Auto Shop with Secure Gated
For Sale
$480,000
Pending
1348 Meriwether Street, Griffin, GA 30224
COMMERCIAL - Griffin, GA
Property Size4,180 SF
Lot Size0.58 Acres
Days on Market426
Property Features for 1348 Meriwether Street
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Chain Link, Privacy
Lot features
Level
Directions
GPS is confirmed accurate for this location.
Standard status
Pending
APN
049 01002B
Size
4,180 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2841
Utilities
Utilities
Water Available
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
two offices
large garage
two car lifts
paint booth
air compressor
garage heater
metal car shed
Building Details
Year built
1991
Flooring type
Concrete
Building materials
Block
Roof type
Metal
Listing Agency:
McLeRoy Realty
(770) 567-3030
Listed By:
Nathan D Mullins · License #373819
(770) 468-0768
Added: Jun 19, 2025
Changed: Aug 7
Last Checked: Aug 18 at 7:06PM
MLS# 10548218
Copyright © 2026 Georgia Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Auto shop property set up for towing and collision operations, with two offices and a large garage plus a secure gated lot for vehicle storage. The facility includes two car lifts, a paint booth, an air compressor, and a garage heater, along with a metal car shed for additional covered storage. Interior flooring is concrete, and the building is constructed of block with a metal roof.
The property sits on a 0.58-acre site with public water service and a septic tank. Fencing includes privacy and chain link, supporting controlled access for stored vehicles. The roof is described as newer, and the septic system was serviced less than a year ago.
The business currently operating on-site may be available for purchase in addition to the physical property, subject to additional information provided upon request.
The property sits on a 0.58-acre site with public water service and a septic tank. Fencing includes privacy and chain link, supporting controlled access for stored vehicles. The roof is described as newer, and the septic system was serviced less than a year ago.
The business currently operating on-site may be available for purchase in addition to the physical property, subject to additional information provided upon request.
Key Highlights
- 0.58‑acre site with 4,180 SF auto shop building and large garage
- Secure gated lot for vehicle storage plus two offices
- Two car lifts, paint booth, air compressor, and garage heater included
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
Yes
Fenced yard
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Auto shop with a secure gated vehicle storage lot, large garage, two offices, and on-site automotive equipment.
Where is this auto shop located?
The property is located at 1348 Meriwether Street 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: 0.58‑acre site with 4,180 SF auto shop building and large garage; Secure gated lot for vehicle storage plus two offices; Two car lifts, paint booth, air compressor, and garage heater included
