Automotive Shop with Gated
For Sale
$480,000
Pending
1348 Meriwether Street, Griffin, GA 30224
Commercial Sale, Griffin, GA
Property Size4,180 SF
Lot Size0.58 Acres
Days on Market450
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
Central Air, Electric
Water source
Public
Amenities
two offices
large garage
secure gated lot for vehicle storage
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 31
Last Checked: Sep 11 at 2:06PM
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.
This automotive property provides 4,180 square feet of functional workspace on a 0.58-acre site. The layout includes two offices, a large garage, a metal car shed, and a secured gated lot with chain-link and privacy fencing. Included equipment consists of two car lifts, a paint booth, air compressor, garage heater, and other shop fixtures. The building was constructed in 1991 with block construction, concrete flooring, a metal roof, central heating, and central air conditioning.
The property is located on Meriwether Street in Griffin, Georgia, with public water available and a septic tank system. The septic system was serviced less than a year ago, and the roof is newer. The existing setup is currently used by a towing and collision company, and the operating business may be available separately from the real estate.
The property is located on Meriwether Street in Griffin, Georgia, with public water available and a septic tank system. The septic system was serviced less than a year ago, and the roof is newer. The existing setup is currently used by a towing and collision company, and the operating business may be available separately from the real estate.
Key Highlights
- 4,180 SF automotive facility on 0.58 acres
- Two offices plus a large garage
- Secured gated lot with chain‑link and privacy fencing
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
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
216
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
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive facility with offices, service areas, vehicle storage, and included shop 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: 4,180 SF automotive facility on 0.58 acres; Two offices plus a large garage; Secured gated lot with chain‑link and privacy fencing
