Historic Office
For Sale
$1,025,000
119 Washington St NE, Gainesville, GA 30501
Remodeled professional office property with flexible main-level and upper-level configurations in the Central Business district.
Property Size2,688 SF
Price / SF$381.32
Days on Market30
Property Features for 119 Washington St NE
General Information
Standard status
Active
Size
2,688 SF
Zoning
C-B
Building Details
Year Built
1910
Year Renovated
2005
Buildings
1
Building Size
2,688 SF
Listing Agency:
Resource Brokers, LLC
Listed By:
Leslie White, Kayla Watson
Source:
Annakintown
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 30 at 7:54PM
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 Resource Brokers, LLC
Investment Insights
Based on property information with market context.
Constructed in 1910 and remodeled in 2005, this ±2,688-square-foot office building combines historic character with updated functionality. The approximately 2,200-square-foot main level includes a conference room, kitchenette, and two restrooms. An upper-level suite of about 488 square feet adds a private office, full bathroom, and bedroom, creating a distinct secondary workspace within the property.
The building is located in the Gainesville Square and sits within walking distance of the Hall County Courthouse and nearby legal and business offices. Central Business (C-B) zoning supports office-related configurations, including legal, consulting, and shared workspace uses as identified for the property.
The building is located in the Gainesville Square and sits within walking distance of the Hall County Courthouse and nearby legal and business offices. Central Business (C-B) zoning supports office-related configurations, including legal, consulting, and shared workspace uses as identified for the property.
Key Highlights
- ±2,688 SF office building constructed in 1910
- Remodeled in 2005
- Main level measures approximately 2,200 SF
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
$36,010
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
3.51%
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%
$720,200
$720.2K
Cap Rate 7%
$514,429
$514.4K
Cap Rate 9%
$400,111
$400.1K
Market Conditions
NOI Build-Up for 2,688 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
$64.2K $23.88/SF
− Vacancy
−$16.2K −$6.02/SF
EGI
$48.0K $17.86/SF
− OpEx
−$12.0K −$4.47/SF
NOI
$36.0K $13.40/SF
Area
Hall County, GA
Vacancy
25.20%
Lease Rate
$23.88 /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%
$720,200
Cap Rate 7%
$514,429
Cap Rate 9%
$400,111
Alternative Uses
Best Use
Office B
$514.4K
$450.1K – $600.2K
NOI $36,010 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$752.8K
$658.7K – $878.2K
NOI $52,694 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,882
Businesses Nearby
Explore this area
Business Placement
Demographics for 30501, GA
29,779
Population
12,916
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
71%
High-School Grad
21.9 sq mi
ZIP Area
1,360
Density / Sq Mi
$58,214
Median Household Income
$33,299
Median Earnings
$1,152
Median Rent
$249,900
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 - Remodeled professional office property with flexible main-level and upper-level configurations in the Central Business district.
Where is this office building located?
The property is located at 119 Washington St NE Gainesville, GA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: ±2,688 SF office building constructed in 1910; Remodeled in 2005; Main level measures approximately 2,200 SF
