Garage and Office
For Sale
$450,000
4165 Carroll St SW, Covington, GA 30014
Garage with separate office building, suitable for various businesses.
Property Size3,520 SF
Price / SF$127.84
Days on Market193
Property Features for 4165 Carroll St SW
General Information
Standard status
Active
Size
3,520 SF
Building Details
Year Built
1927
Listing Agency:
Keller Williams Premier
Listed By:
Christie Phillips · License #183261
(678) 487-1600
Source:
Brockteam
Added: Mar 5
Changed: Sep 12
Last Checked: Sep 14 at 1:05PM
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 Keller Williams Premier
Investment Insights
Based on property information with market context.
This property features a large garage building along with a separate, smaller office building. It is suitable for a used car business, extra storage, or businesses in the HVAC, electrical, or plumbing trades. Access to the buildings is available from both Carroll Street and Washington Street. Any business operating at this location will need to obtain the necessary business license and secure use approval from the City of Covington.
Key Highlights
- Large garage building suitable for various business purposes.
- Separate small office building included.
- Dual access from Carroll St and Washington St.
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
$21,443
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
4.77%
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%
$428,860
$428.9K
Cap Rate 7%
$306,329
$306.3K
Cap Rate 9%
$238,256
$238.3K
Market Conditions
NOI Build-Up for 3,520 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
$33.4K $9.48/SF
− Vacancy
−$2.7K −$0.78/SF
EGI
$30.6K $8.70/SF
− OpEx
−$9.2K −$2.61/SF
NOI
$21.4K $6.09/SF
Area
Newton County, GA
Vacancy
8.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$428,860
Cap Rate 7%
$306,329
Cap Rate 9%
$238,256
Alternative Uses
Best Use
Retail
$707.3K
$618.9K – $825.2K
NOI $49,510 @ 7.0% cap · market cap 11.00%
Second Best
Office B
$673.4K
$589.2K – $785.6K
NOI $47,137 @ 7.0% cap · market cap 10.47%
Theoretical Best
Office A
$984.0K
$861.0K – $1.15M
NOI $68,878 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pijon Inc-Shell Products — 3231 Spring St NW, Covington, GA 30014
- Enterprise Rent-A-Car — 4132 US-278, Covington, GA 30014
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Garage with separate office building, suitable for various businesses.
Where is this parking lot & garage located?
The property is located at 4165 Carroll St SW Covington, GA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Large garage building suitable for various business purposes.; Separate small office building included.; Dual access from Carroll St and Washington St.
