Downtown Office Suite with Conversion
For Sale
$349,900
1602 W Cleveland Avenue Unit GEORGIA, East Point, GA 30344
Office suite offering flexible layout with potential conversion to retail or other commercial uses, subject to approvals.
Property Size1,920 SF
Price / SF$269.98
Days on Market53
Property Features for 1602 W Cleveland Avenue Unit GEORGIA
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Other
Amenities
0.04 acres, Level
Tar/Gravel
Public Sewer
Annual Amount: $1,284, Year: 2025
Vinyl, Tile, Carpet
Central Air
Forced Air
Cumulative Days on Market: 52, 52 days on market, On Market Date: 2026-07-23
Parking Total: 2, On Street, Parking Lot
Built in 1920, Concrete, Office
County: Fulton
Updated/Remodeled
220 Volts, Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Available, Water Available, Public
Close Of Escrow
Accessible Hallway(s), Accessible Entrance
Closed Circuit Cameras
Furniture, Fixtures
Building Details
Building Size
1,920 SF
Year Built
1920
Listing Agency:
Knapp Realty
(404) 370-0092
Listed By:
Dany Craig
(770) 310-0532
Source:
Blackstreaminternational
Added: Jul 23
Changed: Sep 13
Last Checked: Sep 13 at 10:53AM
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 Knapp Realty
Investment Insights
Based on property information with market context.
This commercial property is currently being used as an office and features a flexible floor plan that may support continued office use or conversion to retail or other commercial uses, subject to applicable approvals.
Positioned in the heart of downtown East Point, the property is located directly across from East Point City Hall, just off Main Street, and steps from the MARTA station. The setting offers strong pedestrian traffic and visibility among established restaurants, shops, and local businesses. A planned mixed-use development across the street is expected to bring additional activity to the area.
Positioned in the heart of downtown East Point, the property is located directly across from East Point City Hall, just off Main Street, and steps from the MARTA station. The setting offers strong pedestrian traffic and visibility among established restaurants, shops, and local businesses. A planned mixed-use development across the street is expected to bring additional activity to the area.
Key Highlights
- Year built 1920 commercial property currently used as an office
- Flexible floor plan suitable for continued office use or conversion to retail/other commercial uses (subject to approvals)
- Located directly across from East Point City Hall, just off Main Street
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
$17,355
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
4.96%
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%
$347,100
$347.1K
Cap Rate 7%
$247,929
$247.9K
Cap Rate 9%
$192,833
$192.8K
Market Conditions
NOI Build-Up for 1,296 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
$30.9K $23.87/SF
− Vacancy
−$7.8K −$6.02/SF
EGI
$23.1K $17.85/SF
− OpEx
−$5.8K −$4.46/SF
NOI
$17.4K $13.39/SF
Area
Fulton County, GA
Vacancy
25.20%
Lease Rate
$23.87 /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%
$347,100
Cap Rate 7%
$247,929
Cap Rate 9%
$192,833
Alternative Uses
Best Use
Office B
$247.9K
$216.9K – $289.3K
NOI $17,355 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$362.3K
$317.0K – $422.7K
NOI $25,360 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,246
Businesses Nearby
Explore this area
Business Placement
Demographics for 30344, GA
35,365
Population
17,586
Households
2
Avg Household Size
36
Median Age
36%
College-Educated
89%
High-School Grad
12.1 sq mi
ZIP Area
2,923
Density / Sq Mi
$59,647
Median Household Income
$42,108
Median Earnings
$1,315
Median Rent
$240,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Office suite offering flexible layout with potential conversion to retail or other commercial uses, subject to approvals.
Where is this office units located?
The property is located at 1602 W Cleveland Avenue Unit GEORGIA East Point, GA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Year built 1920 commercial property currently used as an office; Flexible floor plan suitable for continued office use or conversion to retail/other commercial uses (subject to approvals); Located directly across from East Point City Hall, just off Main Street
