Two-Story Office
For Sale
$7,800,000
337 S Milledge Avenue, Athens, GA 30605
Commercial Sale, Athens, GA
Property Size22,000 SF
Lot Size1.75 Acres
Price / SF$354.55
Days on Market442
Property Features for 337 S Milledge Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
119
Lot features
Level
Directions
Take W Broad Street from Downtown Athens. Turn left on S Milledge Avenue. In 0.2 miles, the property will be on your left.
Standard status
Active
APN
171C1 D005
Lot size
1.75 Acres
Taxes and HOA fees
Tax Annual Amount
26991
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1968
Floors in Building
2
Building materials
Brick
Listing Agency:
NAI Elrod Group
(706) 553-1000
Listed By:
Brian Elrod · License #251606
(678) 859-6110
Added: Jun 13, 2025
Changed: Aug 19
Last Checked: Aug 28 at 12:06AM
MLS# CM1027693
Copyright © 2026 Hive MLS. 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 1968 two-story office building contains approximately 22,000 square feet on a 1.75-acre parcel. The brick property is served by central heating, Central Air, electric cooling, public water, and public sewer. On-site parking includes 119 spaces, and the parking area generates income through rental agreements, game days, and other special events.
The property occupies a prominent position in the Milledge Avenue Historic District with frontage on both South Milledge Avenue and Harris Street. It is approximately a quarter mile from West Broad Street and near Downtown Athens and Five Points, providing access to nearby dining, shopping, and downtown amenities. The existing configuration can support owner occupancy or continued office use, subject to applicable requirements.
The property occupies a prominent position in the Milledge Avenue Historic District with frontage on both South Milledge Avenue and Harris Street. It is approximately a quarter mile from West Broad Street and near Downtown Athens and Five Points, providing access to nearby dining, shopping, and downtown amenities. The existing configuration can support owner occupancy or continued office use, subject to applicable requirements.
Key Highlights
- Approximately 22,000 square feet per tax record
- 1.75‑acre parcel with a 1968 construction date
- Two‑story brick office building
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
$284,764
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
3.65%
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%
$5,695,280
$5.7M
Cap Rate 7%
$4,068,057
$4.1M
Cap Rate 9%
$3,164,044
$3.2M
Market Conditions
NOI Build-Up for 22,000 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
$475.2K $21.60/SF
− Vacancy
−$95.5K −$4.34/SF
EGI
$379.7K $17.26/SF
− OpEx
−$94.9K −$4.31/SF
NOI
$284.8K $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%
$5,695,280
Cap Rate 7%
$4,068,057
Cap Rate 9%
$3,164,044
Alternative Uses
Best Use
Office B
$4.07M
$3.56M – $4.75M
NOI $284,764 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.30M
$4.64M – $6.19M
NOI $371,247 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,765
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
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?
Office building - Brick office property with public utilities, central climate control, and parking that supports tenant and visitor access.
Where is this office building located?
The property is located at 337 S Milledge Avenue Athens, GA.
What is the asking price?
The asking price for this property is $7,800,000.
What are key features of this property?
This property features: Approximately 22,000 square feet per tax record; 1.75‑acre parcel with a 1968 construction date; Two‑story brick office building
