Flex Shell Building with Drive-In
For Sale
$1,200,000
161 Fritz Mar Lane # 100 BUILDING, Athens, GA 30603
Insulated shell construction offers grade-level access with utility service brought to the building.
Property Size7,200 SF
Price / SF$166.67
Days on Market69
Property Features for 161 Fritz Mar Lane # 100 BUILDING
General Information
Standard status
Active
Size
7,200 SF
Total Parking Spaces
11
Property subtype
Commercial
Zoning
I
Additional Details
Utilities to Site
Yes
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$877
Amenities
Other
No
1
Square Feet
Public
3.19
11.0
Parking Available
None,Other
Building Details
Year Built
2025
Buildings
1
Stories
1
Building Size
7,200 SF
Construction
metal
Listing Agency:
Margaret Rudd Assoc/O.I.
(843) 301-0013
Listed By:
Hays McDaniel
(843) 263-6840
Source:
Baystreetrealtygroup
Added: Jul 18
Changed: Sep 24
Last Checked: Sep 24 at 7:55AM
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 Margaret Rudd Assoc/O.I.
Investment Insights
Based on property information with market context.
Building 100 is a 7,200-square-foot industrial flex shell under construction at a new commercial development. The metal structure will have a brick front, two front entry doors, and two grade-level drive-in roll-up doors. Insulation, a 4-inch sewer stub, a 3/4-inch water line, electrical service, and a meter base are included. Interior plumbing, electrical work, and HVAC are excluded from the shell delivery.
The property is zoned I and lies within the ACC TAD district. Seller-developed roads and sidewalks serve the project, with landscaping also planned by the seller. The building is designed as a two-unit configuration and is scheduled for delivery by year-end. Build-to-suit and lease options are also available.
The property is zoned I and lies within the ACC TAD district. Seller-developed roads and sidewalks serve the project, with landscaping also planned by the seller. The building is designed as a two-unit configuration and is scheduled for delivery by year-end. Build-to-suit and lease options are also available.
Key Highlights
- 7,200‑square‑foot Building 100 configured as two units
- Metal construction with brick front and insulated shell
- Two grade‑level drive‑in roll‑up doors and two front entry doors
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
$43,861
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
3.66%
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%
$877,220
$877.2K
Cap Rate 7%
$626,586
$626.6K
Cap Rate 9%
$487,344
$487.3K
Market Conditions
NOI Build-Up for 7,200 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
$68.3K $9.48/SF
− Vacancy
−$5.6K −$0.78/SF
EGI
$62.7K $8.70/SF
− OpEx
−$18.8K −$2.61/SF
NOI
$43.9K $6.09/SF
Area
Athens, GA
Vacancy
8.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$877,220
Cap Rate 7%
$626,586
Cap Rate 9%
$487,344
Alternative Uses
Best Use
Industrial
$626.6K
$548.3K – $731.0K
NOI $43,861 @ 7.0% cap · market cap 3.66%
Second Best
Flex RnD
$599.6K
$524.6K – $699.5K
NOI $41,971 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$1.74M
$1.52M – $2.02M
NOI $121,499 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Well-served
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Insulated shell construction offers grade-level access with utility service brought to the building.
Where is this flex space located?
The property is located at 161 Fritz Mar Lane # 100 BUILDING Athens, GA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 7,200‑square‑foot Building 100 configured as two units; Metal construction with brick front and insulated shell; Two grade‑level drive‑in roll‑up doors and two front entry doors
