East Athens Duplex Investment
For Sale
$295,000
148 E Paces Drive, Athens, GA 30605
Income-producing duplex in East Athens with leases in place.
Property Size1,950 SF
Lot Size0.36 Acres
Price / SF$151.28
Days on Market381
Property Features for 148 E Paces Drive
General Information
Standard status
Active
Size
1,950 SF
Lot size
0.36 Acres
Property subtype
Duplex
Amenities
Central
Electric
Gas
Central Air
Some Electric Appliances
Some Gas Appliances
Dishwasher
Electric Water Heater
Oven
Range
Refrigerator
Patio, Porch, Cable Available, Underground Utilities, Composition
Building Details
Building Size
1,950 SF
Year Built
1983
Stories
1
Listing Agency:
GREATER ATHENS
Listed By:
Jared Marsden · License #355925
(706) 340-3867
Source:
Kw
Added: Aug 23, 2025
Changed: Sep 6
Last Checked: Sep 6 at 6:44PM
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 GREATER ATHENS
Investment Insights
Based on property information with market context.
Located in East Athens, this income-producing duplex investment offers convenience to schools, shopping, and restaurants. Both units feature a similar layout, each with 2 bedrooms, 1 full bath, and 1 half bath, encompassing 975 square feet. The units include updated luxury vinyl plank and laminate floors, a neutral interior paint palette, updated kitchens, and updated light fixtures. Each unit features a living room that transitions into a formal dining space. The galley-style kitchens are equipped with painted cabinets and faux granite countertops. Appliances include a gas stove/oven, dishwasher, and refrigerator. The kitchen extends to the laundry room, providing private access to the rear yards. Bedrooms feature ceiling fans, low-maintenance LVP floors, and closet space. The primary bedroom includes a private ensuite half bath. Each unit has its own dedicated rear patio overlooking a privacy-fenced rear yard and storage space, along with a covered front entry and shared front parking pad. The exterior is all brick and situated on a corner lot. The property has electric AC, gas heat, and city water and sewer. It is located less than 4 miles from Downtown Athens/UGA and within 2 miles of Loop 10. The property has an established rental history with leases already in place.
Key Highlights
- Income‑producing duplex with established rental history, offering immediate returns.
- Each unit features 2 bedrooms and 1.5 baths, with updated kitchens and flooring (Luxury Vinyl Plank & Laminate).
- Private, fenced rear yards with dedicated patios and storage space for each unit.
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
$23,681
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
8.03%
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%
$473,620
$473.6K
Cap Rate 7%
$338,300
$338.3K
Cap Rate 9%
$263,122
$263.1K
Market Conditions
NOI Build-Up for 1,950 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
$35.8K $18.36/SF
− Vacancy
−$2.0K −$1.01/SF
EGI
$33.8K $17.35/SF
− OpEx
−$10.1K −$5.20/SF
NOI
$23.7K $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%
$473,620
Cap Rate 7%
$338,300
Cap Rate 9%
$263,122
Alternative Uses
Best Use
Multifamily LT 5
$338.3K
$296.0K – $394.7K
NOI $23,681 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$311.7K
$272.8K – $363.7K
NOI $21,822 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$470.1K
$411.3K – $548.4K
NOI $32,906 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
148
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?
Duplex - Income-producing duplex in East Athens with leases in place.
Where is this duplex located?
The property is located at 148 E Paces Drive Athens, GA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Income‑producing duplex with established rental history, offering immediate returns.; Each unit features 2 bedrooms and 1.5 baths, with updated kitchens and flooring (Luxury Vinyl Plank & Laminate).; Private, fenced rear yards with dedicated patios and storage space for each unit.
