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Building Details

Building Size 21,824 SF

Year Built 1968

Buildings 1

Stories 2

Listed By: David Tshibambe Show Phone

Source: Red1realty

Added: Jul 15 Changed: Oct 6 Last Checked: Oct 7 at 8:48AM

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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 David Tshibambe

Investment Insights

Based on property information with market context.

This two-story office building offers approximately 22,000 square feet of commercial space, and is presented for sale for the first time. The property is configured to serve office use and includes 119 parking spaces for tenants and visitors.

The building has double road frontage on Milledge Avenue and Harris Street, providing visibility and access from both streets. It is located near Downtown Athens and Five Points, with the provided location description noting proximity to West Broad Street.

The property also includes a parking lot that generates income from rental agreements tied to game days and other special events, according to the public remarks.

Key Highlights

• Two‑story office building in the Milledge Avenue Historic District with about 22,000 SF (per tax record).
• Double road frontage on Milledge Avenue and Harris Street.
• Located on South Milledge Avenue, about 0.25 miles from West Broad Street.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$282,485

Cap Rate

3.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,649,700 $5.6M

Cap Rate 7%

$4,035,500 $4.0M

Cap Rate 9%

$3,138,722 $3.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,824 SF

Gross rent

$471.4K $21.60/SF

− Vacancy

−$94.8K −$4.34/SF

EGI

$376.6K $17.26/SF

− OpEx

−$94.2K −$4.31/SF

NOI

$282.5K $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 Rate 5%

$5,649,700

Cap Rate 7%

$4,035,500

Cap Rate 9%

$3,138,722

Alternative Uses

Best Use

Office B

$4.04M

$3.53M – $4.71M (±1% cap)

NOI $282,485 @ 7.0% cap · market cap 3.62%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.26M

$4.60M – $6.14M (±1% cap)

NOI $368,277 @ 7.0% cap · market cap 4.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Batesoft Computer & Electronic Repair IONX3 Technologies, Inc. Tech Support Center Greener Accounting & Tax ... Tax Preparation K. R. Love ... Consultant Kenneth Dious & Associates Law Firm

Suggested Use

Top Pick Kitchen & Bath Showroom Plumbing Service Electrical Service Furniture & Home Goods Locksmith (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2,211

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Two-story office building on South Milledge Avenue with additional Harris Street frontage and 119 parking spaces.

Where is this office building located?

The property is located at 337 S Milledge Avenue Athens 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: Two‑story office building in the Milledge Avenue Historic District with about 22,000 SF (per tax record).; Double road frontage on Milledge Avenue and Harris Street.; Located on South Milledge Avenue, about 0.25 miles from West Broad Street.