Centennial Olympic Park Development
For Sale
$11,500,000
355 Centennial Olympic Park Drive, Atlanta, GA 30313
0.81-acre parcel for high-rise development near Centennial Olympic Park.
Property Size162,772 SF
Lot Size0.81 Acres
Price / SF$70.65
Days on Market201
Property Features for 355 Centennial Olympic Park Drive
General Information
Standard status
Active
Size
162,772 SF
Lot size
0.81 Acres
Property subtype
Multifamily
Zoning
SPI-1 SA5
Listing Agency:
Bull Realty
(404) 876-1640
Listed By:
Michael Bull, CCIM · License #165894
Source:
Bullrealty
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 16 at 4:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bull Realty
Investment Insights
Based on property information with market context.
Located directly adjacent to Centennial Olympic Park in downtown Atlanta, this approximately 0.81-acre corner parcel presents a development opportunity for a high-rise multifamily, mixed-use, or hospitality project. The site benefits from park and skyline views, including unobstructed sunset vistas. It is situated in Atlanta’s tourism and entertainment district. The site is shovel-ready for a 188-key, approximately 162,772 square feet hotel, with full construction plans and entitlements already in place. The flexible SPI-1 SA5 zoning supports high-density multifamily, office, retail, or mixed-use development. The topography features a slightly rising eastward slope, suitable for structured parking and vertical development. The site is within walking distance of Centennial Olympic Park, Georgia Aquarium, World of Coca-Cola, Mercedes-Benz Stadium, State Farm Arena, Georgia World Congress Center, and various dining, entertainment, and cultural attractions. The Walk Score is 90, indicating a Walker’s Paradise, and the Transit Score is 78, reflecting excellent transit access. The property generates an income of $5,000 to $12,000 per month from existing parking. The location benefits from tourism, convention, sports, and entertainment demand drivers.
Key Highlights
- Premier location directly adjacent to Centennial Olympic Park in downtown Atlanta with exceptional park, skyline, and sunset views.
- Shovel‑ready for a 188‑key hotel (±162,772 SF) with full construction plans and entitlements in place, significantly reducing development time and risk.
- Flexible SPI‑1 SA5 zoning supports high‑density development for hotel, multifamily, office, retail, or mixed‑use projects.
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
$979,757
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
8.52%
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%
$19,595,140
$19.6M
Cap Rate 7%
$13,996,529
$14.0M
Cap Rate 9%
$10,886,189
$10.9M
Market Conditions
NOI Build-Up for 162,772 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
$2.34M $14.40/SF
− Vacancy
−$281.3K −$1.73/SF
EGI
$2.06M $12.67/SF
− OpEx
−$1.08M −$6.65/SF
NOI
$979.8K $6.02/SF
Area
Atlanta, GA
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$19,595,140
Cap Rate 7%
$13,996,529
Cap Rate 9%
$10,886,189
Alternative Uses
Best Use
Mixed Use
$28.25M
$24.72M – $32.96M
NOI $1,977,680 @ 7.0% cap · market cap 17.20%
Second Best
Retail
$27.10M
$23.71M – $31.62M
NOI $1,897,108 @ 7.0% cap · market cap 16.50%
Theoretical Best
Office A
$45.50M
$39.81M – $53.08M
NOI $3,185,070 @ 7.0% cap · market cap 27.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,960
Businesses Nearby
Explore this area
Business Placement
Demographics for 30313, GA
9,788
Population
3,604
Households
2.7
Avg Household Size
26
Median Age
55%
College-Educated
95%
High-School Grad
1.2 sq mi
ZIP Area
8,157
Density / Sq Mi
$79,068
Median Household Income
$33,832
Median Earnings
$1,696
Median Rent
$365,200
Median Home Value
Market
Vacancy Rate% for Retail in Atlanta, GA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - 0.81-acre parcel for high-rise development near Centennial Olympic Park.
Where is this commercial land located?
The property is located at 355 Centennial Olympic Park Drive Atlanta, GA.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: Premier location directly adjacent to Centennial Olympic Park in downtown Atlanta with exceptional park, skyline, and sunset views.; Shovel‑ready for a 188‑key hotel (±162,772 SF) with full construction plans and entitlements in place, significantly reducing development time and risk.; Flexible SPI‑1 SA5 zoning supports high‑density development for hotel, multifamily, office, retail, or mixed‑use projects.
