Hunting and Equestrian Estate
For Sale
$1,775,000
2202/2206 Lem Edwards Road, Colbert, GA 30628
Land, Colbert, GA
Property Size5,782 SF
Lot Size35.42 Acres
Price / SF$306.99
Days on Market62
Property Features for 2202/2206 Lem Edwards Road
General Information
Property type
Land
Property subtype
Other
Vegetation
Partially Wooded, Cleared
Fencing
Fenced
Lot features
Level, Open Lot, Pasture
Elementary school
Colbert
Middle school
Madison
High school
Madison
Directions
From Athens: Take the Loop towards Hull Road/US-29. Turn onto Highway 72 and continue for about 8 miles. Turn right onto Lem Edwards Road. Take the first left (after Thompson Cemetery Road). 2202 Lem Edwards will be the first home on the right; 2206 Lem Edwards is at end of driveway (past pond).
Standard status
Active
APN
0047085 AND 0047085 02
Lot size
35.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10795
Utilities
Utilities
Natural Gas Available
Sewer type
Septic Tank
Water source
Well, Private
Water front features
Pond
Water front
1
Building Details
Additional Structures
Residence
Listing Agency:
Nabo Realty Inc.
(706) 607-6226
Listed By:
Joe Polaneczky · License #322130
(706) 224-7451
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
MLS# 10792120
Copyright © 2026 Georgia Multiple Listing Service. 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.
This sale includes two parcels of estate land at 2202/2206 Lem Edwards Road, totaling about 35 acres, blending open pasture, lawns, and mature hardwood forest with established trails. The property is set up for equestrian use with fencing and cross fencing, a small tack shed, and a separate well water supply for horses, along with space that would accommodate an arena.
Improvements include two residences on the parcels. Parcel 2206 features an expanded home with multiple gathering spaces, including a large kitchen, owner’s suite on the main level, and a family room with wet bar and lodge-like fireplace. There is exterior access from a half-bath to a private pool and rear patio with covered and open areas, and the pool systems have been recently rebuilt. Parcel 2202 includes a renovated 3-bedroom, 3-bath home with a large party deck, outdoor areas overlooking a fully stocked creek-fed pond, and interior living and dining spaces with deck access.
Also on the estate is a three-bay shop that is spray foam insulated, and additional recreation features mentioned in the remarks include a golf simulator with an adjacent full bath. The property’s boundaries are described as near Clarke, Madison, and Oglethorpe Counties.
Improvements include two residences on the parcels. Parcel 2206 features an expanded home with multiple gathering spaces, including a large kitchen, owner’s suite on the main level, and a family room with wet bar and lodge-like fireplace. There is exterior access from a half-bath to a private pool and rear patio with covered and open areas, and the pool systems have been recently rebuilt. Parcel 2202 includes a renovated 3-bedroom, 3-bath home with a large party deck, outdoor areas overlooking a fully stocked creek-fed pond, and interior living and dining spaces with deck access.
Also on the estate is a three-bay shop that is spray foam insulated, and additional recreation features mentioned in the remarks include a golf simulator with an adjacent full bath. The property’s boundaries are described as near Clarke, Madison, and Oglethorpe Counties.
Key Highlights
- Ballard Estate includes two parcels: Parcel 2206 (30+ acres) and Parcel 2202 (around 5 acres) near Athens.
- Home on Parcel 2206 has 5,782 sq ft of living space with multiple gathering areas, including an owner's suite on the main level.
- Parcel 2206 outdoor amenities include a private pool with recently rebuilt pool systems, plus covered and open rear patio spaces.
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
$64,706
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
3.65%
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%
$1,294,120
$1.3M
Cap Rate 7%
$924,371
$924.4K
Cap Rate 9%
$718,956
$719.0K
Market Conditions
NOI Build-Up for 5,782 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
$124.9K $21.60/SF
− Vacancy
−$7.2K −$1.25/SF
EGI
$117.6K $20.35/SF
− OpEx
−$52.9K −$9.16/SF
NOI
$64.7K $11.19/SF
Area
Madison County, GA
Vacancy
5.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,294,120
Cap Rate 7%
$924,371
Cap Rate 9%
$718,956
Alternative Uses
Best Use
Apartment 5plus
$924.4K
$808.8K – $1.08M
NOI $64,706 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,571 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 30628, GA
7,303
Population
2,383
Households
3.1
Avg Household Size
40
Median Age
25%
College-Educated
84%
High-School Grad
48.6 sq mi
ZIP Area
150
Density / Sq Mi
$64,882
Median Household Income
$37,889
Median Earnings
$922
Median Rent
$242,400
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Horse & equestrian property - Private multi-parcel estate land near Athens with horse facilities, renovated residences, and creek-fed pond frontage.
Where is this horse & equestrian property located?
The property is located at 2202/2206 Lem Edwards Road Colbert, GA.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Ballard Estate includes two parcels: Parcel 2206 (30+ acres) and Parcel 2202 (around 5 acres) near Athens.; Home on Parcel 2206 has 5,782 sq ft of living space with multiple gathering areas, including an owner's suite on the main level.; Parcel 2206 outdoor amenities include a private pool with recently rebuilt pool systems, plus covered and open rear patio spaces.
