Two-Story Office
New
For Sale
$1,575,000
139 W Ellis Road, Griffin, GA 30223
Commercial Sale, Griffin, GA
Property Size9,600 SF
Lot Size0.74 Acres
Price / SF$164.06
Days on Market6
Property Features for 139 W Ellis Road
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
33
Parking features
Parking Lot
Lot features
Level
Directions
GPS Friendly 19/41S Take Griffin Business Exit. At red light turn on W Ellis Rd. Property is on the right.
Standard status
Active
APN
066 02163
Size
9,600 SF
Lot size
0.74 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14688
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private restroom facilities
break room
individual electrical meter service
AT&T fiber available
digital keyboard and locking systems
Building Details
Year built
2007
Building materials
Brick
Roof type
Composition
Listing Agency:
Murray Company, Realtors
(770) 227-8661
Listed By:
Kathy Slade · License #155141
(770) 468-1157
Added: Aug 21
Changed: Aug 26
Last Checked: Aug 26 at 10:06PM
MLS# 10832023
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 two-story brick office building contains approximately 9,600 square feet on a 0.74-acre site. The property includes separately configured office suites, approximately 21 private offices, and private restroom facilities serving each suite. One suite features an open work area, break room, and five to six cubicles. Interior improvements include fresh paint throughout, updated doors, and select newer lighting and fixtures. Digital keyboard entry and locking systems are installed, while individual electrical metering serves the building. Central heating and central air provide climate control.
The office complex is positioned just off 19/41 in Griffin. Approximately 33 parking spaces are provided in an on-site lot. AT&T fiber is available, with public water and septic service. The building was constructed in 2007 and has a composition roof.
The office complex is positioned just off 19/41 in Griffin. Approximately 33 parking spaces are provided in an on-site lot. AT&T fiber is available, with public water and septic service. The building was constructed in 2007 and has a composition roof.
Key Highlights
- Approximately 9,600 SF two‑story office building on 0.74 acres
- Approximately 21 private offices across separately configured office suites
- Private restroom facilities in every suite
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 - Brick office property with private restrooms, refreshed interiors, flexible suites, and on-site parking.
Where is this office building located?
The property is located at 139 W Ellis Road 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 two‑story office building on 0.74 acres; Approximately 21 private offices across separately configured office suites; Private restroom facilities in every suite
