Professional Office Suites in Class
For Sale
$635,200
1551 Jennings Mill #1400 B, Watkinsville, GA 30677
Two office suites in a three-story Class B building with flexible floor plans and ample surface parking.
Property Size3,200 SF
Price / SF$198.50
Days on Market159
Property Features for 1551 Jennings Mill #1400 B
General Information
Standard status
Active
Size
3,200 SF
Class
B
Property subtype
Commercial
Additional Details
Office Units
2
Amenities
Central air
Central Air Cooling
Composition Roof
Electric Heating
Heating Heating
Building Details
Year Built
1998
Stories
3
Tenancy
Multi
Listing Agency:
VIRTUAL PROPERTIES REALTY
(770) 495-5050
Listed By:
JACOB BLICKENSTAFF · License #384940
Source:
Corcoran
Added: Mar 19
Changed: Aug 21
Last Checked: Aug 24 at 7:34AM
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.
Suite 1400B offers two professional office suites within a three-story Class B office building. The available layouts provide flexible floor plans, combining open work areas with private offices to support a range of day-to-day workflows. The building includes modern finishes and professional curb appeal.
The property is located at 1551 Jennings Mill Rd in Watkinsville, GA, in the heart of Oconee County. It is served by ample surface parking and is presented as a highly accessible option for clients and employees.
The lower-level suite is offered with 1,200 SF of space, and the main upper-level suite provides 2,000 SF, for a total listed size of 3,200 SF across the two suites.
The property is located at 1551 Jennings Mill Rd in Watkinsville, GA, in the heart of Oconee County. It is served by ample surface parking and is presented as a highly accessible option for clients and employees.
The lower-level suite is offered with 1,200 SF of space, and the main upper-level suite provides 2,000 SF, for a total listed size of 3,200 SF across the two suites.
Key Highlights
- Built in 1998, this three‑story Class B office building offers two professional office suites.
- Suite 1400B includes 2,000 SF on the main upper level with flexible floor plan options.
- Additional suite space includes 1,200 SF on the lower level with flexible floor plan options.
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
$41,472
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
6.53%
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%
$829,440
$829.4K
Cap Rate 7%
$592,457
$592.5K
Cap Rate 9%
$460,800
$460.8K
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
$76.8K $24.00/SF
− Vacancy
−$7.7K −$2.40/SF
EGI
$69.1K $21.60/SF
− OpEx
−$27.6K −$8.64/SF
NOI
$41.5K $12.96/SF
Area
Oconee County, GA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$829,440
Cap Rate 7%
$592,457
Cap Rate 9%
$460,800
Alternative Uses
Best Use
Healthcare Medical
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 6.53%
Second Best
Office B
$591.7K
$517.8K – $690.3K
NOI $41,420 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$771.4K
$675.0K – $900.0K
NOI $54,000 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-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 - Two office suites in a three-story Class B building with flexible floor plans and ample surface parking.
Where is this office units located?
The property is located at 1551 Jennings Mill #1400 B Watkinsville, GA.
What is the asking price?
The asking price for this property is $635,200.
What are key features of this property?
This property features: Built in 1998, this three‑story Class B office building offers two professional office suites.; Suite 1400B includes 2,000 SF on the main upper level with flexible floor plan options.; Additional suite space includes 1,200 SF on the lower level with flexible floor plan options.
