Commercial Quadplex with Private Outdoor
For Sale
$1,395,000
131 S Milledge Ave, Athens, GA 30605
Currently rented quadplex with commercial zoning, individual utility meters, and tenant-paid gas and electric.
Property Size3,747 SF
Price / SF$372.30
Days on Market47
Property Features for 131 S Milledge Ave
General Information
Standard status
Active
Size
3,747 SF
Property subtype
Multi-Family
Zoning
commercial
Units
Unit Mix
2 x 3BR/1BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Amenities
hardwood floors
central heat and air
private deck
outdoor space
deep front porches
arched entries
mature shade trees
on-site parking
Building Details
Year Built
1965
Construction
stucco
Listing Agency:
Dwell Real Estate
Listed By:
Gena Knox · License #392457
(706) 224-1365
Source:
Bradberrygarnerrealestate
Added: Sep 5
Changed: Oct 15
Last Checked: Oct 7 at 2:10PM
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 Dwell Real Estate
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Investment Insights
Based on property information with market context.
This 3,747-square-foot quadplex contains four residential units within a stucco building with deep front porches, arched entries, and mature shade trees. The main level includes two 3-bedroom, 1-bath units with hardwood floors, central heat and air, and private decks. The lower level has one 1-bedroom, 1-bath unit and one 2-bedroom, 1-bath unit, each with central heat and air and dedicated outdoor space.
The property is zoned commercial and currently rented. Gas and electric are separately metered for every unit, with tenants responsible for those utilities while the owner covers water. On-site parking is provided. Located at 131 S Milledge Ave across from the ADPi house near the corner of Broad, the quadplex sits along an established Athens corridor close to the University of Georgia campus.
The property is zoned commercial and currently rented. Gas and electric are separately metered for every unit, with tenants responsible for those utilities while the owner covers water. On-site parking is provided. Located at 131 S Milledge Ave across from the ADPi house near the corner of Broad, the quadplex sits along an established Athens corridor close to the University of Georgia campus.
Key Highlights
- Four‑unit quadplex with 3,747 square feet
- Unit mix includes two 3‑bedroom/1‑bath, one 2‑bedroom/1‑bath, and one 1‑bedroom/1‑bath residence
- Commercial zoning with the property currently rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,503
Cap Rate
3.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$910,060
$910.1K
Cap Rate 7%
$650,043
$650.0K
Cap Rate 9%
$505,589
$505.6K
Market Conditions
NOI Build-Up for 3,747 SF
Gross rent
$68.8K $18.36/SF
− Vacancy
−$3.8K −$1.01/SF
EGI
$65.0K $17.35/SF
− OpEx
−$19.5K −$5.20/SF
NOI
$45.5K $12.14/SF
Area
Athens, GA
Vacancy
5.51%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$910,060
Cap Rate 7%
$650,043
Cap Rate 9%
$505,589
Alternative Uses
Best Use
Multifamily LT 5
$650.0K
$568.8K – $758.4K
NOI $45,503 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$599.0K
$524.2K – $698.9K
NOI $41,933 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$903.3K
$790.4K – $1.05M
NOI $63,230 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Currently rented quadplex with commercial zoning, individual utility meters, and tenant-paid gas and electric.
Where is this quadplex located?
The property is located at 131 S Milledge Ave Athens, GA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,747 square feet; Unit mix includes two 3‑bedroom/1‑bath, one 2‑bedroom/1‑bath, and one 1‑bedroom/1‑bath residence; Commercial zoning with the property currently rented
