Renovated Office
For Sale
$750,000
2954 N Expressway, Griffin, GA 30223
Commercial Sale, Griffin, GA
Property Size4,800 SF
Lot Size0.72 Acres
Price / SF$156.25
Days on Market46
Property Features for 2954 N Expressway
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Parking Lot
Security features
Security
Fencing
Chain Link
Lot features
City Lot
Directions
Head North on 19/41, turn right into Southern Pit, building straight ahead.
Standard status
Active
APN
242B01005T
Size
4,800 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
5220
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1993
Flooring type
Laminate, Tile, Carpet
Building materials
Stucco, Vinyl Siding, Wood Siding
Listing Agency:
Benham Realty Group
(678) 688-4246
Listed By:
Mary Ann Wells
(678) 544-7353
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 30 at 5:06PM
MLS# 10806474
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 4,800-square-foot office building, constructed in 1993, has undergone recent renovation and provides a range of functional work and support areas. The interior includes multiple offices, a conference room, large reception area, kitchen, break room, storage room, and restrooms, including a full bath in the main office. Laminate, tile, and carpet flooring are installed throughout, with natural gas heating and electric cooling.
The property occupies 0.72 acres and includes paved parking at the front, chain-link fencing, public water, and public sewer. Access is provided from N Expressway and Old Atlanta Road, with the site reporting more than 30,000 vehicles per day. The building is located in Griffin, Georgia, near Southern Pit Barbeque.
The property occupies 0.72 acres and includes paved parking at the front, chain-link fencing, public water, and public sewer. Access is provided from N Expressway and Old Atlanta Road, with the site reporting more than 30,000 vehicles per day. The building is located in Griffin, Georgia, near Southern Pit Barbeque.
Key Highlights
- 4,800‑square‑foot office building on 0.72 acres
- Recently renovated; originally constructed in 1993
- Multiple offices plus conference, reception, kitchen, break room, and storage areas
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
85
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 - Multi-office layout with conference, reception, kitchen, break, storage, and restroom areas.
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: 4,800‑square‑foot office building on 0.72 acres; Recently renovated; originally constructed in 1993; Multiple offices plus conference, reception, kitchen, break room, and storage areas
