Move-In-Ready End Unit
For Sale
$370,000
1815 Lockeway Dr. Unit 101, Alpharetta, GA 30004
End unit office in Grasslands Office Condominium with multiple offices, conference and break room, and renovated finishes.
Property Size1,477 SF
Price / SF$250.51
Days on Market41
Property Features for 1815 Lockeway Dr. Unit 101
General Information
Standard status
Active
Size
1,477 SF
Class
B
Property subtype
Multi Tenant Office
Additional Details
Highway Access
Yes
Amenities
conference room
break room
upgraded finishes
main road visibility
Building Details
Building Size
1,477 SF
Year Built
2003
Tenancy
Multi
Listing Agency:
KW Commercial Greater Atlanta
(678) 858-4582
Listed By:
JB Bader
(678) 858-4582
Source:
Thebrokerlist
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 31 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 KW Commercial Greater Atlanta
Investment Insights
Based on property information with market context.
This move-in-ready end unit office space is located within the Grasslands Office Condominium complex. The building was constructed in 2003 and includes 6 units. Unit 101 features 4 offices with windows, along with a conference room and break room. The space has been fully renovated and offers upgraded finishes.
The property has main road visibility and is described as having easy access about 3 miles west of GA 400 at Exit 12 (McFarland Road). The surrounding area is noted for corporate headquarters, technology innovation centers, and upscale residential neighborhoods.
Overall, the configuration supports a traditional office layout with private offices plus shared meeting and break space, and the end-unit positioning provides additional windowed office rooms.
The property has main road visibility and is described as having easy access about 3 miles west of GA 400 at Exit 12 (McFarland Road). The surrounding area is noted for corporate headquarters, technology innovation centers, and upscale residential neighborhoods.
Overall, the configuration supports a traditional office layout with private offices plus shared meeting and break space, and the end-unit positioning provides additional windowed office rooms.
Key Highlights
- 1,477 SF office building built in 2003
- End unit with 6 units in the Grasslands Office Condominium complex
- End unit includes 4 offices with windows plus a conference room and break room
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
$19,779
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
5.35%
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%
$395,580
$395.6K
Cap Rate 7%
$282,557
$282.6K
Cap Rate 9%
$219,767
$219.8K
Market Conditions
NOI Build-Up for 1,477 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
$35.3K $23.87/SF
− Vacancy
−$8.9K −$6.02/SF
EGI
$26.4K $17.85/SF
− OpEx
−$6.6K −$4.46/SF
NOI
$19.8K $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%
$395,580
Cap Rate 7%
$282,557
Cap Rate 9%
$219,767
Alternative Uses
Best Use
Office B
$282.6K
$247.2K – $329.7K
NOI $19,779 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.9K
$361.3K – $481.7K
NOI $28,901 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,028
Businesses Nearby
Explore this area
Business Placement
Demographics for 30004, GA
68,607
Population
25,485
Households
2.7
Avg Household Size
37
Median Age
72%
College-Educated
95%
High-School Grad
57.9 sq mi
ZIP Area
1,185
Density / Sq Mi
$147,996
Median Household Income
$82,818
Median Earnings
$1,839
Median Rent
$583,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - End unit office in Grasslands Office Condominium with multiple offices, conference and break room, and renovated finishes.
Where is this office units located?
The property is located at 1815 Lockeway Dr. Unit 101 Alpharetta, GA.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 1,477 SF office building built in 2003; End unit with 6 units in the Grasslands Office Condominium complex; End unit includes 4 offices with windows plus a conference room and break room
