Renovated Office Building with
For Sale
$750,000
2954 N Expressway, Griffin, GA 30223
Renovated office building with multiple offices, a reception area, conference room, kitchen, and paved front parking.
Property Size1,993 SF
Price / SF$156.25
Days on Market52
Property Features for 2954 N Expressway
General Information
Standard status
Active
Size
1,993 SF
Property subtype
Other
Amenities
0.72 acres, City Lot
Chain Link
Public Sewer
Annual Amount: $5,220, Year: 2023
Carpet, Tile, Laminate
Electric
Natural Gas
Cumulative Days on Market: 49, 49 days on market, On Market Date: 2026-07-16
Parking Lot
Built in 1993, Stucco, Vinyl Siding, Wood Siding, Industrial, Mixed Use, Office, Retail, Warehouse
County: Spalding
Resale
Cable Available, Electricity Available, High Speed Internet, Sewer Available, Phone Available, Water Available, Public
Close Of Escrow, Negotiable
Closed Circuit Cameras, Building Security
Building Details
Building Size
1,993 SF
Year Built
1993
Listing Agency:
Benham Realty Group
(678) 688-4246
Listed By:
Mary Ann Wells
(678) 544-7353
Source:
Blackstreaminternational
Added: Jul 16
Changed: Sep 4
Last Checked: Sep 5 at 7:14AM
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 Benham Realty Group
Investment Insights
Based on property information with market context.
This renovated commercial office building offers approximately 4,800 square feet and includes multiple offices plus shared spaces such as a large reception room, conference room, break room, and kitchen area. The interior also features full bath in the main office, a hall bath, and additional storage room.
The property has a paved parking area in front of the building. The entrance is described at 19/41 and Old Atlanta Rd, and the remarks reference traffic volume of over 30,000 cars per day. The building is also noted as being next to Southern Pit Barbeque.
The layout supports an office-focused operation with dedicated rooms for client-facing and team functions, along with restroom facilities and storage.
The property has a paved parking area in front of the building. The entrance is described at 19/41 and Old Atlanta Rd, and the remarks reference traffic volume of over 30,000 cars per day. The building is also noted as being next to Southern Pit Barbeque.
The layout supports an office-focused operation with dedicated rooms for client-facing and team functions, along with restroom facilities and storage.
Key Highlights
- Well‑maintained commercial office building built in 1993
- Approximately 4,800 SF with multiple offices, a large reception room, and a conference room
- Includes kitchen area, full bath in main office, break room, and hall bath
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
$64,277
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
8.57%
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%
$1,285,540
$1.3M
Cap Rate 7%
$918,243
$918.2K
Cap Rate 9%
$714,189
$714.2K
Market Conditions
NOI Build-Up for 4,800 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
$114.6K $23.87/SF
− Vacancy
−$28.9K −$6.02/SF
EGI
$85.7K $17.85/SF
− OpEx
−$21.4K −$4.46/SF
NOI
$64.3K $13.39/SF
Area
Spalding County, GA
Vacancy
25.20%
Lease Rate
$23.87 /SF/Yr
Expense Ratio
25.00%
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%
$1,285,540
Cap Rate 7%
$918,243
Cap Rate 9%
$714,189
Alternative Uses
Best Use
Office B
$918.2K
$803.5K – $1.07M
NOI $64,277 @ 7.0% cap · market cap 8.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,349 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 30223, GA
38,111
Population
15,647
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
84%
High-School Grad
108.0 sq mi
ZIP Area
353
Density / Sq Mi
$56,940
Median Household Income
$34,305
Median Earnings
$1,025
Median Rent
$186,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office building with multiple offices, a reception area, conference room, kitchen, and paved front parking.
Where is this office building located?
The property is located at 2954 N Expressway Griffin, GA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Well‑maintained commercial office building built in 1993; Approximately 4,800 SF with multiple offices, a large reception room, and a conference room; Includes kitchen area, full bath in main office, break room, and hall bath
