16-Screen Flex Space
New
For Sale
$5,000,000
274 Highway 138 SW, Riverdale, GA 30274
Commercial Sale, Riverdale, GA
Property Size41,800 SF
Lot Size7.60 Acres
Price / SF$119.62
Days on Market1
Property Features for 274 Highway 138 SW
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
528
Parking features
Parking Lot
Accessibility
Accessible Approach with Ramp
Lot features
Level
Directions
Use google maps
Standard status
Active
APN
13213A A006
Size
41,800 SF
Lot size
7.60 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
68613
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Flooring type
Carpet
Building materials
Frame
Roof type
Metal
Listing Agency:
Homesmart Realty Partners
(404) 419-1004
Listed By:
Anhad Chawla · License #443303
(678) 999-6311
Added: Sep 1
Last Checked: Sep 1 at 3:06PM
MLS# 10837429
Copyright © 2026 Georgia Multiple Listing Service. 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 41,800-square-foot flex property occupies 7.6 acres in Riverdale, Georgia. Built in 1986 with frame construction, the building was originally designed as a 16-screen movie theater with multiple auditoriums. Those interior areas may accommodate movie studio, warehouse, or office configurations, subject to the applicable requirements. Existing features include carpeted flooring, central heating and cooling, a metal roof, accessible ramp approach, and a parking lot.
The property is approximately 9 miles from Atlanta Hartsfield-Jackson International Airport and has public water and public sewer service. Cable is available. Site plans and a tax plat are provided among the property documents. The occupant does not permit access or viewings, and visitors are instructed not to disturb the site.
The property is approximately 9 miles from Atlanta Hartsfield-Jackson International Airport and has public water and public sewer service. Cable is available. Site plans and a tax plat are provided among the property documents. The occupant does not permit access or viewings, and visitors are instructed not to disturb the site.
Key Highlights
- 41,800‑square‑foot building situated on 7.6 acres
- 16‑screen former movie theater layout with multiple auditoriums
- Potential configurations 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
Warehouse
$4.38M
$3.84M – $5.11M
NOI $306,847 @ 7.0% cap · market cap 6.14%
Second Best
Industrial
$3.64M
$3.18M – $4.24M
NOI $254,639 @ 7.0% cap · market cap 5.09%
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
Property Profile
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Smack ya mama catering — 1411 Wynthrope Cove, Riverdale, GA 30274
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- Eventful Memories, LLC — 517 GA-138, Riverdale, GA 30274
- Tasteful Innovations — 517 GA-138 Suite 6, Riverdale, GA 30274
- Doz'ia Catering — 517 GA-138 Suite 6, Riverdale, GA 30274
Frequently Asked Questions
What type of property is this?
Flex space - Former theater layout supports movie studio, warehouse, and office configurations on a substantial commercial site.
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‑square‑foot building situated on 7.6 acres; 16‑screen former movie theater layout with multiple auditoriums; Potential configurations include movie studios, warehouse space, and offices
