Verizon Wireless NNN
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1445 North Expressway, Griffin, GA 30223
NNN-leased commercial property occupied by Verizon Wireless under a current renewal term.
Property Size4,650 SF
Lot Size1.10 Acres
Price / SF$451.61
Days on Market5
Property Features for 1445 North Expressway
General Information
Standard status
Active
Size
4,650 SF
Class
B
Lot size
1.10 Acres
Property subtype
Retail
Zoning
PCD
Lease Type
NN
Net Operating Income
$122,899
Additional Details
Gross Income
$122,899
Building Details
Year Built
1982
Tenancy
Single
Listing Agency:
Skyline Seven Real Estate
(404) 812-8927
Listed By:
Elliott Kyle · License #GA 299687
Source:
Crexi
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 31 at 9:05AM
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 Skyline Seven Real Estate
Investment Insights
Based on property information with market context.
This NNN property at 1445 North Expressway in Griffin, Georgia, contains 4,650 square feet on approximately 1.10 acres. Constructed in 1982, the asset is occupied by Verizon Wireless under a lease that assigns insurance and other specified property obligations to the tenant.
The current Fourth Renewal Term began November 1, 2024, and runs through October 31, 2029. The lease continues the existing provisions except for changes documented in the Fourth Amendment, providing a defined contractual term for the property.
The current Fourth Renewal Term began November 1, 2024, and runs through October 31, 2029. The lease continues the existing provisions except for changes documented in the Fourth Amendment, providing a defined contractual term for the property.
Key Highlights
- Verizon Wireless is the current tenant under an NNN lease
- 4,650‑square‑foot property on approximately 1.10 acres
- Fourth Renewal Term runs from November 1, 2024 through October 31, 2029
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
$65,404
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
3.11%
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%
$1,308,080
$1.3M
Cap Rate 7%
$934,343
$934.3K
Cap Rate 9%
$726,711
$726.7K
Market Conditions
NOI Build-Up for 4,650 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
$102.1K $21.96/SF
− Vacancy
−$8.7K −$1.87/SF
EGI
$93.4K $20.09/SF
− OpEx
−$28.0K −$6.03/SF
NOI
$65.4K $14.07/SF
Area
Spalding County, GA
Vacancy
8.50%
Lease Rate
$21.96 /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%
$1,308,080
Cap Rate 7%
$934,343
Cap Rate 9%
$726,711
Alternative Uses
Best Use
Retail
$934.3K
$817.6K – $1.09M
NOI $65,404 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,400 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
625k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 25%
Dining 24%
Shops & Services 22%
Superstores 21%
Walmart
Superstores
109,498 visits/mo
0.3 miles
Hobby Lobby
Shops & Services
38,384 visits/mo
0.3 miles
Marshalls
Apparel
37,760 visits/mo
0.3 miles
Dollar Tree
Shops & Services
26,575 visits/mo
0.3 miles
LongHorn Steakhouse
Dining
24,173 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - NNN-leased commercial property occupied by Verizon Wireless under a current renewal term.
Where is this nnn property located?
The property is located at 1445 North Expressway Griffin, GA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Verizon Wireless is the current tenant under an NNN lease; 4,650‑square‑foot property on approximately 1.10 acres; Fourth Renewal Term runs from November 1, 2024 through October 31, 2029
