New Flex Space Shell
For Sale
$712,000
161 Fritz Mar Lane, Athens, GA 30607
Commercial Sale, Athens, GA
Property Size4,000 SF
Lot Size3.19 Acres
Price / SF$178
Days on Market498
Property Features for 161 Fritz Mar Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
I
Parking
11
Directions
Take Branch St and Herring St to S Peter St 1 min (0.4 mi) Take E Broad St to Willow St 2 min (0.5 mi) Continue on Willow St to Barber St 4 min (1.5 mi) Continue on Barber St to Fritz Mar Ln 3 min (1.5 mi) Continue on Fritz Mar Ln to your destination 2 min (0.3 mi)
Standard status
Active
APN
112 020
Lot size
3.19 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
877
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Building materials
Aluminum Siding, Brick
Roof type
Metal
Listing Agency:
Keller Williams Greater Athens · Keller Williams Realty
(706) 316-2900
Listed By:
A.J. Purcell · License #394288
(706) 255-4161
Added: Apr 10, 2025
Changed: Aug 19
Last Checked: Aug 20 at 6:06PM
MLS# CM1024933
Copyright © 2026 Hive MLS. 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.
This under-construction flex space offering consists of a 4,000 sq ft shell building planned with metal construction, a brick front, insulation, two front entry doors, and two dock-high roll-up doors. The building is identified as Building 500 in the site plan and carries a 2025 year built designation. Interior plumbing, electrical, and HVAC are not included.
The property is located at 161 Fritz Mar Lane in Athens, Georgia, within the ACC TAD district. Public water and public sewer serve the project, with a 3/4-inch water line and 4-inch sewer stub brought into the building. Electrical service and a meter base are included. Seller-developed roads and sidewalks are in place, while landscaping is planned by the seller. The property is zoned I and encompasses 3.19 acres.
The property is located at 161 Fritz Mar Lane in Athens, Georgia, within the ACC TAD district. Public water and public sewer serve the project, with a 3/4-inch water line and 4-inch sewer stub brought into the building. Electrical service and a meter base are included. Seller-developed roads and sidewalks are in place, while landscaping is planned by the seller. The property is zoned I and encompasses 3.19 acres.
Key Highlights
- 4,000 sq ft shell building under construction
- Two dock‑high roll‑up doors and two front entry doors
- Metal construction with brick front and insulation
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
$29,363
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
4.12%
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%
$587,260
$587.3K
Cap Rate 7%
$419,471
$419.5K
Cap Rate 9%
$326,256
$326.3K
Market Conditions
NOI Build-Up for 4,000 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
$37.9K $9.48/SF
− Vacancy
−$3.4K −$0.84/SF
EGI
$34.5K $8.64/SF
− OpEx
−$5.2K −$1.30/SF
NOI
$29.4K $7.34/SF
Area
Athens, GA
Vacancy
8.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$587,260
Cap Rate 7%
$419,471
Cap Rate 9%
$326,256
Alternative Uses
Best Use
Warehouse
$419.5K
$367.0K – $489.4K
NOI $29,363 @ 7.0% cap · market cap 4.12%
Second Best
Industrial
$348.1K
$304.6K – $406.1K
NOI $24,367 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$964.3K
$843.8K – $1.13M
NOI $67,500 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30607, GA
11,383
Population
4,504
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
37.2 sq mi
ZIP Area
306
Density / Sq Mi
$63,727
Median Household Income
$35,972
Median Earnings
$1,012
Median Rent
$235,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction industrial flex space with dock access, public utilities, and I zoning.
Where is this flex space located?
The property is located at 161 Fritz Mar Lane Athens, GA.
What is the asking price?
The asking price for this property is $712,000.
What are key features of this property?
This property features: 4,000 sq ft shell building under construction; Two dock‑high roll‑up doors and two front entry doors; Metal construction with brick front and insulation
