Three-Level Office
For Sale
$725,500
1551 Jennings Mill Road Unit 1400B, Watkinsville, GA 30677
Class B professional space is fully leased to one tenant.
Property Size1,998 SF
Price / SF$226.72
Days on Market9
Property Features for 1551 Jennings Mill Road Unit 1400B
General Information
Standard status
Active
Size
1,998 SF
Class
Class B
Property subtype
Other
Occupancy
100%
Net Operating Income
$50,784
Financials
Asking Price
$725,500
Cap Rate
7%
Amenities
0.03 acres, Business Park
Septic Tank
Annual Amount: $3,073, Year: 25
Central Air
Electric
Cumulative Days on Market: 5, 5 days on market, On Market Date: 2026-08-02
Parking Lot
Built in 1998, Brick
County: Oconee
Updated/Remodeled
Electricity Available, High Speed Internet, Water Available, Public
Building Details
Building Size
1,998 SF
Year Built
1998
Tenancy
Single
Listing Agency:
UC Premier Properties
(404) 281-5002
Listed By:
Jacob Blickenstaff
(404) 281-5002
Source:
Blackstreaminternational
Added: Aug 2
Changed: Aug 9
Last Checked: Aug 10 at 8:09AM
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 UC Premier Properties
Investment Insights
Based on property information with market context.
This Class B office unit contains 3,200 SF arranged over three levels, with a 1,200 SF lower level and 2,000 SF on the main and second floors. The interior includes flexible layouts, modern finishes, and substantial natural light. Built in 1998, the unit is occupied by a single tenant under an in-place lease with approximately 4.5 years remaining on its 5-year term and 4% annual rent escalations. TICAM and utilities are reimbursed by the tenant.
The property is located at 1551 Jennings Mill Road Unit 1400B in Watkinsville, near Epps Bridge Parkway, GA 316, and downtown Athens. Its position provides access to those corridors and places the office near retail, dining, and residential development in Oconee County.
The property is located at 1551 Jennings Mill Road Unit 1400B in Watkinsville, near Epps Bridge Parkway, GA 316, and downtown Athens. Its position provides access to those corridors and places the office near retail, dining, and residential development in Oconee County.
Key Highlights
- 3,200 SF Class B office unit across three levels
- 1,200 SF lower level plus 2,000 SF across the main and second floors
- 100% leased to a single tenant with approximately 4.5 years remaining on a 5‑year lease
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
100%
Occupancy
Single-tenant
Tenancy
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 - Class B professional space is fully leased to one tenant.
Where is this office units located?
The property is located at 1551 Jennings Mill Road Unit 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 office unit across three levels; 1,200 SF lower level plus 2,000 SF across the main and second floors; 100% leased to a single tenant with approximately 4.5 years remaining on a 5‑year lease
