Flex Space with Studio
New
For Sale
$5,000,000
274 Highway 138 SW, Riverdale, GA 30274
Former multiplex improvements provide auditorium areas adaptable to warehouse, office, or studio functions.
Property Size1,986 SF
Lot Size7.60 Acres
Price / SF$119.62
Days on Market6
Property Features for 274 Highway 138 SW
General Information
Standard status
Active
Size
1,986 SF
Lot size
7.60 Acres
Property subtype
Other
Additional Details
Warehouse Space
41,800 SF
Amenities
7.6 acres, Level
Metal
Public Sewer
Annual Amount: $68,613, Year: 2024
Carpet
Central Air
Central, Electric
Cumulative Days on Market: 3, 3 days on market, On Market Date: 2026-08-04
Parking Total: 528, Parking Lot
Built in 1986, Frame, Mixed Use, Office, Retail
County: Clayton
Resale
220 Volts, 440 Volts, Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Available, Underground Utilities, Water Available, Public
Close Of Escrow
Water body: NONE
Accessible Approach with Ramp, Accessible Entrance, Accessible Hallway(s)
Furniture
Building Details
Building Size
1,986 SF
Year Built
1986
Buildings
1
Listing Agency:
Homesmart Realty Partners
(678) 999-6311
Listed By:
Anhad Chawla
(678) 999-6311
Source:
Blackstreaminternational
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 5:21AM
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 Homesmart Realty Partners
Investment Insights
Based on property information with market context.
The property consists of a 41,800-square-foot building on 7.6 acres, originally developed as a movie theater with 16 screens and auditoriums. That configuration may support studio, warehouse, and office uses, subject to applicable requirements and approvals. Site plans and a tax plat are included among the property documents.
The site is located approximately 9 miles from Atlanta Hartsfield-Jackson International Airport at 274 Highway 138 SW in Riverdale, Georgia. The building was constructed in 1986. Access and viewings are not available, and the occupant should not be disturbed.
The site is located approximately 9 miles from Atlanta Hartsfield-Jackson International Airport at 274 Highway 138 SW in Riverdale, Georgia. The building was constructed in 1986. Access and viewings are not available, and the occupant should not be disturbed.
Key Highlights
- 41,800 sq ft building situated on 7.6 acres
- Original 16‑screen movie theater configuration with multiple auditoriums
- Potential applications include movie studios, warehouse space, and offices
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
$306,847
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
6.14%
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%
$6,136,940
$6.1M
Cap Rate 7%
$4,383,529
$4.4M
Cap Rate 9%
$3,409,411
$3.4M
Market Conditions
NOI Build-Up for 41,800 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
$396.3K $9.48/SF
− Vacancy
−$35.3K −$0.84/SF
EGI
$361.0K $8.64/SF
− OpEx
−$54.1K −$1.30/SF
NOI
$306.8K $7.34/SF
Area
Clayton County, GA
Vacancy
8.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$6,136,940
Cap Rate 7%
$4,383,529
Cap Rate 9%
$3,409,411
Alternative Uses
Best Use
Office B
$8.00M
$7.00M – $9.33M
NOI $559,747 @ 7.0% cap · market cap 11.19%
Second Best
Warehouse
$4.38M
$3.84M – $5.11M
NOI $306,847 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$11.68M
$10.22M – $13.63M
NOI $817,929 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30274, GA
34,537
Population
14,299
Households
2.4
Avg Household Size
34
Median Age
21%
College-Educated
87%
High-School Grad
10.2 sq mi
ZIP Area
3,386
Density / Sq Mi
$50,455
Median Household Income
$33,141
Median Earnings
$1,241
Median Rent
$157,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Doz'ia Catering — 517 GA-138 Suite 6, Riverdale, GA 30274
- Eventful Memories, LLC — 517 GA-138, Riverdale, GA 30274
- Tasteful Innovations — 517 GA-138 Suite 6, Riverdale, GA 30274
- Smack ya mama catering — 1411 Wynthrope Cove, Riverdale, GA 30274
- Mack and Taste Co — 7857 Taylor Downs Way, Riverdale, GA 30274
Frequently Asked Questions
What type of property is this?
Flex space - Former multiplex improvements provide auditorium areas adaptable to warehouse, office, or studio functions.
Where is this flex space located?
The property is located at 274 Highway 138 SW Riverdale, GA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 41,800 sq ft building situated on 7.6 acres; Original 16‑screen movie theater configuration with multiple auditoriums; Potential applications include movie studios, warehouse space, and offices
