Renovated Two-Story Office
For Sale
$890,000
311 N Main Street, Madison, GA 30650
Commercial Sale, Madison, GA
Property Size2,556 SF
Price / SF$348.20
Days on Market26
Property Features for 311 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Parking Lot
Lot features
City Lot
Directions
GPS Friendly
Standard status
Active
APN
M08 BO 078 CA
Size
2,556 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2860
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
kitchen
bathroom
break room
private offices
conference room
natural light
Building Details
Year built
2009
Flooring type
Tile
Building materials
Brick
Roof type
Metal
Listing Agency:
eXp Realty
(888) 959-9461
Listed By:
Mary A Rector · License #356074
(706) 717-9675
Added: Aug 30
Changed: Sep 23
Last Checked: Sep 24 at 8:06AM
MLS# 10836036
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 renovated 2,556-square-foot office property provides a two-level configuration suited to professional operations and collaborative work. The main floor includes a kitchen, break room, bathroom, two private offices, and an expansive industrial-style area. Upstairs are four additional private offices, a conference room, and a second bathroom. Natural light and a flexible interior arrangement support a range of office and professional service uses.
Built in 2009, the building features brick construction, tile flooring, a metal roof, central air, and natural gas heating. The property includes a parking lot, public water, public sewer, and cable availability. Its Madison setting offers access to U.S. 441 and Interstate 20, with Lake Oconee and Athens described as a short drive away.
Built in 2009, the building features brick construction, tile flooring, a metal roof, central air, and natural gas heating. The property includes a parking lot, public water, public sewer, and cable availability. Its Madison setting offers access to U.S. 441 and Interstate 20, with Lake Oconee and Athens described as a short drive away.
Key Highlights
- 2,556 square feet across two levels
- Main floor includes two private offices, kitchen, break room, and bathroom
- Second floor offers four private offices, conference room, and second bathroom
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
$34,228
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
3.85%
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%
$684,560
$684.6K
Cap Rate 7%
$488,971
$489.0K
Cap Rate 9%
$380,311
$380.3K
Market Conditions
NOI Build-Up for 2,556 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
$61.0K $23.87/SF
− Vacancy
−$15.4K −$6.02/SF
EGI
$45.6K $17.85/SF
− OpEx
−$11.4K −$4.46/SF
NOI
$34.2K $13.39/SF
Area
Morgan 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%
$684,560
Cap Rate 7%
$488,971
Cap Rate 9%
$380,311
Alternative Uses
Best Use
Office B
$489.0K
$427.9K – $570.5K
NOI $34,228 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.5K
$625.2K – $833.6K
NOI $50,015 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 30650, GA
13,631
Population
5,723
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
93%
High-School Grad
229.9 sq mi
ZIP Area
59
Density / Sq Mi
$80,357
Median Household Income
$44,789
Median Earnings
$1,104
Median Rent
$314,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible office layout with private offices, conference space, kitchen, break room, and two bathrooms.
Where is this office units located?
The property is located at 311 N Main Street Madison, GA.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: 2,556 square feet across two levels; Main floor includes two private offices, kitchen, break room, and bathroom; Second floor offers four private offices, conference room, and second bathroom
