Historic Mixed-Use
New
For Sale
$995,000
113-115 N Patterson Street, Valdosta, GA 31601
Residential Income, Valdosta, GA
Property Size7,200 SF
Lot Size0.08 Acres
Price / SF$138.19
Days on Market6
Property Features for 113-115 N Patterson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-D
Parking features
On Street
Interior features
Blinds
Exterior features
Sprinkler System
Appliances
Refrigerator, Electric Range, Dishwasher
Subdivision
Downtown
Standard status
Active
APN
0120A 221
Size
7,200 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
in listing office
Tax Annual Amount
7424
Legal Description
in listing office
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
2
Flooring type
Hardwood
Building materials
Brick Veneer, Frame
Listing Agency:
COLDWELL BANKER PREMIER REAL E
(229) 244-3535
Listed By:
John Courson · License #342868
(229) 251-4632
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 27 at 1:06PM
MLS# 155099
Copyright © 2026 South Georgia MLS (Valdosta). 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.
Located at 113-115 N Patterson Street in downtown Valdosta, this 7,200-square-foot, two-story mixed-use property combines 3,600 square feet of ground-floor retail with four efficiency-style apartments. The configuration supports five separate income streams and includes individually metered residential units, with utilities billed directly to tenants by service providers.
The building retains historic architectural elements, including a brick façade, broad storefront windows, exposed brick, hardwood floors, tall windows, and pressed-metal ceilings. The retail level features an open plan and an elevated mezzanine office overlooking the main floor. Property improvements include central heating and cooling, public water and sewer, a sprinkler system, and on-street parking. The property is zoned C-D and includes refrigerators, electric ranges, and dishwashers.
The building retains historic architectural elements, including a brick façade, broad storefront windows, exposed brick, hardwood floors, tall windows, and pressed-metal ceilings. The retail level features an open plan and an elevated mezzanine office overlooking the main floor. Property improvements include central heating and cooling, public water and sewer, a sprinkler system, and on-street parking. The property is zoned C-D and includes refrigerators, electric ranges, and dishwashers.
Key Highlights
- 7,200 SF two‑story mixed‑use building with 3,600 SF of ground‑floor retail
- Four efficiency‑style apartments above the commercial space
- Five separate income streams across retail and residential components
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
$59,400
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
5.97%
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%
$1,188,000
$1.2M
Cap Rate 7%
$848,571
$848.6K
Cap Rate 9%
$660,000
$660.0K
Market Conditions
NOI Build-Up for 7,200 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
$108.0K $15.00/SF
− Vacancy
−$13.0K −$1.80/SF
EGI
$95.0K $13.20/SF
− OpEx
−$35.6K −$4.95/SF
NOI
$59.4K $8.25/SF
Area
Lowndes County, GA
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,188,000
Cap Rate 7%
$848,571
Cap Rate 9%
$660,000
Alternative Uses
Best Use
Mixed Use
$848.6K
$742.5K – $990.0K
NOI $59,400 @ 7.0% cap · market cap 5.97%
Second Best
Retail
$811.9K
$710.5K – $947.3K
NOI $56,836 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$1.09M
$956.5K – $1.28M
NOI $76,516 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,157
Businesses Nearby
Explore this area
Business Placement
Demographics for 31601, GA
32,331
Population
14,345
Households
2.3
Avg Household Size
33
Median Age
15%
College-Educated
82%
High-School Grad
159.0 sq mi
ZIP Area
203
Density / Sq Mi
$34,846
Median Household Income
$28,878
Median Earnings
$872
Median Rent
$112,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story configuration combines street-level retail with four efficiency apartments.
Where is this mixed-use property located?
The property is located at 113-115 N Patterson Street Valdosta, GA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 7,200 SF two‑story mixed‑use building with 3,600 SF of ground‑floor retail; Four efficiency‑style apartments above the commercial space; Five separate income streams across retail and residential components
