Historic Restaurant
For Sale
$829,000
208 N Patterson, Valdosta, GA 31601
Two-story restaurant property with a commercial kitchen, exposed brick, event capacity, and basement storage.
Property Size7,560 SF
Price / SF$109.66
Days on Market21
Property Features for 208 N Patterson
General Information
Standard status
Active
Size
7,560 SF
Property subtype
Commercial
Zoning
CD
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$9,424
Amenities
security and camera system
basement storage
Building Details
Building Size
7,560 SF
Year Renovated
2015
Buildings
1
Stories
2
Listing Agency:
Southern Classic Realtors
(229) 269-1380
Listed By:
Jordan Ganas · License #411730
Source:
Cooperrealestate
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 8:40PM
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 Southern Classic Realtors
Investment Insights
Based on property information with market context.
This historic restaurant property contains 7,560 square feet across two floors and was renovated in 2015. Exposed brick adds architectural character, while a full sprinkler system, security and camera system, and updated infrastructure support the building’s current configuration. The main level includes a complete restaurant kitchen setup, and the building has both front and rear staircases for flexible circulation. Basement space provides additional storage.
The property is located at 208 N Patterson in downtown Valdosta, directly across from the Lowndes County Courthouse and on the main block of Patterson Street. Zoning is CD, and the building is approved for an occupancy of 300. Its existing restaurant infrastructure and event-oriented layout accommodate restaurant, entertainment, and large-event uses as supported by the property information.
The property is located at 208 N Patterson in downtown Valdosta, directly across from the Lowndes County Courthouse and on the main block of Patterson Street. Zoning is CD, and the building is approved for an occupancy of 300. Its existing restaurant infrastructure and event-oriented layout accommodate restaurant, entertainment, and large-event uses as supported by the property information.
Key Highlights
- 7,560‑square‑foot historic building renovated in 2015
- Approved occupancy of 300
- Complete restaurant kitchen setup on the main level
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
$69,755
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
8.41%
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%
$1,395,100
$1.4M
Cap Rate 7%
$996,500
$996.5K
Cap Rate 9%
$775,056
$775.1K
Market Conditions
NOI Build-Up for 7,560 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
$99.8K $13.20/SF
− Vacancy
−$6.8K −$0.90/SF
EGI
$93.0K $12.30/SF
− OpEx
−$23.3K −$3.08/SF
NOI
$69.8K $9.23/SF
Area
Lowndes County, GA
Vacancy
6.80%
Lease Rate
$13.20 /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%
$1,395,100
Cap Rate 7%
$996,500
Cap Rate 9%
$775,056
Alternative Uses
Best Use
Specialty Retail
$996.5K
$871.9K – $1.16M
NOI $69,755 @ 7.0% cap · market cap 8.41%
Second Best
Retail
$852.5K
$746.0K – $994.6K
NOI $59,678 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,342 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,126
Businesses Nearby
26k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 32%
Home Improvements & Furnishings 17%
Electronics 3%
Church's Chicken
Dining
9,867 visits/mo
0.4 miles
Langdale Ford
Shops & Services
4,086 visits/mo
0.1 miles
SUBWAY
Dining
2,656 visits/mo
0.4 miles
True Value Hardware
Home Improvements & Furnishings
2,323 visits/mo
0.2 miles
Miller Hardware - Downtown
Home Improvements & Furnishings
2,133 visits/mo
0.2 miles
Demographics for 31601, GA
32,331
Population
14,345
Households
2.3
Avg Household Size
33
Median Age
15%
College-Educated
82%
High-School Grad
159.0 sq mi
ZIP Area
203
Density / Sq Mi
$34,846
Median Household Income
$28,878
Median Earnings
$872
Median Rent
$112,600
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 - Two-story restaurant property with a commercial kitchen, exposed brick, event capacity, and basement storage.
Where is this conventional restaurant located?
The property is located at 208 N Patterson Valdosta, GA.
What is the asking price?
The asking price for this property is $829,000.
What are key features of this property?
This property features: 7,560‑square‑foot historic building renovated in 2015; Approved occupancy of 300; Complete restaurant kitchen setup on the main level
