Renovated Retail Shopping
For Sale
$2,596,048
1944 Walton Way, Augusta, GA 30904
Renovated shopping center with updated exterior and parking, currently featuring one available space for an owner-operator or investor.
Property Size14,370 SF
Days on Market92
Property Features for 1944 Walton Way
General Information
Standard status
Active
Size
14,370 SF
Property subtype
Retail
Building Details
Building Size
14,370 SF
Year Built
1988
Tenancy
Multi
Listing Agency:
Jordan Trotter Commercial Real Estate
Listed By:
Holton Brinson · License #361603
(706) 833-1324
Source:
Jordantrotter
Added: Jun 3
Changed: Aug 26
Last Checked: Sep 1 at 5:17PM
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 Jordan Trotter Commercial Real Estate
Investment Insights
Based on property information with market context.
This shopping center has been part of the area since 1988 and recently completed a major renovation. Improvements include a facade upgrade, a new roof, and a resurfaced parking lot, helping modernize the property’s curb appeal and day-to-day operations. The tenant mix includes both short and long-term leases, with one current vacancy alongside a few below-market inherited leases. A rent roll and pro forma are available upon request.
The property is located along Walton Way, a major retail corridor connecting the Summerville area and Augusta University campus to the medical district through the historic Harrisburg neighborhood. It sits directly in front of Richmond Academy, the area’s largest high school. Nearby retailers listed include Advance Auto, Starbucks, KFC, Krystal, CVS, and Goodwill.
For buyers or leasing partners, the renovated building and parking support straightforward retail merchandising and customer access. With one vacancy available and an existing mix of shorter and longer leases, the center can fit investors seeking an established operating asset, as well as owner-users looking to position retail tenants on a heavily trafficked neighborhood corridor. Please contact the broker for the rent roll and pro forma to review current occupancy and lease details.
The property is located along Walton Way, a major retail corridor connecting the Summerville area and Augusta University campus to the medical district through the historic Harrisburg neighborhood. It sits directly in front of Richmond Academy, the area’s largest high school. Nearby retailers listed include Advance Auto, Starbucks, KFC, Krystal, CVS, and Goodwill.
For buyers or leasing partners, the renovated building and parking support straightforward retail merchandising and customer access. With one vacancy available and an existing mix of shorter and longer leases, the center can fit investors seeking an established operating asset, as well as owner-users looking to position retail tenants on a heavily trafficked neighborhood corridor. Please contact the broker for the rent roll and pro forma to review current occupancy and lease details.
Key Highlights
- Shopping center built in 1988 along Walton Way, a major retail corridor between Summerville and Augusta University toward the medical district.
- Directly in front of Richmond Academy (the area’s largest high school).
- Recently renovated with a façade upgrade, new roof, and resurfaced parking lot.
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
$160,081
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
6.17%
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%
$3,201,620
$3.2M
Cap Rate 7%
$2,286,871
$2.3M
Cap Rate 9%
$1,778,678
$1.8M
Market Conditions
NOI Build-Up for 14,370 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
$238.0K $16.56/SF
− Vacancy
−$9.3K −$0.65/SF
EGI
$228.7K $15.91/SF
− OpEx
−$68.6K −$4.77/SF
NOI
$160.1K $11.14/SF
Area
Augusta, GA
Vacancy
3.90%
Lease Rate
$16.56 /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%
$3,201,620
Cap Rate 7%
$2,286,871
Cap Rate 9%
$1,778,678
Alternative Uses
Best Use
Retail
$2.29M
$2.00M – $2.67M
NOI $160,081 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.54M
$3.97M – $5.29M
NOI $317,502 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30904, GA
24,145
Population
12,558
Households
1.9
Avg Household Size
38
Median Age
31%
College-Educated
87%
High-School Grad
11.0 sq mi
ZIP Area
2,195
Density / Sq Mi
$45,636
Median Household Income
$29,101
Median Earnings
$953
Median Rent
$185,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Regency Mall — US 1 278, Augusta, GA 30904, United States
Frequently Asked Questions
What type of property is this?
Shopping center - Renovated shopping center with updated exterior and parking, currently featuring one available space for an owner-operator or investor.
Where is this shopping center located?
The property is located at 1944 Walton Way Augusta, GA.
What is the asking price?
The asking price for this property is $2,596,048.
What are key features of this property?
This property features: Shopping center built in 1988 along Walton Way, a major retail corridor between Summerville and Augusta University toward the medical district.; Directly in front of Richmond Academy (the area’s largest high school).; Recently renovated with a façade upgrade, new roof, and resurfaced parking lot.
