Renovated Office
For Sale
$799,000
1165 Cedar Shoals Drive, Athens, GA 30605
Commercial Sale, Athens, GA
Property Size3,224 SF
Lot Size0.59 Acres
Price / SF$247.83
Days on Market86
Property Features for 1165 Cedar Shoals Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-O
Parking
15
Appliances
Electric Water Heater, Refrigerator
Directions
GAINES SCHOOL ROAD TO CEDAR SHOALS. CENTER OF COMMERCIAL HUB OF EAST ATHENS.
Standard status
Active
APN
241-005-Z
Size
3,224 SF
Lot size
0.59 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT: 6; DEEDED ACS: 0.585
Tax Annual Amount
4740
Legal Description
LOT: 6; DEEDED ACS: 0.585
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1985
Floors in Building
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Athens Real Estate Associates, Inc.
(706) 850-6064
Listed By:
Michelle Farmer · License #303057
(706) 614-6947
Added: Jul 9
Changed: Oct 2
Last Checked: Oct 2 at 9:06PM
MLS# CL360366
Copyright © 2026 Hive MLS. 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 renovated office building contains 3,224 square feet on a 0.59-acre parcel. Built in 1985, it has brick construction, vinyl flooring, central electric heating and air conditioning, and a composition roof. The property is zoned C-O and includes parking for employees and visitors.
Public water and sewer serve the site. The space is presented for either business occupancy or commercial income use.
Public water and sewer serve the site. The space is presented for either business occupancy or commercial income use.
Key Highlights
- 3,224‑square‑foot office building on a 0.59‑acre parcel
- Renovated office interior with vinyl flooring
- C‑O zoning
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
$41,731
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
5.22%
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%
$834,620
$834.6K
Cap Rate 7%
$596,157
$596.2K
Cap Rate 9%
$463,678
$463.7K
Market Conditions
NOI Build-Up for 3,224 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
$69.6K $21.60/SF
− Vacancy
−$14.0K −$4.34/SF
EGI
$55.6K $17.26/SF
− OpEx
−$13.9K −$4.31/SF
NOI
$41.7K $12.94/SF
Area
Athens, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$834,620
Cap Rate 7%
$596,157
Cap Rate 9%
$463,678
Alternative Uses
Best Use
Office B
$596.2K
$521.6K – $695.5K
NOI $41,731 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.2K
$680.1K – $906.8K
NOI $54,405 @ 7.0% cap · market cap 6.81%
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
564
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Central heating and air conditioning serve the updated professional interior.
Where is this office building located?
The property is located at 1165 Cedar Shoals Drive Athens, GA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3,224‑square‑foot office building on a 0.59‑acre parcel; Renovated office interior with vinyl flooring; C‑O zoning
