15-Bedroom Group Housing
For Sale
$2,250,000
250 Carriage Lane, Athens, GA 30605
Commercial Sale, Athens, GA
Property Size8,946 SF
Lot Size6.58 Acres
Price / SF$251.51
Days on Market55
Property Features for 250 Carriage Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM-1
Bedrooms
15
Bathrooms
10
Full bathrooms
6
Half bathrooms
4
Rooms
Bedroom 13, Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 9, Bathroom 2, Bathroom 9, Bedroom 14, Bedroom 11, Bathroom 4, Bathroom 10, Bedroom 6, Bathroom 6, Bathroom 7, Bedroom 12, Bedroom 8, Bedroom 7, Bedroom 5, Basement, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 15, Bedroom 10, Bathroom 5, Bathroom 8
Appliances
Dishwasher, Electric Water Heater, Gas Water Heater, No Hot Water, Oven, Range
Directions
From Research Dr. Make a left onto Barnett Shoals Rd and left onto Carriage lane.
Standard status
Active
APN
174-014-D
Size
8,946 SF
Lot size
6.58 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TRACT 1 & 2 - 6.581 AC - PB H/123A
Tax Annual Amount
16938
Legal Description
TRACT 1 & 2 - 6.581 AC - PB H/123A
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2017
Floors in Building
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Athens Real Estate Associates, Inc.
(706) 850-6064
Listed By:
John Mobley · License #104999
(706) 338-3550
Added: Aug 10
Changed: Oct 2
Last Checked: Oct 2 at 11:06PM
MLS# CL363374
Copyright © 2026 Hive MLS. 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.
Set on 6.58 acres, this 8,946-square-foot residential property was built in 2017. Its 15 bedrooms include 12 upstairs, and the layout has two kitchenettes. The property is identified as a fraternity house in the UGA area.
Key Highlights
- 15 bedrooms, including 12 on the upper level
- 8,946 square feet on 6.58 acres
- Two 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
$100,114
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
4.45%
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%
$2,002,280
$2.0M
Cap Rate 7%
$1,430,200
$1.4M
Cap Rate 9%
$1,112,378
$1.1M
Market Conditions
NOI Build-Up for 8,946 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
$193.2K $21.60/SF
− Vacancy
−$11.2K −$1.25/SF
EGI
$182.0K $20.35/SF
− OpEx
−$81.9K −$9.16/SF
NOI
$100.1K $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%
$2,002,280
Cap Rate 7%
$1,430,200
Cap Rate 9%
$1,112,378
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,114 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $150,963 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
192
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
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Frequently Asked Questions
What type of property is this?
Residential income property - RM-1 zoning and two kitchenettes support the property's large-group residential configuration.
Where is this residential income property 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 bedrooms, including 12 on the upper level; 8,946 square feet on 6.58 acres; Two kitchenettes
