Mixed-Use Property with Office
For Sale
$99,999
2338 & 2344 Lumpkin Road, Columbus, GA 31903
Commercial Sale, Columbus, GA
Property Size392 SF
Lot Size0.50 Acres
Price / SF$255.10
Days on Market102
Property Features for 2338 & 2344 Lumpkin Road
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Turn Left Onto 10th Ave, Then Turn Right Onto Cusetta Road, Finally Take A Slight Right Onto N Lumpkin Road. Lots Are Surrounded By A Tall Metal Fence
Subdivision
Muscogee
Standard status
Active
APN
041 025 012
Size
392 SF
Lot size
0.50 Acres
Utilities
Utilities
Electricity Available
Heating system
Natural Gas
Building Details
Year built
1954
Number of units
2
Flooring type
Carpet
Building materials
Brick, Vinyl Siding
Listing Agency:
1st Class Real Estate Excellence
(706) 237-8680
Listed By:
Danielle Saleh Montgomery
(706) 773-4055
Added: Jun 9
Changed: Sep 16
Last Checked: Sep 18 at 12:06PM
MLS# 224827
Copyright © 2026 Columbus Board of Realtors (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 mixed-use property includes two parcels at 2338 and 2344 Lumpkin Road in Columbus, Georgia, enclosed together by fencing. The improved parcel contains a 392-square-foot brick and vinyl-sided building constructed in 1954, with two office rooms, a large bathroom, water fountain area, and side entry. The layout could accommodate three office spaces. A separate structure behind the building contains two one-bedroom, one-bath apartments; renovation is required, and square footage for that structure has not been established.
The second parcel is vacant, providing additional land within the package. Electricity is available, and the property is offered in its existing condition. The combined site measures 0.5 acres and includes carpet flooring and natural gas heating in the office building.
The second parcel is vacant, providing additional land within the package. Electricity is available, and the property is offered in its existing condition. The combined site measures 0.5 acres and includes carpet flooring and natural gas heating in the office building.
Key Highlights
- Two parcels at 2338 and 2344 Lumpkin Road, Columbus, GA 31903
- 0.5‑acre combined site with parcels fenced together
- 392‑square‑foot office building constructed in 1954
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
$4,611
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
4.61%
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%
$92,220
$92.2K
Cap Rate 7%
$65,871
$65.9K
Cap Rate 9%
$51,233
$51.2K
Market Conditions
NOI Build-Up for 392 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
$6.6K $16.92/SF
− Vacancy
−$484 −$1.24/SF
EGI
$6.1K $15.68/SF
− OpEx
−$1.5K −$3.92/SF
NOI
$4.6K $11.76/SF
Area
Columbus, GA
Vacancy
7.30%
Lease Rate
$16.92 /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%
$92,220
Cap Rate 7%
$65,871
Cap Rate 9%
$51,233
Alternative Uses
Best Use
Office B
$65.9K
$57.6K – $76.9K
NOI $4,611 @ 7.0% cap · market cap 4.61%
Second Best
Mixed Use
$64.1K
$56.1K – $74.7K
NOI $4,484 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$87.7K
$76.8K – $102.3K
NOI $6,140 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 31903, GA
20,703
Population
9,593
Households
2.2
Avg Household Size
34
Median Age
8%
College-Educated
76%
High-School Grad
10.0 sq mi
ZIP Area
2,070
Density / Sq Mi
$29,488
Median Household Income
$27,063
Median Earnings
$873
Median Rent
$75,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Mixed-use property - Two adjoining, fenced parcels combine an office building, apartment structure, and undeveloped land for multiple commercial configurations.
Where is this mixed-use property located?
The property is located at 2338 & 2344 Lumpkin Road Columbus, GA.
What is the asking price?
The asking price for this property is $99,999.
What are key features of this property?
This property features: Two parcels at 2338 and 2344 Lumpkin Road, Columbus, GA 31903; 0.5‑acre combined site with parcels fenced together; 392‑square‑foot office building constructed in 1954
