Freestanding Restaurant
For Sale
$499,500
1615 Memorial Dr SE, Atlanta, GA 30317
C2-zoned site along Memorial Drive with access to I-20 and limited on-site parking.
Property Size1,120 SF
Lot Size0.16 Acres
Price / SF$445.98
Days on Market35
Property Features for 1615 Memorial Dr SE
General Information
Standard status
Active
Size
1,120 SF
Lot size
0.16 Acres
Zoning
C2
Site & Location
Frontage
70 ft
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1969
Buildings
1
Tenancy
Single
Listing Agency:
Keller Williams Realty Atl Partners
(770) 252-2266
Listed By:
Angie McKernan · License #376845
Source:
Brockteam
Added: Jul 26
Changed: Aug 27
Last Checked: Aug 28 at 12:37PM
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 Keller Williams Realty Atl Partners
Investment Insights
Based on property information with market context.
This freestanding commercial building contains 1,120 SF on a 0.16-acre lot and was previously used as a restaurant. Its existing configuration supports continued food-service occupancy or conversion to another retail-oriented use, subject to verification of zoning, utilities, and permitted uses. The property was built in 1969 and includes limited on-site parking.
Located on Memorial Drive in Atlanta, the site provides access to I-20 and approximately 70 feet of frontage along the roadway. The surrounding context includes dense residential neighborhoods in the East Atlanta and Edgewood areas, placing the building within an established local community setting. C2 zoning is identified for the property, with buyers responsible for confirming applicable uses and site conditions.
Located on Memorial Drive in Atlanta, the site provides access to I-20 and approximately 70 feet of frontage along the roadway. The surrounding context includes dense residential neighborhoods in the East Atlanta and Edgewood areas, placing the building within an established local community setting. C2 zoning is identified for the property, with buyers responsible for confirming applicable uses and site conditions.
Key Highlights
- 1,120 SF freestanding commercial building
- 0.16‑acre lot with approximately 70 feet of frontage along Memorial Drive
- Previously operated as a restaurant
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
$15,160
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
3.04%
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%
$303,200
$303.2K
Cap Rate 7%
$216,571
$216.6K
Cap Rate 9%
$168,444
$168.4K
Market Conditions
NOI Build-Up for 1,120 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
$21.5K $19.20/SF
− Vacancy
−$1.3K −$1.15/SF
EGI
$20.2K $18.05/SF
− OpEx
−$5.1K −$4.51/SF
NOI
$15.2K $13.54/SF
Area
Atlanta, GA
Vacancy
6.00%
Lease Rate
$19.20 /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%
$303,200
Cap Rate 7%
$216,571
Cap Rate 9%
$168,444
Alternative Uses
Best Use
Specialty Retail
$216.6K
$189.5K – $252.7K
NOI $15,160 @ 7.0% cap · market cap 3.04%
Second Best
Retail
$186.5K
$163.2K – $217.6K
NOI $13,054 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$313.1K
$274.0K – $365.3K
NOI $21,916 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
722
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30317, GA
13,774
Population
7,220
Households
1.9
Avg Household Size
36
Median Age
61%
College-Educated
95%
High-School Grad
3.5 sq mi
ZIP Area
3,935
Density / Sq Mi
$105,190
Median Household Income
$64,968
Median Earnings
$1,619
Median Rent
$510,600
Median Home Value
Market
Vacancy Rate% for Retail in Atlanta, GA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C2-zoned site along Memorial Drive with access to I-20 and limited on-site parking.
Where is this conventional restaurant located?
The property is located at 1615 Memorial Dr SE Atlanta, GA.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 1,120 SF freestanding commercial building; 0.16‑acre lot with approximately 70 feet of frontage along Memorial Drive; Previously operated as a restaurant
