Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    10533 Flat Shoals Road Covington, GA 30014

    View on Map
    Claim this Listing
    For Sale
    $495,000

    COMMERCIAL - Covington, GA

    Property size:
    1,456 SF
    Lot size:
    1.90 Acres
    Price / SF:
    $339/SF
    Added:
    Apr 23, 2026
    Days on Market:
    13
    Last Refresh:
    May 5 at 5:06 pm

    Property Features for 10533 Flat Shoals Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0064B00000046000
    Size
    1,456 SF
    Lot size
    1.90 Acres

    Taxes and HOA fees

    Tax Year
    25
    Tax Annual Amount
    2450

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1963
    Building materials
    Brick

    We can help!

    Listing Contact
    Matthew L Smith

    Listing agent Matthew L Smith

    Listing office Georgia Premier RE Advisors 311 N Main St. Unit C Ste 201, Madison, GA

    Listing date Apr 23, 2026

    MLS# 10757237

    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.

    Overview

    Covington Commercial Redevelopment Opportunity

    This 1.898-acre commercial redevelopment opportunity is located on the hard corner of Flat Shoals Road and Covington Bypass in Covington, GA. The property features approximately 200 feet of frontage along Flat Shoals Road and over 400 feet of frontage on Covington Bypass. This corner tract sits at a fully signalized intersection with strong traffic exposure from multiple directions. The property has been recently surveyed and offers relatively flat topography. Currently zoned residential, the site presents commercial or retail redevelopment potential, subject to rezoning and local approvals. An existing home on the property provides the option for adaptive reuse as office or commercial space, or the improvements can be removed to make way for a new development. All utilities are available. The property has 1456 square feet of property size.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Newton
    State
    Georgia
    Longitude
    -83.8085
    Latitude
    33.5946

    Nearby Similar for Sale

    • $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
    • $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
    • $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

      Covington Land with Development Potential

      Commercial land with utilities and development potential in Covington, GA.
      1791 Walnut Avenue, 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
    • $1,500,000

      Covington Commercial Property For Sale

      3.557 acres with multiple buildings, ideal for commercial development.
      6125 Washington Street SW, Covington, GA 30014
      View Details
    • $365,000

      Income-Producing Duplex in Covington

      Turnkey duplex with immediate cash flow and move-in ready flexibility.
      10266 Stone Street NW, Covington, GA 30014
      View Details
    • $189,900

      Prime Land on Highway 278

      2.8+/- acres with high visibility and development potential.
      11208 Highway 278 E, Covington, GA 30014
      View Details
    • $483,990

      Spacious Unrestricted Land Near Atlanta

      27.15 acres of unrestricted land near Covington, Georgia.
      Highway 138, Covington, GA 30655
      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
    • $350,000

      Prime Land in Covington, GA

      2.06 acre commercial land with high-traffic exposure.
      10717 Highway 36, Covington, GA 30014
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.898-acre commercial redevelopment opportunity on a hard corner.
    Where is this commercial land located?
    The property is located at 10533 Flat Shoals Road Covington, GA.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: 1.898‑acre commercial redevelopment opportunity on a hard corner.; High visibility with approximately 200 feet of frontage on Flat Shoals Road and over 400 feet on Covington Bypass.; Located at a fully signalized intersection with strong traffic exposure.
    (706) 340-4724
    We can help!
    Listing Contact
    Matthew L Smith
    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
    10533 Flat Shoals Road, Covington, GA 30014
    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!