Medical Office Building in
For Sale
Contact for pricing
219 Boggs St, Lexington, GA 30648
Newly built medical office in downtown Lexington, Georgia.
Property Size5,478 SF
Price / SF$200.80
Days on Market183
Property Features for 219 Boggs St
General Information
Standard status
Active
Size
5,478 SF
Property subtype
Office
Zoning
OIP
Building Details
Year Built
2019
Buildings
1
Stories
1
Listing Agency:
Bull Realty
(404) 876-1640
Listed By:
Lindsay Brereton · License #GA 358857
Source:
Crexi
Added: Feb 24
Changed: Aug 22
Last Checked: Aug 24 at 5:36AM
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 Bull Realty
Investment Insights
Based on property information with market context.
This is a stand-alone medical office building, constructed in 2019, offering approximately 5,478 square feet of space. It is situated in downtown Lexington, Georgia, near Lexington City Hall and other historic sites and residences in Oglethorpe County. The property features visibility, dedicated parking, and monument signage. The building is designed as a medical office space, including 5 exam rooms, a procedure room, imaging capabilities with sinks, 6 restrooms, a lab area, and a nurses station. It also includes 5 offices and a breakroom area. The physician offices have dedicated personal restrooms. It serves the local community and those within a 20-mile radius of Athens-Clarke. This location is suitable for medical providers seeking to expand operations and services in the Athens-Clarke area.
Key Highlights
- Newly built in 2019, this ±5,478 SF stand‑alone medical office building is ready for you.
- Located in the heart of downtown Lexington, Georgia, near Lexington City Hall.
- State‑of‑the‑art medical office space featuring 5 exam rooms, a procedure room, and imaging.
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
$70,995
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
6.45%
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%
$1,419,900
$1.4M
Cap Rate 7%
$1,014,214
$1.0M
Cap Rate 9%
$788,833
$788.8K
Market Conditions
NOI Build-Up for 5,478 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
$131.5K $24.00/SF
− Vacancy
−$13.1K −$2.40/SF
EGI
$118.3K $21.60/SF
− OpEx
−$47.3K −$8.64/SF
NOI
$71.0K $12.96/SF
Area
Oglethorpe County, GA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,419,900
Cap Rate 7%
$1,014,214
Cap Rate 9%
$788,833
Alternative Uses
Best Use
Healthcare Medical
$1.01M
$887.4K – $1.18M
NOI $70,995 @ 7.0% cap · market cap 6.45%
Second Best
Office B
$1.01M
$886.3K – $1.18M
NOI $70,906 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,441 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30648, GA
2,741
Population
1,212
Households
2.3
Avg Household Size
45
Median Age
31%
College-Educated
91%
High-School Grad
92.1 sq mi
ZIP Area
30
Density / Sq Mi
$72,431
Median Household Income
$43,325
Median Earnings
$879
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Newly built medical office in downtown Lexington, Georgia.
Where is this medical office space located?
The property is located at 219 Boggs St Lexington, GA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Newly built in 2019, this ±5,478 SF stand‑alone medical office building is ready for you.; Located in the heart of downtown Lexington, Georgia, near Lexington City Hall.; State‑of‑the‑art medical office space featuring 5 exam rooms, a procedure room, and imaging.
