Columbus Commercial Property with
For Sale
$184,900
1124 20th Street, Columbus, GA 31901
COMMERCIAL - Columbus, GA
Property Size2,514 SF
Lot Size0.33 Acres
Price / SF$73.55
Days on Market77
Property Features for 1124 20th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Take I-85 S To I-185 S Toward Columbus. Continue On I-185 S Into Columbus. Take The Exit Toward 20th Street. Turn Onto 20th Street And Continue To 1130 20th Street. Property Will Be On Your Route.
Subdivision
03-W C Columbus
Standard status
Active
APN
028028002
Size
2,514 SF
Lot size
0.33 Acres
Building Details
Year built
1903
Number of units
3
Listing Agency:
1st Class Real Estate Excellence
(706) 237-8680
Listed By:
Matthew Smith
(706) 573-3153
Added: May 27
Changed: Aug 4
Last Checked: Aug 11 at 8:06PM
MLS# 231706
Copyright © 2026 Columbus Board of Realtors (GA). 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 two-lot commercial property in Columbus, Georgia, presents a rare opportunity in a highly desirable area. The property, totaling 0.33 acres, includes three commercial structures and is suitable for renovation, expansion, or future commercial development. The buildings offer a total of 2,514 square feet of space. One structure is a large workshop, ideal for a variety of business uses. A secondary building provides flexible space suitable for offices, storage, or light industrial use. An additional structure is ready for renovation or redevelopment. This property is positioned in a high-demand area and offers excellent potential for investors or owner-users seeking versatile commercial space and long-term value.
Key Highlights
- Two‑lot property sold as one offering.
- Includes three commercial structures: large workshop, flexible space building, and a renovation‑ready structure.
- Located in a high‑demand area of Columbus.
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
$13,579
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
7.34%
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%
$271,580
$271.6K
Cap Rate 7%
$193,986
$194.0K
Cap Rate 9%
$150,878
$150.9K
Market Conditions
NOI Build-Up for 2,514 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
$17.2K $6.84/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$16.0K $6.35/SF
− OpEx
−$2.4K −$0.95/SF
NOI
$13.6K $5.40/SF
Area
Columbus, GA
Vacancy
7.10%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
15.00%
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%
$271,580
Cap Rate 7%
$193,986
Cap Rate 9%
$150,878
Alternative Uses
Best Use
Office B
$422.5K
$369.7K – $492.9K
NOI $29,574 @ 7.0% cap · market cap 15.99%
Second Best
Warehouse
$194.0K
$169.7K – $226.3K
NOI $13,579 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$562.5K
$492.2K – $656.3K
NOI $39,376 @ 7.0% cap · market cap 21.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,083
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31901, GA
7,126
Population
3,971
Households
1.8
Avg Household Size
36
Median Age
35%
College-Educated
82%
High-School Grad
4.4 sq mi
ZIP Area
1,620
Density / Sq Mi
$47,316
Median Household Income
$35,062
Median Earnings
$893
Median Rent
$208,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two-lot commercial property featuring three structures in a desirable area.
Where is this flex space located?
The property is located at 1124 20th Street Columbus, GA.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: Two‑lot property sold as one offering.; Includes three commercial structures: **large workshop, flexible space building, and a renovation‑ready structure.**; Located in a high‑demand area of Columbus.
