Two-Story Downtown Office
For Sale
$990,000
1522 Richmond Street, Brunswick, GA 31520
COMMERCIAL - Brunswick, GA
Property Size4,800 SF
Lot Size0.15 Acres
Price / SF$206.25
Days on Market198
Property Features for 1522 Richmond Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
9
Subdivision
Old Town
Directions
Property is in Downtown Brunswick. From Gloucester Street, headed west, turn right on Richmond Street just before South Coast Bank. Building will be on the right. There is a parking lot for the building.
Standard status
Active
APN
0102040
Size
4,800 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
PTN129 & 130 OT
Legal Description
PTN129 & 130 OT
Building Details
Year built
1950
Floors in Building
2
Listing Agency:
Driggers Commercial Group
(912) 634-5900
Listed By:
Robert Driggers · License #278693
(912) 506-9837
Added: Jan 26
Changed: Aug 4
Last Checked: Aug 12 at 9:06AM
MLS# 1659446
Copyright © 2026 Golden Isles Association of REALTORS. 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.
A two-story masonry and steel office building offering separate entrances for each floor. The property includes large windows for strong natural light, attractive interior finishes, and fire sprinklers. The building is supported by three power meters, and it has seen meaningful capital improvements including replaced HVAC systems within the past five years, a new roof coating recently installed, windows that were re-glazed last year, and rooftop solar installed at a reported $52,000 cost. The building’s exterior and major systems position it for continued office use with reduced operating friction.
Situated in downtown Brunswick, the property is located just behind the historic Ritz Theater. On-site parking is available with nine spaces, plus additional street parking nearby. The surrounding area provides convenient access to restaurants, banks, shops, and other offices within steps of the building.
This property can appeal to owner-users and investors alike. It may be purchased with flexibility depending on tenancy, as the ground floor currently has month-to-month office tenants who are willing to stay or vacate. Alternatively, the building may be marketed as fully vacant for a buyer seeking control over space for repositioning, with the upper floor benefiting from its history as law and architecture offices.
Situated in downtown Brunswick, the property is located just behind the historic Ritz Theater. On-site parking is available with nine spaces, plus additional street parking nearby. The surrounding area provides convenient access to restaurants, banks, shops, and other offices within steps of the building.
This property can appeal to owner-users and investors alike. It may be purchased with flexibility depending on tenancy, as the ground floor currently has month-to-month office tenants who are willing to stay or vacate. Alternatively, the building may be marketed as fully vacant for a buyer seeking control over space for repositioning, with the upper floor benefiting from its history as law and architecture offices.
Key Highlights
- Prime downtown location near the Ritz Theater, offering exceptional convenience.
- New roof coating, re‑glazed windows, and recently replaced HVAC systems ensure reduced maintenance.
- Roof‑top solar installation ($52,000 value) significantly reduces power bills.
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
$48,859
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
4.94%
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%
$977,180
$977.2K
Cap Rate 7%
$697,986
$698.0K
Cap Rate 9%
$542,878
$542.9K
Market Conditions
NOI Build-Up for 4,800 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
$83.5K $17.40/SF
− Vacancy
−$18.4K −$3.83/SF
EGI
$65.1K $13.57/SF
− OpEx
−$16.3K −$3.39/SF
NOI
$48.9K $10.18/SF
Area
Glynn County, GA
Vacancy
22.00%
Lease Rate
$17.40 /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%
$977,180
Cap Rate 7%
$697,986
Cap Rate 9%
$542,878
Alternative Uses
Best Use
Office B
$698.0K
$610.7K – $814.3K
NOI $48,859 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$996.2K
$871.7K – $1.16M
NOI $69,733 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 31520, GA
22,726
Population
10,619
Households
2.1
Avg Household Size
39
Median Age
16%
College-Educated
84%
High-School Grad
20.1 sq mi
ZIP Area
1,131
Density / Sq Mi
$37,652
Median Household Income
$26,292
Median Earnings
$936
Median Rent
$135,100
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 - Masonry and steel office building with separate entrances, fire sprinklers, and multiple updated building systems.
Where is this office building located?
The property is located at 1522 Richmond Street Brunswick, GA.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Prime downtown location near the Ritz Theater, offering exceptional convenience.; New roof coating, re‑glazed windows, and recently replaced HVAC systems ensure reduced maintenance.; Roof‑top solar installation ($52,000 value) significantly reduces power bills.
