Automotive Shop with Gated
For Sale
$480,000
Pending
1348 Meriwether St, Griffin, GA 30224
Automotive shop with two offices, garage, and secure gated lot, plus equipment for towing and collision operations.
Property Size4,180 SF
Days on Market420
Property Features for 1348 Meriwether St
General Information
Standard status
Pending
Size
4,180 SF
Additional Details
Business Included
Yes
Fenced Yard
Yes
Service Bays
2
Taxes and HOA fees
Annual Taxes
$2,840
Listing Agency:
McLeRoy Realty
(770) 468-0768
Listed By:
Nathan D Mullins · License #373819
(770) 468-0768
Source:
Exprealty
Added: Jun 19, 2025
Changed: Aug 9
Last Checked: Aug 11 at 11:31AM
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 McLeRoy Realty
Investment Insights
Based on property information with market context.
The property is an automotive shop built for active vehicle work, currently operating as a towing and collision business. The space includes two offices and a large garage area, along with a secure gated lot intended for vehicle storage. Additional improvements include two car lifts, a paint booth, an air compressor, and a garage heater, plus a metal car shed for extra covered storage. The roof is described as newer, and the septic system was serviced within the last year.
The site is located along one of Griffin’s busiest roads, supporting day-to-day access for customers and vehicles. The current setup is designed to keep operations moving while providing contained storage through the gated lot.
For operators, the combination of office space, garage capacity, secure storage, and included lift and paint equipment can support a towing, collision, or related automotive service use. The business operating at the location may also be available for purchase in addition to the physical property, which can streamline transition for a qualified buyer. Please inquire for more information on the business and the full terms of availability.
The site is located along one of Griffin’s busiest roads, supporting day-to-day access for customers and vehicles. The current setup is designed to keep operations moving while providing contained storage through the gated lot.
For operators, the combination of office space, garage capacity, secure storage, and included lift and paint equipment can support a towing, collision, or related automotive service use. The business operating at the location may also be available for purchase in addition to the physical property, which can streamline transition for a qualified buyer. Please inquire for more information on the business and the full terms of availability.
Key Highlights
- Commercial automotive space currently used for towing and collision work on one of Griffin’s busiest roads
- Includes two offices plus a large garage and a secure gated lot for vehicle storage
- Equipment included: two car lifts, paint booth, and air compressor
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
$25,464
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
5.31%
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%
$509,280
$509.3K
Cap Rate 7%
$363,771
$363.8K
Cap Rate 9%
$282,933
$282.9K
Market Conditions
NOI Build-Up for 4,180 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
$39.6K $9.48/SF
− Vacancy
−$3.2K −$0.78/SF
EGI
$36.4K $8.70/SF
− OpEx
−$10.9K −$2.61/SF
NOI
$25.5K $6.09/SF
Area
Spalding County, GA
Vacancy
8.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$509,280
Cap Rate 7%
$363,771
Cap Rate 9%
$282,933
Alternative Uses
Best Use
Retail
$839.9K
$734.9K – $979.9K
NOI $58,793 @ 7.0% cap · market cap 12.25%
Second Best
Industrial
$363.8K
$318.3K – $424.4K
NOI $25,464 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,162 @ 7.0% cap · market cap 17.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Texaco
Shops & Services
1,952 visits/mo
0.4 miles
Demographics for 30224, GA
26,696
Population
11,457
Households
2.3
Avg Household Size
40
Median Age
22%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
394
Density / Sq Mi
$70,134
Median Household Income
$39,667
Median Earnings
$1,105
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive shop with two offices, garage, and secure gated lot, plus equipment for towing and collision operations.
Where is this auto shop located?
The property is located at 1348 Meriwether St Griffin, GA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Commercial automotive space currently used for towing and collision work on one of Griffin’s busiest roads; Includes two offices plus a large garage and a secure gated lot for vehicle storage; Equipment included: two car lifts, paint booth, and air compressor
