Freestanding Medical Office
For Sale
$575,000
1818 Warm Springs Road, Columbus, GA 31904
SINGLE_FAMILY - Columbus, GA
Property Size2,914 SF
Lot Size0.41 Acres
Price / SF$197.32
Days on Market87
Property Features for 1818 Warm Springs Road
General Information
Property type
Residential
Property subtype
Office
Zoning
RO
Lot features
Free Standing
Directions
From I-185, Take Exit 10 For Ga-22/Warm Springs Road And Head West Toward Midtown Columbus. Property Will Be On The Right At 1818 Warm Springs Road.
Subdivision
03-W C Columbus
Standard status
Active
APN
036 011 005
Size
2,914 SF
Lot size
0.41 Acres
Building Details
Year built
1991
Floors in Building
2
Number of units
1
Building materials
Brick
Listing Agency:
G2 Commercial Real Estate
(706) 660-5418
Listed By:
Amy Gill · License #381793
(706) 562-3616
Added: May 28
Changed: Jun 9
Last Checked: Aug 22 at 11:06AM
MLS# 231994
Copyright © 2026 Columbus Board of Realtors (GA). 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.
A ±2,914 SF freestanding medical office building offered with a stabilized medical tenant in place through December 2030. The property’s built-out layout includes a reception and waiting area, x-ray and lab space, private offices, five exam rooms, a breakroom, and patient and staff restrooms. An upstairs finished attic includes a kitchenette and washer/dryer hookups.
The lease is structured as modified gross with expense pass-through protections requiring reimbursement of increases in taxes, insurance, and operating expenses above the Base Year. Utilities are separately metered for electricity, gas, telephone, and data services. Landlord responsibilities are limited to the roof, structure, exterior walls, and capped HVAC repairs, while the tenant handles routine HVAC maintenance and replacement. The property also offers ample on-site parking and signage, and it is zoned RO.
The lease is structured as modified gross with expense pass-through protections requiring reimbursement of increases in taxes, insurance, and operating expenses above the Base Year. Utilities are separately metered for electricity, gas, telephone, and data services. Landlord responsibilities are limited to the roof, structure, exterior walls, and capped HVAC repairs, while the tenant handles routine HVAC maintenance and replacement. The property also offers ample on-site parking and signage, and it is zoned RO.
Key Highlights
- Stabilized investment opportunity with established medical tenant in place through December 2030.
- Generates $54,000 annually in rental income with scheduled rent escalations.
- Modified gross lease with expense pass‑through protections for taxes, insurance, and operating expenses.
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
$34,279
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
5.96%
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%
$685,580
$685.6K
Cap Rate 7%
$489,700
$489.7K
Cap Rate 9%
$380,878
$380.9K
Market Conditions
NOI Build-Up for 2,914 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
$49.3K $16.92/SF
− Vacancy
−$3.6K −$1.24/SF
EGI
$45.7K $15.68/SF
− OpEx
−$11.4K −$3.92/SF
NOI
$34.3K $11.76/SF
Area
Columbus, GA
Vacancy
7.30%
Lease Rate
$16.92 /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%
$685,580
Cap Rate 7%
$489,700
Cap Rate 9%
$380,878
Alternative Uses
Best Use
Office B
$489.7K
$428.5K – $571.3K
NOI $34,279 @ 7.0% cap · market cap 5.96%
Second Best
Healthcare Medical
$489.0K
$427.9K – $570.5K
NOI $34,231 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$652.0K
$570.5K – $760.7K
NOI $45,641 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
493
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31904, GA
36,947
Population
15,947
Households
2.3
Avg Household Size
39
Median Age
31%
College-Educated
88%
High-School Grad
27.5 sq mi
ZIP Area
1,344
Density / Sq Mi
$65,625
Median Household Income
$42,573
Median Earnings
$1,036
Median Rent
$216,100
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?
Medical Office Space - Freestanding 2,914 SF medical office includes five exam rooms and x-ray and lab space with utilities separately metered.
Where is this medical office space located?
The property is located at 1818 Warm Springs Road Columbus, GA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Stabilized investment opportunity with established medical tenant in place through December 2030.; Generates $54,000 annually in rental income with scheduled rent escalations.; Modified gross lease with expense pass‑through protections for taxes, insurance, and operating expenses.
