Flex Warehouse
For Sale
$1,500,000
403 Matthews School Rd, Winder, GA 30680
Free-standing building divided into two suites, each with office space and drive-in doors, plus outside storage.
Property Size6,000 SF
Price / SF$250
Days on Market65
Property Features for 403 Matthews School Rd
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Industrial
Zoning
M-1
Additional Details
Outdoor Storage
Yes
Drive-In Doors
3
Amenities
open showroom
break area
parts room storage mezzanine
Building Details
Building Size
6,000 SF
Year Built
2004
Tenancy
Multi
Listed By:
Jason McCart, SIOR
(770) 601-5451
Source:
Kingindustrial
Added: Jul 3
Changed: Sep 5
Last Checked: Aug 25 at 5:27AM
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 Jason McCart, SIOR
Investment Insights
Based on property information with market context.
This free-standing flex/warehouse building is divided into two suites. Suite A offers approximately 3,000± SF total space with about 675± SF of office space, along with (2) 12' x 12' drive-in doors, an open showroom area, and one private office. Suite B provides approximately 3,000± SF total space including about 2,000± SF of office space, a 12' x 12' drive-in door, four private offices, three restrooms, and a break area. A small warehouse with a parts room and storage mezzanine is also included, with outside storage on 1.5± acres.
The property is zoned M-1 (Barrow County) and is described as being on septic.
The property is zoned M-1 (Barrow County) and is described as being on septic.
Key Highlights
- Free‑standing 2004 building divided into 2 suites, each with office space and drive‑in doors
- Suite A includes 3,000± SF with 675± SF office space and (2) 12' x 12' drive‑in doors plus open showroom
- Suite B offers 3,000± SF with 2,000± SF office space, (1) 12' x 12' drive‑in door, and 4 private offices
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
$44,045
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
2.94%
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%
$880,900
$880.9K
Cap Rate 7%
$629,214
$629.2K
Cap Rate 9%
$489,389
$489.4K
Market Conditions
NOI Build-Up for 6,000 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
$56.9K $9.48/SF
− Vacancy
−$5.1K −$0.84/SF
EGI
$51.8K $8.64/SF
− OpEx
−$7.8K −$1.30/SF
NOI
$44.0K $7.34/SF
Area
Barrow 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%
$880,900
Cap Rate 7%
$629,214
Cap Rate 9%
$489,389
Alternative Uses
Best Use
Warehouse
$629.2K
$550.6K – $734.1K
NOI $44,045 @ 7.0% cap · market cap 2.94%
Second Best
Industrial
$522.2K
$456.9K – $609.2K
NOI $36,551 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,406 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
112
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30680, GA
46,629
Population
17,680
Households
2.6
Avg Household Size
36
Median Age
21%
College-Educated
87%
High-School Grad
94.9 sq mi
ZIP Area
491
Density / Sq Mi
$77,038
Median Household Income
$41,669
Median Earnings
$1,169
Median Rent
$244,700
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?
Flex space - Free-standing building divided into two suites, each with office space and drive-in doors, plus outside storage.
Where is this flex space located?
The property is located at 403 Matthews School Rd Winder, GA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Free‑standing 2004 building divided into 2 suites, each with office space and drive‑in doors; Suite A includes 3,000± SF with 675± SF office space and (2) 12' x 12' drive‑in doors plus open showroom; Suite B offers 3,000± SF with 2,000± SF office space, (1) 12' x 12' drive‑in door, and 4 private offices
