Quadplex With Expansion
For Sale
$1,499,900
2451 NW Old Thompson Bridge Road, Gainesville, GA 30501
Residential Income, Gainesville, GA
Property Size5,760 SF
Lot Size0.01 Acres
Price / SF$260.40
Days on Market168
Property Features for 2451 NW Old Thompson Bridge Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
9
Parking features
Parking Lot, Driveway
Window features
Double Pane Windows
Subdivision
Hidden Cove
Lot features
Wooded
View
Lake
Elementary school
Enota Multiple Intelligences Academy
Middle school
Gainesville East
High school
Gainesville
Directions
From Downtown Gainesville, take Jesse Jewell Pkwy NW to Thompson Bridge Rd. Turn right onto Thompson Bridge Rd and continue approximately 2.5 miles. Turn left onto Old Thompson Bridge Rd NW. Properties are located at 2451, 2447, 2443, and 2539 NW Old Thompson Bridge Rd.
Standard status
Active
APN
01097A000026
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3866
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Water front features
Lake Front
Water front
1
Building Details
Year built
2024
Floors in Building
3
Flooring type
Hardwood
Building materials
Cement Siding, Concrete
Roof type
Composition
Listing Agency:
EXP Realty, LLC.
(888) 959-9461
Listed By:
Cindy LaDuke
(678) 650-1425
Added: Mar 20
Changed: Sep 2
Last Checked: Sep 3 at 7:06AM
MLS# 7738614
Copyright © 2026 First Multiple Listing Service, Inc. 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 multifamily offering combines four completed condominium residences with five additional development sites. The existing units total approximately 5,760 SF, with each residence measuring approximately 1,440 SF and offering three bedrooms and 3.5 bathrooms. All four completed units are currently occupied and feature hardwood flooring, central heating and cooling, public water, and public sewer. Parking is provided through a parking lot and driveways.
The property includes five basement slabs prepared for potential future construction, with utilities in place or stubbed to the sites. Completed residences have lake views and are within walking distance of Holly Park and Lake Lanier access. Gainesville amenities, including downtown, shopping, dining, medical facilities, and major employment centers, are also identified in the surrounding context. Development information, approvals, utilities, and construction requirements should be independently verified during due diligence.
The property includes five basement slabs prepared for potential future construction, with utilities in place or stubbed to the sites. Completed residences have lake views and are within walking distance of Holly Park and Lake Lanier access. Gainesville amenities, including downtown, shopping, dining, medical facilities, and major employment centers, are also identified in the surrounding context. Development information, approvals, utilities, and construction requirements should be independently verified during due diligence.
Key Highlights
- Four completed condominium units are 100% occupied
- Approximately 5,760 total SF; each residence is approximately 1,440 SF
- Each unit offers 3 bedrooms and 3.5 bathrooms
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
$58,367
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
3.89%
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%
$1,167,340
$1.2M
Cap Rate 7%
$833,814
$833.8K
Cap Rate 9%
$648,522
$648.5K
Market Conditions
NOI Build-Up for 5,760 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
$94.0K $16.32/SF
− Vacancy
−$10.6K −$1.84/SF
EGI
$83.4K $14.48/SF
− OpEx
−$25.0K −$4.34/SF
NOI
$58.4K $10.13/SF
Area
Hall County, GA
Vacancy
11.30%
Lease Rate
$16.32 /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%
$1,167,340
Cap Rate 7%
$833,814
Cap Rate 9%
$648,522
Alternative Uses
Best Use
Multifamily LT 5
$833.8K
$729.6K – $972.8K
NOI $58,367 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$655.5K
$573.6K – $764.7K
NOI $45,884 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,917 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 30501, GA
29,779
Population
12,916
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
71%
High-School Grad
21.9 sq mi
ZIP Area
1,360
Density / Sq Mi
$58,214
Median Household Income
$33,299
Median Earnings
$1,152
Median Rent
$249,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied condominium residences accompany five additional slab-ready sites with utilities in place or stubbed.
Where is this quadplex located?
The property is located at 2451 NW Old Thompson Bridge Road Gainesville, GA.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Four completed condominium units are 100% occupied; Approximately 5,760 total SF; each residence is approximately 1,440 SF; Each unit offers 3 bedrooms and 3.5 bathrooms
