Mixed-Use Development
For Sale
$3,999,000
600 Pulaski Street, Athens, GA 30601
Commercial Sale, Athens, GA
Property Size9,000 SF
Lot Size2.65 Acres
Price / SF$444.33
Days on Market914
Property Features for 600 Pulaski Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-N
Parking
53
Parking features
Off Street
Subdivision
Pulaski Heights
Lot features
Level
Directions
From downtown Athens, take Pulaski Street 0.25 mi to property on right.
Standard status
Active
APN
163C4 B002
Lot size
2.65 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
17357
Utilities
Sewer type
Public Sewer
Building Details
Year built
1900
Floors in Building
1
Building materials
Brick
Listing Agency:
Corcoran Classic Living
(706) 559-4520
Listed By:
Stephanie Leathers · License #243115
(706) 255-6239
Added: Mar 1, 2024
Changed: Aug 19
Last Checked: Sep 1 at 12:06AM
MLS# CM1014700
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 2.65-acre mixed-use development site combines a planned residential component with an existing commercial structure. Architectural plans and civil engineering are complete for 16 townhomes, comprising six two-bedroom homes and ten three-bedroom homes across four floor-plan variations. Proposed residential features include three levels of living space, rooftop indoor and outdoor areas, elevators in some plans, and two-car garages. The existing approximate 9,000 SF brick Cotton Seed Oil warehouse offers an adaptive-reuse opportunity, with proposed plans for nine office and/or restaurant spaces.
The property is zoned C-N and includes public sewer and off-street parking. Located at 600 Pulaski Street, the site is less than a mile from Downtown Athens in the Pulaski Heights neighborhood. A paved multi-use trail is steps away and connects the neighborhood with Downtown. The University of Georgia, Sanford Stadium, The Leathers Building, and The Bottleworks are also identified in the surrounding context. Architectural plans are included, and an LDP has been submitted to Athens-Clarke County.
The property is zoned C-N and includes public sewer and off-street parking. Located at 600 Pulaski Street, the site is less than a mile from Downtown Athens in the Pulaski Heights neighborhood. A paved multi-use trail is steps away and connects the neighborhood with Downtown. The University of Georgia, Sanford Stadium, The Leathers Building, and The Bottleworks are also identified in the surrounding context. Architectural plans are included, and an LDP has been submitted to Athens-Clarke County.
Key Highlights
- 2.65‑acre mixed‑use development site in Athens, GA
- Plans for 16 townhomes: Six 2 bed and Ten 3 bed units
- Existing approximate 9,000 SF brick Cotton Seed Oil warehouse
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
$116,494
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
2.91%
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%
$2,329,880
$2.3M
Cap Rate 7%
$1,664,200
$1.7M
Cap Rate 9%
$1,294,378
$1.3M
Market Conditions
NOI Build-Up for 9,000 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
$194.4K $21.60/SF
− Vacancy
−$39.1K −$4.34/SF
EGI
$155.3K $17.26/SF
− OpEx
−$38.8K −$4.31/SF
NOI
$116.5K $12.94/SF
Area
Athens, 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%
$2,329,880
Cap Rate 7%
$1,664,200
Cap Rate 9%
$1,294,378
Alternative Uses
Best Use
Office B
$1.66M
$1.46M – $1.94M
NOI $116,494 @ 7.0% cap · market cap 2.91%
Second Best
Mixed Use
$1.53M
$1.34M – $1.78M
NOI $106,920 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,874 @ 7.0% cap · market cap 3.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,112
Businesses Nearby
Explore this area
Business Placement
Demographics for 30601, GA
25,036
Population
11,634
Households
2.2
Avg Household Size
28
Median Age
37%
College-Educated
84%
High-School Grad
23.4 sq mi
ZIP Area
1,070
Density / Sq Mi
$37,357
Median Household Income
$24,639
Median Earnings
$1,198
Median Rent
$213,300
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?
Mixed-use property - C-N-zoned acreage combines planned residential construction with adaptive commercial reuse potential in an established Athens setting.
Where is this mixed-use property located?
The property is located at 600 Pulaski Street Athens, GA.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: 2.65‑acre mixed‑use development site in Athens, GA; Plans for 16 townhomes: Six 2 bed and Ten 3 bed units; Existing approximate 9,000 SF brick Cotton Seed Oil warehouse
