Renovated Brick
New
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 Market2
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
Last Checked: Sep 1 at 3:06PM
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.
Investment Insights
Based on property information with market context.
This 1,144-square-foot brick storefront dates to 1940 and occupies a 0.03-acre parcel at 123 W Washington Street. The interior has undergone comprehensive updates, including new plumbing, electrical work, and flooring. A newer gutter system has also been installed, while the roof is approximately 10 years old.
The property is positioned in downtown Madison’s historic district and is occupied by Scoops Ice Cream Parlor and candy store. Public water and sewer serve the building, with phone service available. Central heating, electric cooling, and on-street parking support the existing commercial use.
The property is positioned in downtown Madison’s historic district and is occupied by Scoops Ice Cream Parlor and candy store. Public water and sewer serve the building, with phone service available. Central heating, electric cooling, and on-street parking support the existing commercial use.
Key Highlights
- 1,144 SF brick storefront on a 0.03‑acre parcel
- Located in downtown Madison’s historic district
- Interior updates include plumbing, electrical, and flooring systems
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
$18,385
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
4.65%
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%
$367,700
$367.7K
Cap Rate 7%
$262,643
$262.6K
Cap Rate 9%
$204,278
$204.3K
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
$26.4K $23.04/SF
− Vacancy
−$1.8K −$1.61/SF
EGI
$24.5K $21.43/SF
− OpEx
−$6.1K −$5.36/SF
NOI
$18.4K $16.07/SF
Area
Morgan County, GA
Vacancy
7.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$367,700
Cap Rate 7%
$262,643
Cap Rate 9%
$204,278
Alternative Uses
Best Use
Specialty Retail
$262.6K
$229.8K – $306.4K
NOI $18,385 @ 7.0% cap · market cap 4.65%
Second Best
Retail
$229.9K
$201.1K – $268.2K
NOI $16,091 @ 7.0% cap · market cap 4.07%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic commercial space with updated building systems and a current ice cream and candy store tenant.
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 on a 0.03‑acre parcel; Located in downtown Madison’s historic district; Interior updates include plumbing, electrical, and flooring systems
