Multi-Structure Flex
For Sale
$184,900
1124 20th Street, Columbus, GA 31901
Commercial Sale, Columbus, GA
Property Size2,514 SF
Lot Size0.33 Acres
Price / SF$73.55
Days on Market99
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
Muscogee
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 27
Last Checked: Sep 2 at 1:06AM
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 flex property includes 2,514 square feet across three commercial structures on a combined 0.33-acre offering. The primary improvement is a large workshop, while a second building provides additional space suited to offices or storage. A third structure requires renovation or redevelopment, creating another component within the overall property configuration.
The two lots are being conveyed together at 1124 20th Street in Columbus, Georgia. Built in 1903, the property offers a combination of workshop, support, and unfinished building space within one commercial package.
The two lots are being conveyed together at 1124 20th Street in Columbus, Georgia. Built in 1903, the property offers a combination of workshop, support, and unfinished building space within one commercial package.
Key Highlights
- 2,514‑square‑foot flex property on 0.33 acres
- Two lots conveyed together as one offering
- Three commercial structures included
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
Warehouse
$194.0K
$169.7K – $226.3K
NOI $13,579 @ 7.0% cap · market cap 7.34%
Second Best
Industrial
$159.7K
$139.8K – $186.4K
NOI $11,182 @ 7.0% cap · market cap 6.05%
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
1,814
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A two-lot offering combines three structures for workshop, office, storage, and light industrial functions.
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: 2,514‑square‑foot flex property on 0.33 acres; Two lots conveyed together as one offering; Three commercial structures included
