Warehouse with Two Drive-In
For Sale
Contact for pricing
229 Walker St SW, Atlanta, GA 30313
Prefab metal warehouse on a corner site with two drive-in doors, 20’ ceilings, and zoning flexibility for commercial and industrial uses.
Property Size8,895 SF
Lot Size0.32 Acres
Price / SF$168.52
Days on Market348
Property Features for 229 Walker St SW
General Information
Standard status
Active
Size
8,895 SF
Lot size
0.32 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
2
Additional Details
Highway Access
Yes
Building Details
Construction
prefab metal
Listing Agency:
Bull Realty, Inc. - Atlanta
(404) 876-1640
Listed By:
Jared Daley · License #331035
Source:
Moodyscre
Added: Aug 28, 2025
Changed: Aug 10
Last Checked: Aug 10 at 2:58AM
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, Inc. - Atlanta
Investment Insights
Based on property information with market context.
A prefabricated metal warehouse structure built originally as a machine shop, offering 8,895 SF on a 10.32-acre corner site. The building features two drive-in doors and approximately 20’ ceiling height, and it could be divided into flex spaces to lease.
The property is located within the historic Castleberry Hill Landmark District Subarea 2 of Atlanta. It has easy access to both I-20 and the I-75/I-85 Connector, placing it within roughly 10.7 miles of Mercedes-Benz Stadium and State Farm Arena, and about 10.9 miles from Centennial Olympic Park.
The zoning designation allows for a variety of commercial and industrial uses. In addition to the warehouse configuration, the layout supports potential adaptation into multiple flex spaces depending on tenant needs.
The property is located within the historic Castleberry Hill Landmark District Subarea 2 of Atlanta. It has easy access to both I-20 and the I-75/I-85 Connector, placing it within roughly 10.7 miles of Mercedes-Benz Stadium and State Farm Arena, and about 10.9 miles from Centennial Olympic Park.
The zoning designation allows for a variety of commercial and industrial uses. In addition to the warehouse configuration, the layout supports potential adaptation into multiple flex spaces depending on tenant needs.
Key Highlights
- 8,895 SF prefab metal warehouse on a 0.32‑acre corner site in Atlanta’s Castleberry Hill Landmark District Subarea 2
- Originally built as a machine shop with two drive‑in doors
- 20’ ceiling height
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
$88,391
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
5.90%
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%
$1,767,820
$1.8M
Cap Rate 7%
$1,262,729
$1.3M
Cap Rate 9%
$982,122
$982.1K
Market Conditions
NOI Build-Up for 8,895 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
$149.4K $16.80/SF
− Vacancy
−$13.4K −$1.51/SF
EGI
$136.0K $15.29/SF
− OpEx
−$47.6K −$5.35/SF
NOI
$88.4K $9.94/SF
Area
Atlanta, GA
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,767,820
Cap Rate 7%
$1,262,729
Cap Rate 9%
$982,122
Alternative Uses
Best Use
Flex RnD
$1.26M
$1.10M – $1.47M
NOI $88,391 @ 7.0% cap · market cap 5.90%
Second Best
Warehouse
$891.0K
$779.6K – $1.04M
NOI $62,369 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,055 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,254
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30313, GA
9,788
Population
3,604
Households
2.7
Avg Household Size
26
Median Age
55%
College-Educated
95%
High-School Grad
1.2 sq mi
ZIP Area
8,157
Density / Sq Mi
$79,068
Median Household Income
$33,832
Median Earnings
$1,696
Median Rent
$365,200
Median Home Value
Market
Vacancy Rate% for Industrial in Atlanta, GA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Prefab metal warehouse on a corner site with two drive-in doors, 20’ ceilings, and zoning flexibility for commercial and industrial uses.
Where is this flex space located?
The property is located at 229 Walker St SW Atlanta, GA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 8,895 SF prefab metal warehouse on a 0.32‑acre corner site in Atlanta’s Castleberry Hill Landmark District Subarea 2; Originally built as a machine shop with two drive‑in doors; 20’ ceiling height
