shop with three roll‑up doors; 1,100 SF attached covered storage area