Renovated Downtown
For Sale
$395,000
123 W Washington Street, Madison, GA 30650
Commercial Sale, Madison, GA
Property Size1,144 SF
Lot Size0.03 Acres
Price / SF$345.28
Days on Market48
Property Features for 123 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
On Street
Lot features
City Lot
Directions
Take 441 north from I-20, take left onto West Washington street.
Standard status
Active
APN
M08 096 A
Size
1,144 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
2263
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Electric
Water source
Public
Building Details
Year built
1940
Building materials
Brick
Listing Agency:
Madison Realty
(706) 342-0693
Listed By:
Chris Hodges · License #174216
(706) 474-0947
Added: Aug 31
Changed: Oct 16
Last Checked: Oct 17 at 2:06AM
MLS# 10836488
Copyright © 2026 Georgia Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,144-square-foot brick storefront was built in 1940 and occupies a 0.03-acre lot in downtown Madison’s Historic district. The property is leased to Scoops Ice Cream Parlor and candy store; the business itself is not included in the sale.
Interior improvements include updated plumbing, electrical, and flooring systems. The building also has a newer gutter system and a roof that is 10 years old. Central heating, electric cooling, public water, and public sewer serve the property. On-street parking is available, with phone service available at the site.
Interior improvements include updated plumbing, electrical, and flooring systems. The building also has a newer gutter system and a roof that is 10 years old. Central heating, electric cooling, public water, and public sewer serve the property. On-street parking is available, with phone service available at the site.
Key Highlights
- 1,144 SF brick storefront built in 1940
- 0.03‑acre lot in Madison’s downtown Historic district
- Leased to Scoops Ice Cream Parlor and candy store; business is not included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,091
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Le Petit Jardin — 142 academy st, madison, ga 30650
- Gussie's House of Flowers — 136 W Jefferson St, Madison, GA 30650
Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building with a committed Scoops tenant and updated interior systems.
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: 1,144 SF brick storefront built in 1940; 0.03‑acre lot in Madison’s downtown Historic district; Leased to Scoops Ice Cream Parlor and candy store; business is not included
