Restaurant Building with
For Sale
Contact for pricing
1823 WALTON WAY, Augusta, GA 30904
Existing furnishings and equipment support continued restaurant use in a B-2-zoned property.
Property Size3,213 SF
Price / SF$154.06
Days on Market11
Property Features for 1823 WALTON WAY
General Information
Standard status
Active
Size
3,213 SF
Class
B
Total Parking Spaces
35
Property subtype
Retail
Zoning
B-2
Investment Type
Owner/User
Additional Details
Furnished
Yes
Equipment Included
Yes
Building Details
Year Built
1960
Stories
1
Units
1
Listing Agency:
Blanchard and Calhoun Real Estate
(706) 823-6740
Listed By:
Ben Harrison · License #GA 270027
Source:
Crexi
Added: Aug 10
Changed: Aug 18
Last Checked: Aug 19 at 6:37PM
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 Blanchard and Calhoun Real Estate
Investment Insights
Based on property information with market context.
This conventional restaurant property contains 3,213 SF and includes furniture, fixtures, and equipment already in place. Built in 1960, the building previously operated as an Arby's restaurant and is zoned B-2.
The property is located at 1823 Walton Way in Augusta, with access to Augusta Medical Center, Downtown, Midtown, and Summerville. Nearby national restaurant and coffee brands include KFC, Cook Out, Papa Johns, Zaxby's, Checkers, Dunkin Donuts, Krystal, Firehouse, Starbucks, Pizza Hut, and McDonald's. Local food and beverage businesses in the surrounding area include Lanier's Meat Market, Trellis Coffee, Los Cabos, Happy China, and Hibachi Express.
The property is located at 1823 Walton Way in Augusta, with access to Augusta Medical Center, Downtown, Midtown, and Summerville. Nearby national restaurant and coffee brands include KFC, Cook Out, Papa Johns, Zaxby's, Checkers, Dunkin Donuts, Krystal, Firehouse, Starbucks, Pizza Hut, and McDonald's. Local food and beverage businesses in the surrounding area include Lanier's Meat Market, Trellis Coffee, Los Cabos, Happy China, and Hibachi Express.
Key Highlights
- 3,213 SF conventional restaurant property
- Furniture, fixtures, and equipment remain in place
- Former Arby's restaurant building
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
$37,751
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
7.63%
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%
$755,020
$755.0K
Cap Rate 7%
$539,300
$539.3K
Cap Rate 9%
$419,456
$419.5K
Market Conditions
NOI Build-Up for 3,213 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
$53.2K $16.56/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$50.3K $15.67/SF
− OpEx
−$12.6K −$3.92/SF
NOI
$37.8K $11.75/SF
Area
Augusta, GA
Vacancy
5.40%
Lease Rate
$16.56 /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%
$755,020
Cap Rate 7%
$539,300
Cap Rate 9%
$419,456
Alternative Uses
Best Use
Specialty Retail
$539.3K
$471.9K – $629.2K
NOI $37,751 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$887.4K – $1.18M
NOI $70,991 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,564
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30904, GA
24,145
Population
12,558
Households
1.9
Avg Household Size
38
Median Age
31%
College-Educated
87%
High-School Grad
11.0 sq mi
ZIP Area
2,195
Density / Sq Mi
$45,636
Median Household Income
$29,101
Median Earnings
$953
Median Rent
$185,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing furnishings and equipment support continued restaurant use in a B-2-zoned property.
Where is this conventional restaurant located?
The property is located at 1823 WALTON WAY Augusta, GA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,213 SF conventional restaurant property; Furniture, fixtures, and equipment remain in place; Former Arby's restaurant building
