Convenience Store with Smoke
For Sale
$449,000
311 Vernon Street, Lagrange, GA 30240
Commercial Sale, Lagrange, GA
Property Size2,478 SF
Lot Size0.25 Acres
Price / SF$181.19
Days on Market138
Property Features for 311 Vernon Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
City Lot, Corner Lot
Directions
From I-85: Take Exit 18 for GA-109/Lafayette Pkwy. Head West: Travel toward downtown LaGrange on Lafayette Pkwy. Continue Straight: Proceed through the downtown square as the road transitions into Vernon St. Arrival: The property at 311 Vernon St will be on your right, shortly after the intersection with N Greenwood St
Standard status
Active
APN
0614A022001
Size
2,478 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
24
Tax Annual Amount
3397
Utilities
Utilities
Water Available
Sewer type
Private Sewer
Heating system
Natural Gas, Forced Air, Central
Cooling system
Attic Fan, Electric
Water source
Public
Building Details
Year built
1960
Building materials
Vinyl Siding
Listing Agency:
Virtual Properties Realty.com
(770) 495-5050
Listed By:
Mukeshkumar Rajput · License #433724
(201) 912-7779
Added: Apr 30
Changed: Sep 12
Last Checked: Sep 14 at 4:06AM
MLS# 10755023
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.
Convenience store and smoke shop building on a 0.25-acre lot offering approximately 2,478 SF for retail or service uses. The structure includes durable concrete flooring and a sturdy metal roof, with vinyl siding. A wheelchair-accessible entrance supports accessibility for customers.
The property is zoned 16-CR-MX (Corridor Mixed-Use). Heating is central forced air with natural gas, and cooling is electric with an attic fan. Utilities include public water and private sewer.
Built in 1960, this site is designed for a neighborhood retail tenant, with the flexibility to support a range of retail or professional service applications within the corridor mixed-use zoning framework.
The property is zoned 16-CR-MX (Corridor Mixed-Use). Heating is central forced air with natural gas, and cooling is electric with an attic fan. Utilities include public water and private sewer.
Built in 1960, this site is designed for a neighborhood retail tenant, with the flexibility to support a range of retail or professional service applications within the corridor mixed-use zoning framework.
Key Highlights
- Approximately 2,478 SF convenience store and smoke shop building
- 0.25‑acre lot with corridor mixed‑use zoning 16‑CR‑MX
- Wheelchair‑accessible entrance for customer access
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
$32,340
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
7.20%
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%
$646,800
$646.8K
Cap Rate 7%
$462,000
$462.0K
Cap Rate 9%
$359,333
$359.3K
Market Conditions
NOI Build-Up for 2,478 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
$45.2K $18.24/SF
− Vacancy
−$2.1K −$0.84/SF
EGI
$43.1K $17.40/SF
− OpEx
−$10.8K −$4.35/SF
NOI
$32.3K $13.05/SF
Area
Troup County, GA
Vacancy
4.60%
Lease Rate
$18.24 /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%
$646,800
Cap Rate 7%
$462,000
Cap Rate 9%
$359,333
Alternative Uses
Best Use
Specialty Retail
$462.0K
$404.3K – $539.0K
NOI $32,340 @ 7.0% cap · market cap 7.20%
Second Best
Retail
$431.2K
$377.3K – $503.1K
NOI $30,184 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$554.5K
$485.2K – $646.9K
NOI $38,812 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,151
Businesses Nearby
104k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 25%
Leisure 8%
Groceries 7%
Shell
Shops & Services
11,726 visits/mo
0.1 miles
Your Pie
Dining
9,338 visits/mo
0.2 miles
Wendy's
Dining
9,312 visits/mo
0.1 miles
AMC CLASSIC LaGrange 10
Leisure
8,728 visits/mo
0.4 miles
Bank of America
Shops & Services
8,401 visits/mo
0.3 miles
Demographics for 30240, GA
30,119
Population
12,782
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
88%
High-School Grad
139.6 sq mi
ZIP Area
216
Density / Sq Mi
$59,521
Median Household Income
$40,611
Median Earnings
$1,035
Median Rent
$221,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Piggly Wiggly — 505 S Greenwood St, LaGrange, GA 30240
- Lupitas Latino Supermarket — 310 Greenville St, LaGrange, GA 30241
- Mi Pueblito Supermarket Deli & Taqueria — 310 Greenville St, LaGrange, GA 30241
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Convenience store and smoke shop in corridor mixed-use zoning (16-CR-MX) with wheelchair-accessible entrance and public water.
Where is this grocery and convenience store located?
The property is located at 311 Vernon Street Lagrange, GA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Approximately 2,478 SF convenience store and smoke shop building; 0.25‑acre lot with corridor mixed‑use zoning 16‑CR‑MX; Wheelchair‑accessible entrance for customer access
