Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    40.8 Acres Ready for Development Title is generated by Realmo AI

    Richard's Chapel Road, Covington, GA 30016

    View on Map
    Claim this Listing
    For Sale
    $1,200,000

    LAND - Covington, GA

    Lot size:
    40.80 Acres
    Added:
    Mar 3, 2026
    Days on Market:
    89
    Last Refresh:
    May 31 at 1:06 pm

    Property Features for Richard's Chapel Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Wooded
    Standard status
    Active
    APN
    0007 009/0007C 017
    Lot size
    40.80 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4112

    Utilities

    Utilities
    Water Available
    Sewer type
    Perc Test On File
    Water source
    Public
    Water front features
    Creek
    Water front
    1

    We can help!

    Listing Contact
    Brittany Purcell & Associates

    Listing agent Brittany Purcell & Associates

    Listing office Keller Williams Greater Athens 1361 Jennings Mill Rd, Ste 101, Watkinsville, GA

    Listing date Mar 3, 2026

    MLS# 10707746 Listing URL

    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.

    HighLights

    • 40.8 acres of land ready for development
    • Zoned R‑2 for residential development
    • Road frontage on 2 roads
    • Level topography
    • Located in a neighborhood setting
    • Water available and perc test on file

    Overview

    This 40.8-acre property, located in Covington, GA, is comprised of two parcels: 431 Veal Rd (0007C 017) and 0 Richards Chapel Rd (0007 009). Zoned R-2, the land is suitable for residential development. The property features road frontage on two roads and level topography. Surrounded by existing neighborhoods, this location presents a development opportunity.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Covington
    County
    Newton
    State
    Georgia
    Longitude
    -84.0062
    Latitude
    33.530788

    Nearby Similar for Sale

    • $1,500,000
      5,315 SF

      Covington Commercial Property For Sale

      3.557 acres with multiple buildings, ideal for commercial development.
      6125 Washington Street SW, Covington, GA 30014
      View Details
    • $200,000
      1,242 SF

      Commercial Building on Highway 20

      1,242 SF commercial building on 1.55 acres in Covington.
      Highway 20 S, Covington, GA 30016
      View Details
    • $495,000
      1,456 SF

      Covington Commercial Redevelopment Opportunity

      1.898-acre commercial redevelopment opportunity on a hard corner.
      10533 Flat Shoals Road, Covington, GA 30014
      View Details
    • $1,400,000
      6,000 SF

      Industrial Facility I-20 Visibility

      6,000 SF industrial facility with I-20 corridor visibility.
      1595 Access Road, Covington, GA 30014
      View Details
    • $339,000
      1,476 SF

      Renovated Commercial Building in Covington

      Commercially zoned, renovated office building near Piedmont Newton Hospital.
      5211 Adams Street NE, Covington, GA 30014
      View Details
    • $1,310,000
      8,200 SF

      Covington Church Property For Sale

      Church property on 4.26 acres near downtown Covington.
      99 Ellis Trail, Covington, GA 30016
      View Details
    • $339,000

      Renovated Commercial Building, Covington, GA

      Commercially zoned, renovated office building near Piedmont Newton Hospital.
      5211 Adams Street NE, Covington, GA 30014
      View Details
    • $350,000
      2,768 SF

      Covington Duplex: Income Producing Property

      Turnkey duplex in Covington with immediate cash flow potential.
      10266 Stone Street NW, Covington, GA 30014
      View Details
    • $339,000

      Renovated Commercial Building in Covington

      Commercially zoned, renovated office building near Piedmont Newton Hospital.
      5211 Adams Street, Covington, GA 30014
      View Details
    • $489,000

      Versatile Shop on Highway 81

      2.55 acre property with custom shop/barn on Highway 81.
      481 Highway 81, Covington, GA 30014
      View Details
    • $745,000
      1,700 SF

      Covington Commercial Land For Sale

      Commercial land with development potential in Covington, GA.
      1791 Walnut Avenue, Covington, GA 30014
      View Details
    • $235,000
      1,536 SF

      Covington Duplex: Income-Generating Investment

      Fully occupied duplex in Covington, generating immediate cash flow.
      7117 Pineneedle Drive SW, Covington, GA 30014
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 40.8 acres in Covington, GA, zoned R-2, prime development location.
    Where is this residential land & home lot located?
    The property is located at Richard's Chapel Road Covington, GA.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: 40.8 acres of land ready for development; Zoned R‑2 for residential development; Road frontage on 2 roads
    (706) 389-0771
    We can help!
    Listing Contact
    Brittany Purcell & Associates
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Richard's Chapel Road, Covington, GA 30016
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!