Historic Downtown
New
For Sale
$395,000
123 W Washington Street, Madison, GA 30650
Renovated interior with updated plumbing, electrical, and flooring supports continued retail use.
Property Size1,940 SF
Price / SF$345.28
Days on Market3
Property Features for 123 W Washington Street
General Information
Standard status
Active
Size
1,940 SF
Property subtype
Other
Amenities
0.03 acres, City Lot
Public Sewer
Annual Amount: $2,263, Year: 25
Electric
Central
Cumulative Days on Market: 1, First day on market, On Market Date: 2026-08-31
On Street
Built in 1940, Brick
County: Morgan
Updated/Remodeled
High Speed Internet, Natural Gas Available, Phone Available, Public
Close Of Escrow
Building Details
Building Size
1,940 SF
Year Built
1940
Buildings
1
Tenancy
Single
Listing Agency:
Madison Realty
(706) 342-0693
Listed By:
Chris Hodges
(706) 474-0947
Source:
Blackstreaminternational
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 8:49PM
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 Madison Realty
Investment Insights
Based on property information with market context.
Built in 1940, this historic storefront occupies 123 W Washington Street in Madison, Georgia’s downtown Historic district. The property is occupied by Scoops Ice Cream Parlor and candy store, providing an established retail presence within the building.
Interior improvements include updated plumbing, electrical systems, and flooring. Exterior work includes a new gutter system, while the roof is 10 years old. The property also carries ties to the original Scoops location, adding historical context to its current retail use.
Interior improvements include updated plumbing, electrical systems, and flooring. Exterior work includes a new gutter system, while the roof is 10 years old. The property also carries ties to the original Scoops location, adding historical context to its current retail use.
Key Highlights
- Located in Madison’s downtown Historic district
- Occupied by Scoops Ice Cream Parlor and candy store
- Interior updates include plumbing, electrical, and flooring improvements
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
$16,091
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
4.07%
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%
$321,820
$321.8K
Cap Rate 7%
$229,871
$229.9K
Cap Rate 9%
$178,789
$178.8K
Market Conditions
NOI Build-Up for 1,144 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
$25.1K $21.96/SF
− Vacancy
−$2.1K −$1.87/SF
EGI
$23.0K $20.09/SF
− OpEx
−$6.9K −$6.03/SF
NOI
$16.1K $14.07/SF
Area
Morgan County, GA
Vacancy
8.50%
Lease Rate
$21.96 /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%
$321,820
Cap Rate 7%
$229,871
Cap Rate 9%
$178,789
Alternative Uses
Best Use
Retail
$229.9K
$201.1K – $268.2K
NOI $16,091 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$319.8K
$279.8K – $373.1K
NOI $22,385 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
11k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Truist
Shops & Services
6,262 visits/mo
0.2 miles
BP
Shops & Services
3,186 visits/mo
0.1 miles
Texaco
Shops & Services
1,683 visits/mo
0.2 miles
Demographics for 30650, GA
13,631
Population
5,723
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
93%
High-School Grad
229.9 sq mi
ZIP Area
59
Density / Sq Mi
$80,357
Median Household Income
$44,789
Median Earnings
$1,104
Median Rent
$314,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated interior with updated plumbing, electrical, and flooring supports continued retail use.
Where is this storefront property located?
The property is located at 123 W Washington Street Madison, GA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Located in Madison’s downtown Historic district; Occupied by Scoops Ice Cream Parlor and candy store; Interior updates include plumbing, electrical, and flooring improvements
