Historic Office
For Sale
$889,000
1155 Floyd Street NE, Covington, GA 30014
Commercial Sale, Covington, GA
Property Size5,306 SF
Lot Size0.25 Acres
Price / SF$167.55
Days on Market99
Property Features for 1155 Floyd Street NE
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Fenced
Lot features
Level
Directions
Follow I-20 E to Alcovy Rd NE in Covington. Take exit 92 from I-20 E and turn right onto Alcovy Rd NE (which changes to Elm St NE). Continue onto Elm St NE, then turn left onto Floyd St NE. Your destination will be on the right.
Standard status
Active
APN
C020000140003000
Size
5,306 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
8152
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1906
Flooring type
Carpet, Hardwood
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Keller Williams Lake Oconee · Keller Williams Realty
(706) 485-0088
Listed By:
Rhonda A Smith · License #330071
(706) 319-7980
Added: Jun 18
Changed: Sep 12
Last Checked: Sep 24 at 7:06AM
MLS# 10790914
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 5,306-square-foot office property occupies 0.25 acres in Covington and was built in 1906. The building includes a curved staircase, stained-glass windows, handcrafted columns, detailed millwork, hardwood and carpet flooring, central heating, and central air. Interior spaces include a library, parlor, formal dining room, kitchen with cabinetry, island, major appliances, and wine cooler, along with multiple bedrooms and private baths. An upstairs laundry room and main-level suite add to the existing configuration.
The property is located at 1155 Floyd Street NE, near Covington’s downtown square, restaurants, boutiques, filming locations, and year-round events. Public water and public sewer serve the site, with water available and a composition roof. Fenced landscaped grounds include brick walkways, historic brick walls, and a back porch with plantation shutters. The Cricket Frog Trail is less than a half mile away and provides more than 15 miles of walking trails.
The property is located at 1155 Floyd Street NE, near Covington’s downtown square, restaurants, boutiques, filming locations, and year-round events. Public water and public sewer serve the site, with water available and a composition roof. Fenced landscaped grounds include brick walkways, historic brick walls, and a back porch with plantation shutters. The Cricket Frog Trail is less than a half mile away and provides more than 15 miles of walking trails.
Key Highlights
- 5,306‑square‑foot office property on a 0.25‑acre site
- Built in 1906 with curved staircase, stained‑glass windows, columns, and detailed millwork
- Near Covington’s downtown square, restaurants, boutiques, filming locations, and events
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
$71,053
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
7.99%
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%
$1,421,060
$1.4M
Cap Rate 7%
$1,015,043
$1.0M
Cap Rate 9%
$789,478
$789.5K
Market Conditions
NOI Build-Up for 5,306 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
$126.7K $23.87/SF
− Vacancy
−$31.9K −$6.02/SF
EGI
$94.7K $17.85/SF
− OpEx
−$23.7K −$4.46/SF
NOI
$71.1K $13.39/SF
Area
Newton County, GA
Vacancy
25.20%
Lease Rate
$23.87 /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%
$1,421,060
Cap Rate 7%
$1,015,043
Cap Rate 9%
$789,478
Alternative Uses
Best Use
Office B
$1.02M
$888.2K – $1.18M
NOI $71,053 @ 7.0% cap · market cap 7.99%
Second Best
Hotel Hospitality
$297.0K
$259.9K – $346.6K
NOI $20,793 @ 7.0% cap · market cap 2.34%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,826 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,563
Businesses Nearby
Explore this area
Business Placement
Demographics for 30014, GA
39,247
Population
16,159
Households
2.4
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
120.7 sq mi
ZIP Area
325
Density / Sq Mi
$71,055
Median Household Income
$37,714
Median Earnings
$1,199
Median Rent
$253,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - A landmark-style property near downtown Covington with detailed interiors, landscaped grounds, and potential for professional office use.
Where is this office building located?
The property is located at 1155 Floyd Street NE Covington, GA.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: 5,306‑square‑foot office property on a 0.25‑acre site; Built in 1906 with curved staircase, stained‑glass windows, columns, and detailed millwork; Near Covington’s downtown square, restaurants, boutiques, filming locations, and events
