Medical/Office Space on Highway
For Sale
$890,000
4124 Hwy 278, Covington, GA 30014
Move-in ready medical/office space near Piedmont Newton Hospital.
Property Size3,448 SF
Price / SF$258.12
Days on Market546
Property Features for 4124 Hwy 278
General Information
Standard status
Active
Size
3,448 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$5,932
Amenities
Central Air, Gas
3
Vinyl, Carpet
Composition
Parking.
Paved Driveway, Lot.
5227.2001953125
Business Park, In City, State Road, US Highway.
Building Details
Year Built
1998
Listing Agency:
Main Street Land & Properties
(770) 787-5520
Listed By:
Kharmin Beam · License #281994
(770) 787-5520
Source:
Xome
Added: Feb 27, 2025
Changed: Aug 25
Last Checked: Aug 26 at 6:33AM
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 Main Street Land & Properties
Investment Insights
Based on property information with market context.
This 3,448 square foot medical/office space is move-in ready and features a location on Highway 278 in Covington. The property is configured for medical use, including five functional patient rooms with the potential for more. It includes two restrooms and two patient rooms equipped with sinks. An oversized waiting room is available. Parking is ample in both the front and rear of the building, with easy access. The property is located in the heart of Highway 278, across the street from the upcoming Jackson Market development, which will include tenants such as McAlisters, Chicken Salad Chick, Sage Dental, Nail Bar, Five Guys, and Touch Down Wings. Piedmont Newton Hospital is less than one mile away. The property is part of the Covington Professional Park HOA, with estimated dues of $250.00 per month. The owner will have marquee signage at the Highway 278 entrance. Current owners include Greystone OBGYN, Piedmont Family Medicine, and Newton County Government. This property is intended for medical or office use.
Key Highlights
- 3448 sq ft medical/office space ready for immediate move‑in
- Prime location on Hwy 278 in Covington, near Piedmont Newton Hospital
- Located across from the new Jackson Market development
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
$49,993
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
5.62%
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%
$999,860
$999.9K
Cap Rate 7%
$714,186
$714.2K
Cap Rate 9%
$555,478
$555.5K
Market Conditions
NOI Build-Up for 3,448 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
$93.1K $27.00/SF
− Vacancy
−$9.8K −$2.84/SF
EGI
$83.3K $24.17/SF
− OpEx
−$33.3K −$9.67/SF
NOI
$50.0K $14.50/SF
Area
Newton County, GA
Vacancy
10.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$999,860
Cap Rate 7%
$714,186
Cap Rate 9%
$555,478
Alternative Uses
Best Use
Healthcare Medical
$714.2K
$624.9K – $833.2K
NOI $49,993 @ 7.0% cap · market cap 5.62%
Second Best
Office B
$659.6K
$577.2K – $769.5K
NOI $46,172 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$963.8K
$843.4K – $1.12M
NOI $67,469 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,590
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready medical/office space near Piedmont Newton Hospital.
Where is this medical office space located?
The property is located at 4124 Hwy 278 Covington, GA.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: 3448 sq ft medical/office space ready for immediate move‑in; Prime location on Hwy 278 in Covington, near Piedmont Newton Hospital; Located across from the new Jackson Market development
