Brick Flex Building with Drive-In
For Sale
$1,650,000
1911 Old Covington Rd NE, Conyers, GA 30013
Sale-leaseback structure includes a minimum five-year absolute NNN lease.
Property Size9,240 SF
Lot Size0.82 Acres
Price / SF$178.57
Days on Market193
Property Features for 1911 Old Covington Rd NE
General Information
Standard status
Active
Size
9,240 SF
Lot size
0.82 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
9
Building Details
Building Size
9,240 SF
Year Built
1987
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
BellStreet
(770) 876-4209
Listed By:
Cole Frieder · License #449292
(770) 876-4209
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 7:56PM
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 BellStreet
Investment Insights
Based on property information with market context.
This 9,240± SF flex building was constructed in 1987 with fully brick construction and a multi-tenant layout. The property contains nine drive-in bays, each with a 10’x10’ door, 18’ clear height, and a private restroom. Individual units are approximately 1,013± SF, providing practical service, storage, and workspace configurations.
The building sits on a fully fenced 0.82-acre lot with secure access and frontage along a high-traffic corridor in Conyers. I-20 and I-59 are each approximately 0.5 miles away, connecting the property with transportation routes serving the greater Atlanta metro area.
The sale-leaseback arrangement includes an established tenant with 20 years of occupancy and a minimum five-year absolute NNN lease term. The combination of drive-in access, clear height, private restrooms, fencing, and highway proximity supports the building’s flex-space configuration.
The building sits on a fully fenced 0.82-acre lot with secure access and frontage along a high-traffic corridor in Conyers. I-20 and I-59 are each approximately 0.5 miles away, connecting the property with transportation routes serving the greater Atlanta metro area.
The sale-leaseback arrangement includes an established tenant with 20 years of occupancy and a minimum five-year absolute NNN lease term. The combination of drive-in access, clear height, private restrooms, fencing, and highway proximity supports the building’s flex-space configuration.
Key Highlights
- 9,240± SF fully brick multi‑tenant flex building
- Nine drive‑in bays with 10’x10’ doors
- 18’ clear height throughout
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
$67,829
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
4.11%
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%
$1,356,580
$1.4M
Cap Rate 7%
$968,986
$969.0K
Cap Rate 9%
$753,656
$753.7K
Market Conditions
NOI Build-Up for 9,240 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
$87.6K $9.48/SF
− Vacancy
−$7.8K −$0.84/SF
EGI
$79.8K $8.64/SF
− OpEx
−$12.0K −$1.30/SF
NOI
$67.8K $7.34/SF
Area
Rockdale 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%
$1,356,580
Cap Rate 7%
$968,986
Cap Rate 9%
$753,656
Alternative Uses
Best Use
Warehouse
$969.0K
$847.9K – $1.13M
NOI $67,829 @ 7.0% cap · market cap 4.11%
Second Best
Industrial
$804.1K
$703.6K – $938.2K
NOI $56,289 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,621 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
9
Drive-in doors
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30013, GA
29,181
Population
11,138
Households
2.6
Avg Household Size
38
Median Age
33%
College-Educated
93%
High-School Grad
28.4 sq mi
ZIP Area
1,028
Density / Sq Mi
$71,086
Median Household Income
$41,244
Median Earnings
$1,447
Median Rent
$274,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Sale-leaseback structure includes a minimum five-year absolute NNN lease.
Where is this flex space located?
The property is located at 1911 Old Covington Rd NE Conyers, GA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 9,240± SF fully brick multi‑tenant flex building; Nine drive‑in bays with 10’x10’ doors; 18’ clear height throughout
