Renovated Spa & Wellness
For Sale
$249,900
Pending
2415 Manchester Expressway, Columbus, GA 31904
Commercial Sale, Columbus, GA
Property Size1,215 SF
Lot Size0.02 Acres
Days on Market46
Property Features for 2415 Manchester Expressway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From I-185s, Take Exit 7 For Manchester Expwy And Keep Right. In Approximately 1/2 Mile The Property Is On The Right.
Subdivision
Muscogee
Standard status
Pending
APN
034 029 002
Size
1,215 SF
Lot size
0.02 Acres
Utilities
Utilities
Water Available
Heating system
Forced Air
Cooling system
Electric, Central Air
Building Details
Year built
1947
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Coldwell Banker / Kennon, Parker, Duncan & Davis · Coldwell Banker Real Estate
(706) 256-1000
Listed By:
Victoria Hite · License #434292
(918) 606-7847
Added: Jul 24
Changed: Sep 3
Last Checked: Sep 7 at 8:06AM
MLS# 233198
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 1,215-square-foot spa and wellness property features a renovated salon build-out with furnishings, salon equipment, and fixtures included in the sale. The building was constructed in 1947 with brick construction and includes forced-air heating, central air, and electric cooling. Water is available at the property.
Located at 2415 Manchester Expressway in Columbus, Georgia, the property occupies a 0.02-acre site along a commercial corridor. Its existing salon configuration and included equipment provide a defined interior setup for continued spa or wellness use.
Located at 2415 Manchester Expressway in Columbus, Georgia, the property occupies a 0.02-acre site along a commercial corridor. Its existing salon configuration and included equipment provide a defined interior setup for continued spa or wellness use.
Key Highlights
- Renovated salon build‑out with furnishings, salon equipment, and fixtures included
- 1,215 square feet on a 0.02‑acre site
- Located at 2415 Manchester Expressway, Columbus, GA 31904
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
$14,800
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
5.92%
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%
$296,000
$296.0K
Cap Rate 7%
$211,429
$211.4K
Cap Rate 9%
$164,444
$164.4K
Market Conditions
NOI Build-Up for 1,215 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
$22.2K $18.24/SF
− Vacancy
−$1.0K −$0.84/SF
EGI
$21.1K $17.40/SF
− OpEx
−$6.3K −$5.22/SF
NOI
$14.8K $12.18/SF
Area
Columbus, GA
Vacancy
4.60%
Lease Rate
$18.24 /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%
$296,000
Cap Rate 7%
$211,429
Cap Rate 9%
$164,444
Alternative Uses
Best Use
Retail
$211.4K
$185.0K – $246.7K
NOI $14,800 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.9K
$237.9K – $317.2K
NOI $19,030 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,196
Businesses Nearby
159k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 78%
Shops & Services 21%
Hotels & Casinos 1%
Chick-fil-A
Dining
61,969 visits/mo
0.3 miles
Starbucks
Dining
19,090 visits/mo
0.4 miles
Circle K
Shops & Services
12,729 visits/mo
0.1 miles
SONIC Drive In
Dining
9,920 visits/mo
0.5 miles
Arby's
Dining
8,699 visits/mo
0.2 miles
Demographics for 31904, GA
36,947
Population
15,947
Households
2.3
Avg Household Size
39
Median Age
31%
College-Educated
88%
High-School Grad
27.5 sq mi
ZIP Area
1,344
Density / Sq Mi
$65,625
Median Household Income
$42,573
Median Earnings
$1,036
Median Rent
$216,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Huang's Integrative Medicine — 4335 Armour Rd, Columbus, GA 31904
Frequently Asked Questions
What type of property is this?
Spa & wellness property - The sale includes furnishings, salon equipment, and fixtures within a completed salon build-out.
Where is this spa & wellness property located?
The property is located at 2415 Manchester Expressway Columbus, GA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Renovated salon build‑out with furnishings, salon equipment, and fixtures included; 1,215 square feet on a 0.02‑acre site; Located at 2415 Manchester Expressway, Columbus, GA 31904
