Renovated Government-Leased
For Sale
$6,350,000
1335 Citizens Pkwy, Morrow, GA 30260
Renovated office facility leased to the State of Georgia and upgraded in 2024 with HVAC, parking improvements, and a new roof.
Property Size14,597 SF
Days on Market121
Property Features for 1335 Citizens Pkwy
General Information
Standard status
Active
Size
14,597 SF
Class
B
Property subtype
Single Tenant Office
Additional Details
Cap Rate
7.5%
Building Details
Building Size
14,597 SF
Year Built
1984
Year Renovated
2024
Tenancy
Single
Listing Agency:
Bull Realty
Listed By:
Austin Bull · License #432977
(404) 876-1640
Source:
Thebrokerlist
Added: May 8
Changed: Sep 4
Last Checked: Sep 4 at 2:05AM
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 Bull Realty
Investment Insights
Based on property information with market context.
This renovated office facility is currently leased long term to the Georgia Department of Community Supervision (DCS). The property was renovated in 2024 and included extensive remodeling and capital improvements, including HVAC, parking lot improvements, and a new roof, completed to suit the tenant.
The lease is fully guaranteed by the AAA credit of the State of Georgia. DCS operates essential community supervision services and manages community supervision through a network of 55 field offices across the state.
The facility is located in the main commercial and retail area of Morrow.
The lease is fully guaranteed by the AAA credit of the State of Georgia. DCS operates essential community supervision services and manages community supervision through a network of 55 field offices across the state.
The facility is located in the main commercial and retail area of Morrow.
Key Highlights
- Renovated office facility leased long term to the State of Georgia (Georgia Department of Community Supervision).
- Lease is fully guaranteed by the AAA credit of the State of Georgia.
- Renovated in 2024 for DCS, including extensive remodeling and capital improvements.
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
$195,469
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
3.08%
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%
$3,909,380
$3.9M
Cap Rate 7%
$2,792,414
$2.8M
Cap Rate 9%
$2,171,878
$2.2M
Market Conditions
NOI Build-Up for 14,597 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
$348.4K $23.87/SF
− Vacancy
−$87.8K −$6.02/SF
EGI
$260.6K $17.85/SF
− OpEx
−$65.2K −$4.46/SF
NOI
$195.5K $13.39/SF
Area
Clayton County, GA
Vacancy
25.20%
Lease Rate
$23.87 /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%
$3,909,380
Cap Rate 7%
$2,792,414
Cap Rate 9%
$2,171,878
Alternative Uses
Best Use
Office B
$2.79M
$2.44M – $3.26M
NOI $195,469 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,629 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 30260, GA
27,864
Population
9,858
Households
2.8
Avg Household Size
34
Median Age
17%
College-Educated
78%
High-School Grad
10.9 sq mi
ZIP Area
2,556
Density / Sq Mi
$55,212
Median Household Income
$34,692
Median Earnings
$1,391
Median Rent
$189,800
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 - Renovated office facility leased to the State of Georgia and upgraded in 2024 with HVAC, parking improvements, and a new roof.
Where is this office building located?
The property is located at 1335 Citizens Pkwy Morrow, GA.
What is the asking price?
The asking price for this property is $6,350,000.
What are key features of this property?
This property features: Renovated office facility leased long term to the State of Georgia (Georgia Department of Community Supervision).; Lease is fully guaranteed by the AAA credit of the State of Georgia.; Renovated in 2024 for DCS, including extensive remodeling and capital improvements.
