Redevelopment Land with Road
For Sale
Contact for pricing
2429 Scenic Highway, Snellville, GA 30078
Large-frontend redevelopment site with sewer access, a vintage home, and an additional barn/workshop structure on a busy corridor.
Property Size1,360 SF
Lot Size5.14 Acres
Price / SF$275.74
Days on Market66
Property Features for 2429 Scenic Highway
General Information
Standard status
Active
Size
1,360 SF
Total Parking Spaces
4
Lot size
5.14 Acres
Property subtype
Land, Office, Special Purpose
Zoning
RS180
Building Details
Year Built
1936
Buildings
3
Listing Agency:
Keller Williams Premier
Listed By:
Tiffney Riffle
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 20 at 10:09AM
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 Keller Williams Premier
Investment Insights
Based on property information with market context.
This property is a redevelopment-focused site with substantial road frontage along Scenic Highway 124 and public sewer access available at the road. The parcel includes a 1936 vintage home that could be restored and repurposed into office space or a boutique business use, or removed to support a higher-density redevelopment plan. A large barn/workshop structure on-site provides space for interim storage, utilities, or continued operational use while plans are developed.
The property is currently zoned RS-180 (Residential) and is positioned for possible future rezoning consideration through City of Snellville ordinances. It is surrounded by a mix of residential and commercial activity, including townhomes directly behind the property and an adjacent home that has been converted into a salon/business use. The rear portion borders a creek and includes some floodplain, while the expansive frontage and visibility are oriented toward high-traffic corridor exposure.
For tenants, buyers, and developers, the combination of frontage, sewer availability, and existing structures supports a range of concept-driven possibilities, subject to zoning approvals. Potential directions referenced for this site include professional office, salon suites, boutique retail, daycare, contractor services, or specialty commercial development. Convenient access to the intersection of Scenic Highway 124 and U.S. Route 78 supports practical day-to-day operations for future uses.
The property is currently zoned RS-180 (Residential) and is positioned for possible future rezoning consideration through City of Snellville ordinances. It is surrounded by a mix of residential and commercial activity, including townhomes directly behind the property and an adjacent home that has been converted into a salon/business use. The rear portion borders a creek and includes some floodplain, while the expansive frontage and visibility are oriented toward high-traffic corridor exposure.
For tenants, buyers, and developers, the combination of frontage, sewer availability, and existing structures supports a range of concept-driven possibilities, subject to zoning approvals. Potential directions referenced for this site include professional office, salon suites, boutique retail, daycare, contractor services, or specialty commercial development. Convenient access to the intersection of Scenic Highway 124 and U.S. Route 78 supports practical day-to-day operations for future uses.
Key Highlights
- 5.14‑acre redevelopment site with 400+ ft of frontage on highly traveled Scenic Highway 124
- Public sewer access available at the road to support future development plans
- 1936 vintage home on site that could be restored and repurposed into office or business use (or removed)
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
$18,212
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
4.86%
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%
$364,240
$364.2K
Cap Rate 7%
$260,171
$260.2K
Cap Rate 9%
$202,356
$202.4K
Market Conditions
NOI Build-Up for 1,360 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
$32.5K $23.87/SF
− Vacancy
−$8.2K −$6.02/SF
EGI
$24.3K $17.85/SF
− OpEx
−$6.1K −$4.46/SF
NOI
$18.2K $13.39/SF
Area
Gwinnett 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%
$364,240
Cap Rate 7%
$260,171
Cap Rate 9%
$202,356
Alternative Uses
Best Use
Office B
$260.2K
$227.7K – $303.5K
NOI $18,212 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$380.2K
$332.7K – $443.5K
NOI $26,612 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,717
Businesses Nearby
Explore this area
Business Placement
Demographics for 30078, GA
38,350
Population
13,784
Households
2.8
Avg Household Size
39
Median Age
42%
College-Educated
91%
High-School Grad
17.3 sq mi
ZIP Area
2,217
Density / Sq Mi
$90,054
Median Household Income
$44,657
Median Earnings
$1,641
Median Rent
$316,600
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?
Commercial land - Large-frontend redevelopment site with sewer access, a vintage home, and an additional barn/workshop structure on a busy corridor.
Where is this commercial land located?
The property is located at 2429 Scenic Highway Snellville, GA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 5.14‑acre redevelopment site with 400+ ft of frontage on highly traveled Scenic Highway 124; Public sewer access available at the road to support future development plans; 1936 vintage home on site that could be restored and repurposed into office or business use (or removed)
