Two-Story Office
New
For Sale
$1,575,000
139 W Ellis Rd, Griffin, GA 30223
Updated interiors and private restroom facilities support multiple office configurations.
Property Size9,600 SF
Price / SF$164.06
Days on Market7
Property Features for 139 W Ellis Rd
General Information
Standard status
Active
Size
9,600 SF
Total Parking Spaces
33
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Office Units
8
Amenities
private restroom facilities in every suite
individual electrical meter service
AT&T fiber available
digital keyboard and locking systems
Building Details
Year Built
2007
Buildings
1
Stories
2
Building Size
9,600 SF
Tenancy
Multi
Listing Agency:
Murray Company, Realtors
Listed By:
Kathy Slade
Source:
Findgreateratlantaproperties
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 3:00PM
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 Murray Company, Realtors
Investment Insights
Based on property information with market context.
This 9,600-square-foot office property was built in 2007 and occupies two levels within the Campus Common Office Complex. The building includes separately configured office suites, private restroom facilities, an open office area, a break room, and space for 5 to 6 cubicles. Recent improvements include fresh interior paint, updated doors, and select lighting and fixture upgrades.
Approximately 33 parking spaces serve the property, with individual electrical meters for the suites. AT&T fiber is available, and digital keyboard entry and locking systems are in place. The building is positioned just off 19/41, with access to Griffin, the University of Georgia in Griffin, ATL/Hartsville Airport, PTC, ATL, and Macon.
Approximately 33 parking spaces serve the property, with individual electrical meters for the suites. AT&T fiber is available, and digital keyboard entry and locking systems are in place. The building is positioned just off 19/41, with access to Griffin, the University of Georgia in Griffin, ATL/Hartsville Airport, PTC, ATL, and Macon.
Key Highlights
- Approximately 9,600 SF office building with two‑story layout
- Built in 2007 with fresh interior paint and updated doors
- Approximately 33 parking spaces
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
$128,554
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
8.16%
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%
$2,571,080
$2.6M
Cap Rate 7%
$1,836,486
$1.8M
Cap Rate 9%
$1,428,378
$1.4M
Market Conditions
NOI Build-Up for 9,600 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
$229.2K $23.87/SF
− Vacancy
−$57.7K −$6.02/SF
EGI
$171.4K $17.85/SF
− OpEx
−$42.9K −$4.46/SF
NOI
$128.6K $13.39/SF
Area
Spalding 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%
$2,571,080
Cap Rate 7%
$1,836,486
Cap Rate 9%
$1,428,378
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.14M
NOI $128,554 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.14M
NOI $188,698 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Explore this area
Business Placement
Demographics for 30223, GA
38,111
Population
15,647
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
84%
High-School Grad
108.0 sq mi
ZIP Area
353
Density / Sq Mi
$56,940
Median Household Income
$34,305
Median Earnings
$1,025
Median Rent
$186,900
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 - Updated interiors and private restroom facilities support multiple office configurations.
Where is this office building located?
The property is located at 139 W Ellis Rd Griffin, GA.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Approximately 9,600 SF office building with two‑story layout; Built in 2007 with fresh interior paint and updated doors; Approximately 33 parking spaces
