Single-Tenant Professional Office
For Sale
$725,500
1551 Jennings Mill Rd 1400b, Watkinsville, GA 30677
Three-level professional office configuration with modern finishes, abundant natural light, and an established occupant in place.
Property Size3,200 SF
Price / SF$226.72
Days on Market9
Property Features for 1551 Jennings Mill Rd 1400b
General Information
Standard status
Active
Size
3,200 SF
Class
Class B
Occupancy
100%
Net Operating Income
$50,784
Financials
Asking Price
$725,500
Cap Rate
7%
Additional Details
Road Access
Yes
Office Units
1
Building Details
Year Built
1998
Tenancy
Single
Listing Agency:
Virtual Properties Realty
(770) 495-5050
Listed By:
Jacob Blickenstaff · License #384940
Source:
Bradberrygarnerrealestate
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 1:20PM
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 Virtual Properties Realty
Investment Insights
Based on property information with market context.
This Class B professional office unit contains 3,200 SF across three levels, with a 1,200 SF lower level and 2,000 SF distributed between the main and second floors. The interior offers adaptable layouts, modern finishes, and substantial natural light. Built in 1998, the property is fully leased to one tenant, providing an established occupancy profile for an office investor.
The unit is located at 1551 Jennings Mill Rd in Watkinsville, with access to Epps Bridge Parkway, GA 316, and downtown Athens. Retail, dining, and residential development in Oconee County are also identified as nearby area features. The lease has approximately 4.5 years remaining on its 5-year term and includes 4% annual rent escalations.
The unit is located at 1551 Jennings Mill Rd in Watkinsville, with access to Epps Bridge Parkway, GA 316, and downtown Athens. Retail, dining, and residential development in Oconee County are also identified as nearby area features. The lease has approximately 4.5 years remaining on its 5-year term and includes 4% annual rent escalations.
Key Highlights
- 3,200 SF Class B professional office unit
- Three‑level layout includes a 1,200 SF lower level and 2,000 SF across the main and second floors
- 100% leased to a single tenant
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
$41,420
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
5.71%
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%
$828,400
$828.4K
Cap Rate 7%
$591,714
$591.7K
Cap Rate 9%
$460,222
$460.2K
Market Conditions
NOI Build-Up for 3,200 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
$69.1K $21.60/SF
− Vacancy
−$13.9K −$4.34/SF
EGI
$55.2K $17.26/SF
− OpEx
−$13.8K −$4.31/SF
NOI
$41.4K $12.94/SF
Area
Oconee County, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$828,400
Cap Rate 7%
$591,714
Cap Rate 9%
$460,222
Alternative Uses
Best Use
Office B
$591.7K
$517.8K – $690.3K
NOI $41,420 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$771.4K
$675.0K – $900.0K
NOI $54,000 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 30677, GA
20,579
Population
7,797
Households
2.6
Avg Household Size
41
Median Age
55%
College-Educated
97%
High-School Grad
122.2 sq mi
ZIP Area
168
Density / Sq Mi
$103,165
Median Household Income
$49,399
Median Earnings
$1,403
Median Rent
$394,800
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 units - Three-level professional office configuration with modern finishes, abundant natural light, and an established occupant in place.
Where is this office units located?
The property is located at 1551 Jennings Mill Rd 1400b Watkinsville, GA.
What is the asking price?
The asking price for this property is $725,500.
What are key features of this property?
This property features: 3,200 SF Class B professional office unit; Three‑level layout includes a 1,200 SF lower level and 2,000 SF across the main and second floors; 100% leased to a single tenant
