Turn-Key Greek Italian
For Sale
$470,000
102 N Hill St, Griffin, GA 30223
Operating Greek and Italian restaurant with a turn-key setup, training available for transition.
Property Size1,150 SF
Price / SF$408.70
Days on Market192
Property Features for 102 N Hill St
General Information
Standard status
Active
Size
1,150 SF
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$2,876
Building Details
Year Built
1894
Listing Agency:
Rawlings Realty LLC
(678) 692-8639
Listed By:
Gary W Laster · License #44376
(770) 468-1332
Source:
Exprealty
Added: Feb 25
Changed: Aug 21
Last Checked: Sep 5 at 10:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rawlings Realty LLC
Investment Insights
Based on property information with market context.
This turn-key restaurant is currently operating and has been in business for more than 20 years. The offering includes the building and land, along with the business, equipment, inventory, and other operating items necessary to continue operations. The space totals about 1,150 square feet and features custom painted murals throughout the interior. The property is built in 1894 and is part of the Griffin Opera House Condominiums HOA.
The restaurant is located in the center of the historic district and is conveniently positioned to downtown and the Spalding County Courthouse.
The owner is retiring and is willing to stay to train and support a transition for the buyer. Buyer will need to provide proof of funds prior to viewing and to obtain business financials, including P&L statements.
The restaurant is located in the center of the historic district and is conveniently positioned to downtown and the Spalding County Courthouse.
The owner is retiring and is willing to stay to train and support a transition for the buyer. Buyer will need to provide proof of funds prior to viewing and to obtain business financials, including P&L statements.
Key Highlights
- Angelos Mediterranean Restaurant operating for over 20 years; owner is retiring and will train for the transition.
- Cozy 1,150 SF restaurant operation that includes building, land, business, equipment, and inventory.
- Serving Greek/Italian food with custom painted murals throughout the interior.
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
$18,481
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
3.93%
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%
$369,620
$369.6K
Cap Rate 7%
$264,014
$264.0K
Cap Rate 9%
$205,344
$205.3K
Market Conditions
NOI Build-Up for 1,150 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
$26.5K $23.04/SF
− Vacancy
−$1.9K −$1.61/SF
EGI
$24.6K $21.43/SF
− OpEx
−$6.2K −$5.36/SF
NOI
$18.5K $16.07/SF
Area
Spalding County, GA
Vacancy
7.00%
Lease Rate
$23.04 /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%
$369,620
Cap Rate 7%
$264,014
Cap Rate 9%
$205,344
Alternative Uses
Best Use
Specialty Retail
$264.0K
$231.0K – $308.0K
NOI $18,481 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$322.9K
$282.6K – $376.7K
NOI $22,604 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
105k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 46%
Home Improvements & Furnishings 5%
Beauty & Spa 1%
Krystal
Dining
14,316 visits/mo
0.5 miles
Burger King
Dining
10,667 visits/mo
0.2 miles
KFC
Dining
9,297 visits/mo
0.1 miles
Chevron
Shops & Services
8,470 visits/mo
0.4 miles
Shell
Shops & Services
7,231 visits/mo
0.1 miles
Demographics for 30223, GA
38,111
Population
15,647
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
84%
High-School Grad
108.0 sq mi
ZIP Area
353
Density / Sq Mi
$56,940
Median Household Income
$34,305
Median Earnings
$1,025
Median Rent
$186,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating Greek and Italian restaurant with a turn-key setup, training available for transition.
Where is this conventional restaurant located?
The property is located at 102 N Hill St Griffin, GA.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Angelos Mediterranean Restaurant operating for over 20 years; owner is retiring and will train for the transition.; Cozy 1,150 SF restaurant operation that includes building, land, business, equipment, and inventory.; Serving Greek/Italian food with custom painted murals throughout the interior.
