Storefront Property with
For Sale
$550,000
226 & 228 W WASHINGTON STREET, Madison, GA 30650
COMMERCIAL, Madison, GA
Property Size2,295 SF
Price / SF$239.65
Days on Market140
Property Features for 226 & 228 W WASHINGTON STREET
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Interior features
Bathroom(s), Kitchen, Sidewalks, Street Lights
Subdivision
HISTORIC DISTRICT
Lot features
Bathroom(s), Kitchen, Sidewalks, Street Lights
Directions
From S Main Street. take a left onto W Washington St at red light, take a left onto Academy St. Take A right onto the parking lot. The Parkview Lofts are just behind James Madison Inn on the left.
Standard status
Active
APN
M09 BO 013 226
Size
2,295 SF
Taxes and HOA fees
HOA Fee
$190 Annually
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Electric, Heat Pump
Amenities
vaulted ceilings
natural light
LVP flooring
fully equipped kitchen
Building Details
Flooring type
Vinyl
Roof type
Metal
Listing Agency:
Ansley Real Estate Christie's
(706) 995-7500
Listed By:
Traci Nelson · License #356057
(706) 818-4168
Added: May 10
Changed: Sep 12
Last Checked: Sep 26 at 9:06PM
MLS# 70969
Copyright © 2026 Lake Country Board of Realtors, Inc (GA). 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 2,295-square-foot storefront property combines Units 226 and 228 into one commercial space. The interior includes vaulted ceilings, 31 feet of storefront windows, LVP flooring, and a fully equipped kitchen with a stainless steel appliance package. Heat pump heating, central air, electric cooling, a bathroom, and a metal roof are also in place.
A lofted upper level adds usable space for private offices, creative workspace, or executive suites. The property is located at 226 & 228 W Washington Street in Madison, Georgia, within Madison Markets and near Town 220, The James Madison Inn, Oconee Coffee Roasters, and Madison Markets Antiques & Interiors. Sidewalks and street lights serve the surrounding setting.
A lofted upper level adds usable space for private offices, creative workspace, or executive suites. The property is located at 226 & 228 W Washington Street in Madison, Georgia, within Madison Markets and near Town 220, The James Madison Inn, Oconee Coffee Roasters, and Madison Markets Antiques & Interiors. Sidewalks and street lights serve the surrounding setting.
Key Highlights
- 2,295 SF commercial storefront combining Units 226 and 228
- 31 feet of storefront window exposure with natural light
- Vaulted ceilings and updated LVP flooring
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
458
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
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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 space offers vaulted ceilings, abundant daylight, and a fully equipped kitchen.
Where is this storefront property located?
The property is located at 226 & 228 W WASHINGTON STREET 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 SF commercial storefront combining Units 226 and 228; 31 feet of storefront window exposure with natural light; Vaulted ceilings and updated LVP flooring
