Flex Space with 4 Loading
For Sale
$1,200,000
205 Old Perry Road, Bonaire, GA 31005
COMMERCIAL - Bonaire, GA
Property Size8,900 SF
Lot Size2.20 Acres
Price / SF$134.83
Days on Market96
Property Features for 205 Old Perry Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Subdivision
96 to Mossy Creek
Standard status
Active
Size
8,900 SF
Lot size
2.20 Acres
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Amenities
security system
Listing Agency:
GOLDEN KEY REALTY
(478) 929-4444
Listed By:
Nicholas Horne
(478) 230-3882
Added: May 8
Changed: Aug 4
Last Checked: Aug 11 at 9:06PM
MLS# 262831
Copyright © 2026 Central Georgia MLS. 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.
Flex space with a spacious warehouse layout and flexible use options for industrial, distribution, retail, or mixed-use operations. The facility includes 4 loading bays for shipping and receiving, plus a separate storage building in the rear for additional inventory or equipment space. A fully integrated security system with cameras and intercom access is installed throughout the facility.
An adjoining smaller retail space is included and was formerly operated as a massage studio. That retail portion provides 3 private offices, supporting office, salon, wellness, or retail use depending on the end user’s needs. The property sits on 2.2 acres and totals 8,900 square feet.
Mechanical systems include central heating with electric heat and central air conditioning with electric cooling. The property is located at 205 Old Perry Road in Bonaire, Georgia 31005 (Houston County).
An adjoining smaller retail space is included and was formerly operated as a massage studio. That retail portion provides 3 private offices, supporting office, salon, wellness, or retail use depending on the end user’s needs. The property sits on 2.2 acres and totals 8,900 square feet.
Mechanical systems include central heating with electric heat and central air conditioning with electric cooling. The property is located at 205 Old Perry Road in Bonaire, Georgia 31005 (Houston County).
Key Highlights
- 2.2‑acre flex space property totals 8,900 SF
- Warehouse features 4 loading bays for shipping and receiving
- Separate rear storage building for additional inventory or equipment
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
$68,976
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
5.75%
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%
$1,379,520
$1.4M
Cap Rate 7%
$985,371
$985.4K
Cap Rate 9%
$766,400
$766.4K
Market Conditions
NOI Build-Up for 8,900 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
$115.3K $12.96/SF
− Vacancy
−$9.2K −$1.04/SF
EGI
$106.1K $11.92/SF
− OpEx
−$37.1K −$4.17/SF
NOI
$69.0K $7.75/SF
Area
Houston County, GA
Vacancy
8.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,379,520
Cap Rate 7%
$985,371
Cap Rate 9%
$766,400
Alternative Uses
Best Use
Retail
$1.59M
$1.39M – $1.86M
NOI $111,501 @ 7.0% cap · market cap 9.29%
Second Best
Flex RnD
$985.4K
$862.2K – $1.15M
NOI $68,976 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,465 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 31005, GA
20,531
Population
7,514
Households
2.7
Avg Household Size
36
Median Age
41%
College-Educated
96%
High-School Grad
23.1 sq mi
ZIP Area
889
Density / Sq Mi
$107,071
Median Household Income
$58,603
Median Earnings
$1,248
Median Rent
$247,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Flex space in C2 zoning with four loading bays and central HVAC, plus an adjoining retail space.
Where is this flex space located?
The property is located at 205 Old Perry Road Bonaire, 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: 2.2‑acre flex space property totals 8,900 SF; Warehouse features 4 loading bays for shipping and receiving; Separate rear storage building for additional inventory or equipment
