Apartment Building with
For Sale
$2,250,000
250 Carriage Lane, Athens, GA 30605
Fraternity residence featuring multiple bedrooms, kitchenettes, and bathrooms in a multi-level configuration.
Property Size2,017 SF
Price / SF$259.34
Days on Market49
Property Features for 250 Carriage Lane
General Information
Standard status
Active
Size
2,017 SF
Property subtype
Other
Amenities
6.58 acres, Level
Public Sewer
Annual Amount: $16,938, Year: 2025
Central Air
Central
Cumulative Days on Market: 47, 47 days on market, On Market Date: 2026-08-10
Parking Lot
Built in 2017, Brick
County: Clarke
Resale
Cable Available, Electricity Available, Natural Gas Available, Sewer Available, Water Available, Public
Negotiable
Building Details
Building Size
2,017 SF
Year Built
2017
Listing Agency:
Athens Real Estate Associates
(706) 540-0676
Listed By:
John Mobley
(706) 338-3550
Source:
Blackstreaminternational
Added: Aug 10
Changed: Sep 26
Last Checked: Sep 26 at 10:10AM
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 Athens Real Estate Associates
Investment Insights
Based on property information with market context.
Built in 2017, this 8,676-square-foot apartment building is configured as a fraternity house with 15 bedrooms, including 12 located upstairs. The layout also includes 2 kitchenettes and 8 bathrooms, providing a residential arrangement designed for group occupancy.
The property is located at 250 Carriage Lane in Athens, Georgia. Its bedroom count, multiple kitchenettes, and substantial bathroom provision define the building’s existing residential configuration.
The property is located at 250 Carriage Lane in Athens, Georgia. Its bedroom count, multiple kitchenettes, and substantial bathroom provision define the building’s existing residential configuration.
Key Highlights
- 15‑bedroom fraternity house
- 12 bedrooms located upstairs
- 2 kitchenettes
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
$97,093
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
4.32%
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%
$1,941,860
$1.9M
Cap Rate 7%
$1,387,043
$1.4M
Cap Rate 9%
$1,078,811
$1.1M
Market Conditions
NOI Build-Up for 8,676 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
$187.4K $21.60/SF
− Vacancy
−$10.9K −$1.25/SF
EGI
$176.5K $20.35/SF
− OpEx
−$79.4K −$9.16/SF
NOI
$97.1K $11.19/SF
Area
Athens, GA
Vacancy
5.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,941,860
Cap Rate 7%
$1,387,043
Cap Rate 9%
$1,078,811
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,093 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,406 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
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?
Apartment building - Fraternity residence featuring multiple bedrooms, kitchenettes, and bathrooms in a multi-level configuration.
Where is this apartment building located?
The property is located at 250 Carriage Lane Athens, GA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 15‑bedroom fraternity house; 12 bedrooms located upstairs; 2 kitchenettes
