Lofted Storefront
For Sale
$550,000
226 & 228 W Washington St, Madison, GA 30650
Combined commercial units offer vaulted ceilings, a kitchen, and flexible upper-level workspace.
Property Size2,295 SF
Price / SF$239.65
Days on Market95
Property Features for 226 & 228 W Washington St
General Information
Standard status
Active
Size
2,295 SF
Additional Details
Frontage
31 ft
Taxes and HOA fees
Annual Taxes
$1,500
Amenities
LVP flooring
fully equipped kitchen
washer and dryer
vaulted ceilings
natural light
Listing Agency:
Ansley Real Estate | Christie's International Real Estate
(706) 818-4168
Listed By:
Traci Nelson · License #356057
(706) 818-4168
Source:
Exprealty
Added: May 10
Changed: Aug 11
Last Checked: Aug 11 at 12:39PM
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 Real Estate | Christie's International Real Estate
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.
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 = 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
$32,280
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
5.87%
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%
$645,600
$645.6K
Cap Rate 7%
$461,143
$461.1K
Cap Rate 9%
$358,667
$358.7K
Market Conditions
NOI Build-Up for 2,295 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
$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 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%
$645,600
Cap Rate 7%
$461,143
Cap Rate 9%
$358,667
Alternative Uses
Best Use
Retail
$461.1K
$403.5K – $538.0K
NOI $32,280 @ 7.0% cap · market cap 5.87%
Second Best
Office B
$439.0K
$384.2K – $512.2K
NOI $30,733 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$641.5K
$561.4K – $748.5K
NOI $44,908 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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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
