Commercial Quadplex with Private Outdoor
New
For Sale
$1,395,000
131 S Milledge Ave, Athens, GA 30605
Currently rented quadplex with commercial zoning, individual utility meters, and tenant-paid gas and electric.
Property Size3,747 SF
Price / SF$372.30
Days on Market2
Property Features for 131 S Milledge Ave
General Information
Standard status
Active
Size
3,747 SF
Property subtype
Multi-Family
Zoning
commercial
Units
Unit Mix
2 x 3BR/1BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Amenities
hardwood floors
central heat and air
private deck
outdoor space
deep front porches
arched entries
mature shade trees
on-site parking
Building Details
Year Built
1965
Construction
stucco
Listing Agency:
Dwell Real Estate
Listed By:
Gena Knox · License #392457
(706) 224-1365
Source:
Wadehouse
Added: Sep 5
Last Checked: Sep 5 at 2:49PM
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 Dwell Real Estate
Investment Insights
Based on property information with market context.
This 3,747-square-foot quadplex contains four residential units within a stucco building with deep front porches, arched entries, and mature shade trees. The main level includes two 3-bedroom, 1-bath units with hardwood floors, central heat and air, and private decks. The lower level has one 1-bedroom, 1-bath unit and one 2-bedroom, 1-bath unit, each with central heat and air and dedicated outdoor space.
The property is zoned commercial and currently rented. Gas and electric are separately metered for every unit, with tenants responsible for those utilities while the owner covers water. On-site parking is provided. Located at 131 S Milledge Ave across from the ADPi house near the corner of Broad, the quadplex sits along an established Athens corridor close to the University of Georgia campus.
The property is zoned commercial and currently rented. Gas and electric are separately metered for every unit, with tenants responsible for those utilities while the owner covers water. On-site parking is provided. Located at 131 S Milledge Ave across from the ADPi house near the corner of Broad, the quadplex sits along an established Athens corridor close to the University of Georgia campus.
Key Highlights
- Four‑unit quadplex with 3,747 square feet
- Unit mix includes two 3‑bedroom/1‑bath, one 2‑bedroom/1‑bath, and one 1‑bedroom/1‑bath residence
- Commercial zoning with the property currently rented
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
$45,503
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
3.26%
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%
$910,060
$910.1K
Cap Rate 7%
$650,043
$650.0K
Cap Rate 9%
$505,589
$505.6K
Market Conditions
NOI Build-Up for 3,747 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
$68.8K $18.36/SF
− Vacancy
−$3.8K −$1.01/SF
EGI
$65.0K $17.35/SF
− OpEx
−$19.5K −$5.20/SF
NOI
$45.5K $12.14/SF
Area
Athens, GA
Vacancy
5.51%
Lease Rate
$18.36 /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%
$910,060
Cap Rate 7%
$650,043
Cap Rate 9%
$505,589
Alternative Uses
Best Use
Multifamily LT 5
$650.0K
$568.8K – $758.4K
NOI $45,503 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$599.0K
$524.2K – $698.9K
NOI $41,933 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$903.3K
$790.4K – $1.05M
NOI $63,230 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Currently rented quadplex with commercial zoning, individual utility meters, and tenant-paid gas and electric.
Where is this quadplex located?
The property is located at 131 S Milledge Ave Athens, GA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,747 square feet; Unit mix includes two 3‑bedroom/1‑bath, one 2‑bedroom/1‑bath, and one 1‑bedroom/1‑bath residence; Commercial zoning with the property currently rented
