Historic District Restaurant
For Sale
$450,000
102 N Hill Street, Griffin, GA 30223
Commercial Sale, Griffin, GA
Property Size1,150 SF
Price / SF$391.30
Days on Market213
Property Features for 102 N Hill Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
On Street
Lot features
City Lot, Corner Lot
Directions
DOWNTOWN GRIFFIN. CORNER OF SOLOMON & HILL ST.
Standard status
Active
APN
013 34010A
Size
1,150 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2876
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1894
Building materials
Brick, Concrete
Listing Agency:
Rawlings Realty LLC
(678) 692-8639
Listed By:
Gary W Laster · License #44376
(770) 468-1332
Added: Feb 25
Changed: Sep 17
Last Checked: Sep 26 at 9:06PM
MLS# 10699765
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 operating restaurant property includes a 1,150-square-foot building, the restaurant business, equipment, inventory, and land. The existing concept serves Greek and Italian cuisine, with custom-painted murals throughout the interior. The brick and concrete structure dates to 1894 and features central heating and central air conditioning.
Located at 102 N Hill Street in Griffin’s historic district, the property is near downtown and the Spalding County Courthouse. Water is supplied publicly, with public sewer service and on-street parking. The sale also includes transition support from the owner, who has indicated a willingness to provide training and remain during the handoff.
Located at 102 N Hill Street in Griffin’s historic district, the property is near downtown and the Spalding County Courthouse. Water is supplied publicly, with public sewer service and on-street parking. The sale also includes transition support from the owner, who has indicated a willingness to provide training and remain during the handoff.
Key Highlights
- Operating Greek and Italian restaurant serving customers for over 20 years
- Sale includes 1,150 square feet, building, land, business, equipment, and inventory
- Built in 1894 with brick and concrete construction
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
4.11%
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 4.11%
Second Best
Retail
$231.1K
$202.2K – $269.6K
NOI $16,175 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$322.9K
$282.6K – $376.7K
NOI $22,604 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant sale includes the business, building, equipment, inventory, and land.
Where is this conventional restaurant located?
The property is located at 102 N Hill Street Griffin, GA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Operating Greek and Italian restaurant serving customers for over 20 years; Sale includes 1,150 square feet, building, land, business, equipment, and inventory; Built in 1894 with brick and concrete construction
