Net-Leased Warehouse
For Sale
Contact for pricing
1231 Green Street Southeast, Conyers, GA 30012
Two single-tenant net leased warehouse locations totaling over 18,000 SF are operated by TPH for parts distribution inventory.
Property Size18,395 SF
Price / SF$131.56
Days on Market50
Property Features for 1231 Green Street Southeast
General Information
Standard status
Active
Size
18,395 SF
Property subtype
Industrial
Zoning
MxD, DM
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Building Details
Year Built
1999
Buildings
2
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Bull Realty
Listed By:
Adam Willhite · License #439777
(404) 876-1640
Source:
Crexi
Added: Jul 21
Changed: Sep 7
Last Checked: Sep 7 at 6:41AM
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 Bull Realty
Investment Insights
Based on property information with market context.
This portfolio includes two single-tenant net leased warehouse locations operated by The Parts House (TPH) for aftermarket parts distribution. The facilities support inventory storage at locations with operating histories averaging 20+ years.
The properties are located in the Atlanta MSA, including Conyers and Forest Park, with the specific offering identified at 1231 Green Street Southeast in Conyers, GA 30012. The locations are described as being in higher exposure, non-industrial areas that are positioned for customer convenience.
Lease extensions were executed for another five years beginning in September 2026, with annual rent increases averaging over 2.5% and renewal options.
The properties are located in the Atlanta MSA, including Conyers and Forest Park, with the specific offering identified at 1231 Green Street Southeast in Conyers, GA 30012. The locations are described as being in higher exposure, non-industrial areas that are positioned for customer convenience.
Lease extensions were executed for another five years beginning in September 2026, with annual rent increases averaging over 2.5% and renewal options.
Key Highlights
- Two single‑tenant net leased warehouse locations totaling over 18,000 SF operated by The Parts House (TPH)
- TPH operates aftermarket parts distribution at the properties, supporting warehouse space for inventory
- Average operating history is 20+ years, with early lease extensions for another 5 years starting September 2026
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
$135,035
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
5.58%
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%
$2,700,700
$2.7M
Cap Rate 7%
$1,929,071
$1.9M
Cap Rate 9%
$1,500,389
$1.5M
Market Conditions
NOI Build-Up for 18,395 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
$174.4K $9.48/SF
− Vacancy
−$15.5K −$0.84/SF
EGI
$158.9K $8.64/SF
− OpEx
−$23.8K −$1.30/SF
NOI
$135.0K $7.34/SF
Area
Rockdale County, GA
Vacancy
8.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$2,700,700
Cap Rate 7%
$1,929,071
Cap Rate 9%
$1,500,389
Alternative Uses
Best Use
Warehouse
$1.93M
$1.69M – $2.25M
NOI $135,035 @ 7.0% cap · market cap 5.58%
Second Best
Industrial
$1.60M
$1.40M – $1.87M
NOI $112,060 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$5.17M
$4.52M – $6.03M
NOI $361,572 @ 7.0% cap · market cap 14.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
Business Placement
Demographics for 30012, GA
30,307
Population
12,400
Households
2.4
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
42.4 sq mi
ZIP Area
715
Density / Sq Mi
$60,169
Median Household Income
$36,770
Median Earnings
$1,134
Median Rent
$199,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Two single-tenant net leased warehouse locations totaling over 18,000 SF are operated by TPH for parts distribution inventory.
Where is this distribution center located?
The property is located at 1231 Green Street Southeast Conyers, GA.
What is the asking price?
The asking price for this property is $2,420,000.
What are key features of this property?
This property features: Two single‑tenant net leased warehouse locations totaling over 18,000 SF operated by The Parts House (TPH); TPH operates aftermarket parts distribution at the properties, supporting warehouse space for inventory; Average operating history is 20+ years, with early lease extensions for another 5 years starting September 2026
