Building Details

Year Built 2005

Listing Agency: Ansley RE|Christie's Int'l RE

Listed By: Traci Nelson · License #356057 Show Phone

Source: Annakintown

Added: Aug 9 Changed: Oct 26 Last Checked: Oct 7 at 1:55PM

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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 Ansley RE|Christie's Int'l RE

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Investment Insights

Based on property information with market context.

This 2,295-square-foot storefront property combines Units 226 and 228 into a distinctive commercial space with vaulted ceilings and 31 feet of storefront window exposure. LVP flooring, abundant daylight, and an included kitchen with stainless steel oven, dishwasher, microwave, and refrigerator support a polished, functional setting. A washer and dryer are also installed.

Lofted area on the upper level adds room for private offices, creative work areas, or executive suites. The property is located at 226 & 228 W Washington St in downtown Madison, within Madison Markets and near Town 220, The James Madison Inn, Oconee Coffee Roasters, and Madison Markets Antiques & Interiors.

Key Highlights

• 2,295 square feet across combined Units 226 and 228
• 31 feet of storefront window exposure
• Vaulted ceilings with upper‑level lofted space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,280

Cap Rate

5.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$645,600 $645.6K

Cap Rate 7%

$461,143 $461.1K

Cap Rate 9%

$358,667 $358.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,295 SF

Gross rent

$50.4K $21.96/SF

− Vacancy

−$4.3K −$1.87/SF

EGI

$46.1K $20.09/SF

− OpEx

−$13.8K −$6.03/SF

NOI

$32.3K $14.07/SF

Area

Morgan County, GA

Vacancy

8.50%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$645,600

Cap Rate 7%

$461,143

Cap Rate 9%

$358,667

Alternative Uses

Best Use

Retail

$461.1K

$403.5K – $538.0K (±1% cap)

NOI $32,280 @ 7.0% cap · market cap 5.87%

Second Best

Office B

$439.0K

$384.2K – $512.2K (±1% cap)

NOI $30,733 @ 7.0% cap · market cap 5.59%

Theoretical Best

Office A

$641.5K

$561.4K – $748.5K (±1% cap)

NOI $44,908 @ 7.0% cap · market cap 8.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Hendrix Real Estate ... Real Estate Agency

Suggested Use

Top Pick Dental Office Auto Repair Shop Grocery & Convenience Store Bakery Furniture & Home Goods Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

453

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 30650, GA

13,631

Population

5,723

Households

2.4

Avg Household Size

43

Median Age

34%

College-Educated

93%

High-School Grad

229.9 sq mi

ZIP Area

59

Density / Sq Mi

$80,357

Median Household Income

$44,789

Median Earnings

$1,104

Median Rent

$314,300

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Combined commercial units offer vaulted ceilings, a kitchen, and flexible upper-level workspace.

Where is this storefront property located?

The property is located at 226 & 228 W Washington St Madison, GA.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: 2,295 square feet across combined Units 226 and 228; 31 feet of storefront window exposure; Vaulted ceilings with upper‑level lofted space