Former Pharmacy Retail
For Sale
Contact for pricing
3215 Hwy 278, Covington, GA 30014
11,000 SF former pharmacy available for sale.
Property Size11,000 SF
Price / SF$318.18
Days on Market366
Property Features for 3215 Hwy 278
General Information
Standard status
Active
Size
11,000 SF
Property subtype
Retail
Investment Type
Redevelopment
Listing Agency:
Cresa
Listed By:
Chandler Pope · License #358660
Source:
Crexi
Added: Aug 11, 2025
Changed: Aug 9
Last Checked: Aug 11 at 6:23PM
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 Cresa
Investment Insights
Based on property information with market context.
This is an 11,000 square foot commercial property, formerly a pharmacy, available for sale.
Key Highlights
- 11,000 SF of space available
- Former pharmacy
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
$176,774
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
5.05%
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%
$3,535,480
$3.5M
Cap Rate 7%
$2,525,343
$2.5M
Cap Rate 9%
$1,964,156
$2.0M
Market Conditions
NOI Build-Up for 11,000 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
$253.4K $23.04/SF
− Vacancy
−$17.7K −$1.61/SF
EGI
$235.7K $21.43/SF
− OpEx
−$58.9K −$5.36/SF
NOI
$176.8K $16.07/SF
Area
Newton County, GA
Vacancy
7.00%
Lease Rate
$23.04 /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%
$3,535,480
Cap Rate 7%
$2,525,343
Cap Rate 9%
$1,964,156
Alternative Uses
Best Use
Specialty Retail
$2.53M
$2.21M – $2.95M
NOI $176,774 @ 7.0% cap · market cap 5.05%
Second Best
Retail
$2.21M
$1.93M – $2.58M
NOI $154,719 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$3.07M
$2.69M – $3.59M
NOI $215,244 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 30014, GA
39,247
Population
16,159
Households
2.4
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
120.7 sq mi
ZIP Area
325
Density / Sq Mi
$71,055
Median Household Income
$37,714
Median Earnings
$1,199
Median Rent
$253,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Drugs for Less — 4140 Tate St NE, Covington, GA 30014
- Covington Nutrition (Morgan Plaza) — 2155 Pace St, Covington, GA 30014
- Publix Pharmacy at Covington Town Center — 43001 Town Center Blvd, Covington, GA 30014
- Peoples Home Medical — 1174 Monticello St SW, Covington, GA 30014
- Blink N Blush — 1123 Church St #102-104, Covington, GA 30014
Frequently Asked Questions
What type of property is this?
Drug store - 11,000 SF former pharmacy available for sale.
Where is this drug store located?
The property is located at 3215 Hwy 278 Covington, GA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 11,000 SF of space available; Former pharmacy
