Multi-Suite Flex
For Sale
$3,400,000
328 Commerce Boulevard, Athens, GA 30606
Adaptable industrial property combining warehouse areas, loading access, and finished office amenities within a gated site.
Property Size21,000 SF
Lot Size3.40 Acres
Price / SF$161.90
Days on Market42
Property Features for 328 Commerce Boulevard
General Information
Standard status
Active
Size
21,000 SF
Lot size
3.40 Acres
Additional Details
Highway Access
Yes
Amenities
private offices
conference rooms
kitchenette break rooms
restrooms
Building Details
Year Built
1986
Building Size
21,000 SF
Tenancy
Multi
Listing Agency:
RE/MAX Living
(706) 614-8820
Listed By:
Lynn Brogdon · License #298128
Source:
Wadehouse
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 11:54AM
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 RE/MAX Living
Investment Insights
Based on property information with market context.
This flex space property contains 21,000 square feet of finished improvements across multiple suites. Each suite includes at least one roll-up door and dock-height loading area, while the office components provide private offices, conference rooms, kitchenette break rooms, and restrooms. Warehouse areas support production, assembly, or storage functions, subject to the applicable requirements for each use. The gated site includes paved parking for employees and visitors and occupies approximately 3.4 acres.
Located at 328 Commerce Boulevard in Athens, the property offers access to Hwy 316 and Loop 10, with connectivity toward the Atlanta metro area and the I-85 corridor. The surrounding west Athens industrial corridor includes distribution centers, construction suppliers, and light manufacturing businesses. Built in 1986, the property can accommodate a single-user operation or multiple occupants within its suite configuration.
Located at 328 Commerce Boulevard in Athens, the property offers access to Hwy 316 and Loop 10, with connectivity toward the Atlanta metro area and the I-85 corridor. The surrounding west Athens industrial corridor includes distribution centers, construction suppliers, and light manufacturing businesses. Built in 1986, the property can accommodate a single-user operation or multiple occupants within its suite configuration.
Key Highlights
- 21,000 square feet of finished space across multiple suites
- Approximately 3.4 acres with gated entry and paved parking
- Each suite includes at least one roll‑up door and dock‑height loading area
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
$271,820
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
7.99%
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%
$5,436,400
$5.4M
Cap Rate 7%
$3,883,143
$3.9M
Cap Rate 9%
$3,020,222
$3.0M
Market Conditions
NOI Build-Up for 21,000 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
$453.6K $21.60/SF
− Vacancy
−$91.2K −$4.34/SF
EGI
$362.4K $17.26/SF
− OpEx
−$90.6K −$4.31/SF
NOI
$271.8K $12.94/SF
Area
Athens, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$5,436,400
Cap Rate 7%
$3,883,143
Cap Rate 9%
$3,020,222
Alternative Uses
Best Use
Office B
$3.88M
$3.40M – $4.53M
NOI $271,820 @ 7.0% cap · market cap 7.99%
Second Best
Warehouse
$2.20M
$1.93M – $2.57M
NOI $154,158 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$5.06M
$4.43M – $5.91M
NOI $354,372 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30606, GA
46,798
Population
22,603
Households
2.1
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
30.7 sq mi
ZIP Area
1,524
Density / Sq Mi
$61,397
Median Household Income
$35,854
Median Earnings
$1,222
Median Rent
$332,600
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?
Flex space - Adaptable industrial property combining warehouse areas, loading access, and finished office amenities within a gated site.
Where is this flex space located?
The property is located at 328 Commerce Boulevard Athens, GA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 21,000 square feet of finished space across multiple suites; Approximately 3.4 acres with gated entry and paved parking; Each suite includes at least one roll‑up door and dock‑height loading area
