Downtown Office
For Sale
$284,000
23 Lee ST, Jonesboro, GA 30236
Office property with zoned HVAC, high-speed internet, and a paved parking lot.
Property Size1,764 SF
Days on Market11
Property Features for 23 Lee ST
General Information
Standard status
Active
Size
1,764 SF
Total Parking Spaces
6
Zoning
C- Commercial
Taxes and HOA fees
Annual Taxes
$2,471
Amenities
Free Standing
Accessible Entrance, Accessible Hallway(s)
Central Air, Electric, Zoned
Central, Forced Air, Zoned
High Speed Internet
Parking Lot, Paved
Building Details
Building Size
1,764 SF
Year Built
1984
Buildings
1
Listing Agency:
MARVERRAN PROPERTIES LLC DBA REMAX SOUTHERN
(770) 616-6817
Listed By:
Rhonda Ross · License #179111
(770) 616-6817
Source:
Evrealestate
Added: Aug 1
Changed: Aug 4
Last Checked: Aug 11 at 6:17AM
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 MARVERRAN PROPERTIES LLC DBA REMAX SOUTHERN
Investment Insights
Based on property information with market context.
Built in 1984, this office property includes central air, electric service, and zoned heating and cooling. The interior is also equipped for high-speed internet, supporting a connected workplace environment.
The building is located just off Main Street in downtown Jonesboro, with a paved parking lot for on-site parking. It carries C- Commercial zoning and is situated in Clayton County.
The building is located just off Main Street in downtown Jonesboro, with a paved parking lot for on-site parking. It carries C- Commercial zoning and is situated in Clayton County.
Key Highlights
- C- Commercial zoning
- Built in 1984
- Central air and zoned heating and cooling
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
$23,622
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
8.32%
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%
$472,440
$472.4K
Cap Rate 7%
$337,457
$337.5K
Cap Rate 9%
$262,467
$262.5K
Market Conditions
NOI Build-Up for 1,764 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
$42.1K $23.87/SF
− Vacancy
−$10.6K −$6.02/SF
EGI
$31.5K $17.85/SF
− OpEx
−$7.9K −$4.46/SF
NOI
$23.6K $13.39/SF
Area
Clayton County, GA
Vacancy
25.20%
Lease Rate
$23.87 /SF/Yr
Expense Ratio
25.00%
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%
$472,440
Cap Rate 7%
$337,457
Cap Rate 9%
$262,467
Alternative Uses
Best Use
Office B
$337.5K
$295.3K – $393.7K
NOI $23,622 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$493.1K
$431.5K – $575.3K
NOI $34,517 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 30236, GA
50,446
Population
19,230
Households
2.6
Avg Household Size
36
Median Age
22%
College-Educated
84%
High-School Grad
32.4 sq mi
ZIP Area
1,557
Density / Sq Mi
$68,867
Median Household Income
$36,501
Median Earnings
$1,233
Median Rent
$219,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office property with zoned HVAC, high-speed internet, and a paved parking lot.
Where is this office building located?
The property is located at 23 Lee ST Jonesboro, GA.
What is the asking price?
The asking price for this property is $284,000.
What are key features of this property?
This property features: C- Commercial zoning; Built in 1984; Central air and zoned heating and cooling
