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    15 Courthouse Sq Cleveland, GA 30528

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    Pending
    $1,600,000

    High-visibility storefront in downtown Cleveland, Georgia for sale.

    Property size:
    26,000 SF
    Lot size:
    0.42 Acres

    Property Features for 15 Courthouse Sq

    General Information

    Standard status
    Pending
    Size
    26,000 SF
    Lot size
    0.42 Acres

    Building Details

    Year built
    1945

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    Listing Contact
    Ronald Gailey
    Source: Exitrealty

    Listing Agency: Southern Heritage Land Company Listing Agent: Ronald Gailey

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Cleveland Storefront Opportunity

    Located in downtown Cleveland, Georgia, this property is one of the most recognized storefronts in Northeast Georgia. Formerly the Nix Hardware building, the property occupies over half of the east side of the Courthouse Square. The building offers the option to utilize the entire footage across both upstairs and lower levels or divide it into multiple units. The location is highly visible, featuring three-phase electricity, high-speed fiber internet, city water, and city sewer. A natural gas line is also available. The property is bordered by State Highway 115 on one side, US Highway 129 on another, Jarrard Street on one side, and Brooks Street on the rear. The 26,000 square foot property presents many options for potential business uses, including restaurants, warehouse space, professional offices, and various retail opportunities. Municipal parking is available downtown, along with a few private spaces on the Jarrard Street side. The unpaved lot behind the building could be converted to additional private parking. The front of the building is mainly glass.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Artistic Florist, Cleveland Florist

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    White
    State
    Georgia
    Longitude
    -83.764026
    Latitude
    34.597208

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    FAQs

    What type of property is this?
    Storefront property - High-visibility storefront in downtown Cleveland, Georgia for sale.
    Where is this storefront property located?
    The property is located at 15 Courthouse Sq Cleveland, GA.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: - Prime downtown location on Courthouse Square with high visibility and frontage on State Hwy 115 and US Hwy 129.; - Large, versatile space suitable for multiple units, restaurants, warehouse, professional offices, or retail.; - Utilities: 3-phase electricity, hi-speed fiber internet, city water, city sewer, and natural gas line available.
    (706) 878-6686
    Request Owner's contact information
    15 Courthouse Sq Cleveland, GA 30528
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    Cleveland, GA 30528
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    15 Courthouse Sq Cleveland, GA 30528
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    We can help!
    Listing Contact
    Ronald Gailey
    Real Estate License ID: 247840
    (706) 878-6686 (770) 540-3308 (770) 867-6821
    Learn more
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