Two-Story Office
For Sale
Contact for pricing
337 S Milledge Ave, Athens, GA 30605
Two-story office building with double road frontage on Milledge Avenue and Harris Street and ample on-site parking.
Property Size21,824 SF
Price / SF$357.40
Days on Market666
Property Features for 337 S Milledge Ave
General Information
Standard status
Active
Size
21,824 SF
Total Parking Spaces
119
Property subtype
OFFICE
Additional Details
Road Access
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
NAI Elrod Group
(706) 553-1000
Listed By:
Brian Elrod · License ##251606
Source:
Moodyscre
Added: Oct 24, 2024
Changed: Jul 30
Last Checked: Jul 30 at 12:24PM
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 NAI Elrod Group
Investment Insights
Based on property information with market context.
This two-story office building offers over 22,000 square feet of office space (per tax record). The property is presented for sale for the first time, offering an owner-occupant the option to use the existing building while also benefitting from the on-site parking arrangements.
Located at 337 S Milledge Ave in the Milledge Avenue Historic District, the building features double road frontage on both Milledge Avenue and Harris Street. It is positioned near Downtown Athens and Five Points, supporting visibility and easy access for tenants and visitors.
The property includes 119 parking spaces. The parking lot is described as generating income from rental agreements, game days, and other special events throughout the year. The building is identified as the Butler Building.
Located at 337 S Milledge Ave in the Milledge Avenue Historic District, the building features double road frontage on both Milledge Avenue and Harris Street. It is positioned near Downtown Athens and Five Points, supporting visibility and easy access for tenants and visitors.
The property includes 119 parking spaces. The parking lot is described as generating income from rental agreements, game days, and other special events throughout the year. The building is identified as the Butler Building.
Key Highlights
- Over 22,000 SF office building (per tax record)
- Double road frontage on Milledge Avenue and Harris Street
- Two‑story office configuration
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
$282,485
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
3.62%
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%
$5,649,700
$5.6M
Cap Rate 7%
$4,035,500
$4.0M
Cap Rate 9%
$3,138,722
$3.1M
Market Conditions
NOI Build-Up for 21,824 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
$471.4K $21.60/SF
− Vacancy
−$94.8K −$4.34/SF
EGI
$376.6K $17.26/SF
− OpEx
−$94.2K −$4.31/SF
NOI
$282.5K $12.94/SF
Area
Athens, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$5,649,700
Cap Rate 7%
$4,035,500
Cap Rate 9%
$3,138,722
Alternative Uses
Best Use
Office B
$4.04M
$3.53M – $4.71M
NOI $282,485 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.26M
$4.60M – $6.14M
NOI $368,277 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with double road frontage on Milledge Avenue and Harris Street and ample on-site parking.
Where is this office building located?
The property is located at 337 S Milledge Ave Athens, GA.
What is the asking price?
The asking price for this property is $7,800,000.
What are key features of this property?
This property features: Over 22,000 SF office building (per tax record); Double road frontage on Milledge Avenue and Harris Street; Two‑story office configuration
