Multi-Suite Industrial Flex
For Sale
$3,400,000
328 Commerce Boulevard, Athens, GA 30606
Industrial flex property with multiple suites, office buildouts, and dock-height loading with roll-up doors.
Property Size21,000 SF
Price / SF$161.90
Days on Market309
Property Features for 328 Commerce Boulevard
General Information
Standard status
Active
Size
21,000 SF
Total Parking Spaces
30
Property subtype
Commercial
Zoning
E-I
Taxes and HOA fees
Annual Taxes
$14,468
Building Details
Building Size
21,000 SF
Year Built
1986
Stories
1
Listing Agency:
RE/MAX Living
(706) 614-8820
Listed By:
Lynn Brogdon · License #298128
(706) 614-8820
Source:
Frankerealproperties
Added: Oct 21, 2025
Changed: Aug 25
Last Checked: Aug 25 at 8:49AM
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 multi-suite industrial flex building includes approximately 21,000 square feet of finished space, divided to support a variety of operational needs. Each suite is equipped with at least one roll-up door and dock-height loading area, along with finished office space featuring private offices, conference rooms, kitchenette/break rooms, and restrooms. The remaining warehouse area is designed to accommodate production, assembly, or storage, providing flexibility for different uses.
The property is set on a gated site with paved parking for employees and visitors. It is positioned on the west side of Athens with access to Hwy 316 and Loop 10, which connect Athens to the Atlanta metro area and the I-85 corridor.
Whether leased as separate suites or occupied as a single operation, the building’s combination of loading capability and office amenities supports both logistics and administrative functions within one facility.
The property is set on a gated site with paved parking for employees and visitors. It is positioned on the west side of Athens with access to Hwy 316 and Loop 10, which connect Athens to the Atlanta metro area and the I-85 corridor.
Whether leased as separate suites or occupied as a single operation, the building’s combination of loading capability and office amenities supports both logistics and administrative functions within one facility.
Key Highlights
- ~3.4‑acre industrial flex site with 21,000 SF of finished space in multiple suites
- Each suite includes roll‑up doors and dock‑height loading area for shipping and receiving
- Suite office buildouts with private offices, conference rooms, kitchenette/break rooms, and restrooms
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
$154,158
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
4.53%
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%
$3,083,160
$3.1M
Cap Rate 7%
$2,202,257
$2.2M
Cap Rate 9%
$1,712,867
$1.7M
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
$199.1K $9.48/SF
− Vacancy
−$17.7K −$0.84/SF
EGI
$181.4K $8.64/SF
− OpEx
−$27.2K −$1.30/SF
NOI
$154.2K $7.34/SF
Area
Athens, GA
Vacancy
8.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$3,083,160
Cap Rate 7%
$2,202,257
Cap Rate 9%
$1,712,867
Alternative Uses
Best Use
Warehouse
$2.20M
$1.93M – $2.57M
NOI $154,158 @ 7.0% cap · market cap 4.53%
Second Best
Industrial
$1.83M
$1.60M – $2.13M
NOI $127,929 @ 7.0% cap · market cap 3.76%
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
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with multiple suites, office buildouts, and dock-height loading with roll-up doors.
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: ~3.4‑acre industrial flex site with 21,000 SF of finished space in multiple suites; Each suite includes roll‑up doors and dock‑height loading area for shipping and receiving; Suite office buildouts with private offices, conference rooms, kitchenette/break rooms, and restrooms
