All-Brick Spa & Wellness
For Sale
$250,000
240 Airport Rd, Griffin, GA 30224
Flexible layout includes reception space, four rooms, a kitchen, and a full bathroom.
Property Size1,176 SF
Price / SF$212.59
Days on Market40
Property Features for 240 Airport Rd
General Information
Standard status
Active
Size
1,176 SF
Total Parking Spaces
6
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
lobby/reception area
full kitchen
full bath
large backyard
storage shed
Building Details
Year Built
1956
Buildings
1
Construction
brick
Listing Agency:
HR Heritage Realty, Inc.
(770) 228-5657
Listed By:
Staci Donaldson · License #206424
Source:
Brockteam
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 25 at 4:12AM
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 HR Heritage Realty, Inc.
Investment Insights
Based on property information with market context.
This 1,176-square-foot all-brick commercial building was constructed in 1956 and offers a practical layout for spa, wellness, or professional use. The interior includes a lobby and reception area, four additional rooms, a full kitchen, and a full bathroom. Hardwood flooring, updated lighting, and new vinyl windows add to the existing improvements, while the HVAC system is 2 years old.
Exterior features include a covered carport, 6 parking spaces with handicap-accessible parking, a circular driveway, a ramped entrance, a large backyard, and a storage shed. The property also has a new roof and gutter system. Positioned along a high-traffic road with visibility, it provides access to Hwy 19/41 and is near the airport and downtown Griffin.
Exterior features include a covered carport, 6 parking spaces with handicap-accessible parking, a circular driveway, a ramped entrance, a large backyard, and a storage shed. The property also has a new roof and gutter system. Positioned along a high-traffic road with visibility, it provides access to Hwy 19/41 and is near the airport and downtown Griffin.
Key Highlights
- 1,176‑square‑foot all‑brick building with four‑sided brick construction
- Four additional rooms plus lobby/reception area, full kitchen, and full bath
- Covered carport and 6 parking spaces, including handicap‑accessible parking
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
$15,748
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
6.30%
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%
$314,960
$315.0K
Cap Rate 7%
$224,971
$225.0K
Cap Rate 9%
$174,978
$175.0K
Market Conditions
NOI Build-Up for 1,176 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
$28.1K $23.87/SF
− Vacancy
−$7.1K −$6.02/SF
EGI
$21.0K $17.85/SF
− OpEx
−$5.2K −$4.46/SF
NOI
$15.7K $13.39/SF
Area
Spalding 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%
$314,960
Cap Rate 7%
$224,971
Cap Rate 9%
$174,978
Alternative Uses
Best Use
Office B
$225.0K
$196.9K – $262.5K
NOI $15,748 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$330.2K
$288.9K – $385.3K
NOI $23,115 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30224, GA
26,696
Population
11,457
Households
2.3
Avg Household Size
40
Median Age
22%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
394
Density / Sq Mi
$70,134
Median Household Income
$39,667
Median Earnings
$1,105
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Spa & wellness property - Flexible layout includes reception space, four rooms, a kitchen, and a full bathroom.
Where is this spa & wellness property located?
The property is located at 240 Airport Rd Griffin, GA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,176‑square‑foot all‑brick building with four‑sided brick construction; Four additional rooms plus lobby/reception area, full kitchen, and full bath; Covered carport and 6 parking spaces, including handicap‑accessible parking
