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    Medical/Office Space on Highway 278 Title is generated by Realmo AI

    4124 Hwy 278, Covington, GA 30014

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    For Sale
    $890,000

    Move-in ready medical/office space near Piedmont Newton Hospital.

    Type:Commercial
    Property size:
    3,448 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $258/SF
    Added:
    Sep 11, 2025
    Days on Market:
    267
    Last Refresh:
    May 10 at 10:01 pm

    Property Features for 4124 Hwy 278

    General Information

    Standard status
    Active
    Size
    3,448 SF
    Lot size
    0.12 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1998

    We can help!

    Listing Contact
    Kharmin Beam

    Listing agent Kharmin Beam License #281994

    Listing office Main Street Land & Properties

    Listing date Sep 11, 2025

    Source Corcoran

    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 Main Street Land & Properties

    HighLights

    • 3448 sq ft medical/office space ready for immediate move‑in
    • Prime location on Hwy 278 in Covington, near Piedmont Newton Hospital
    • Located across from the new Jackson Market development
    • Set up for medical use with 5 functional patient rooms, and 2 patient rooms with sinks
    • Ample parking in front and rear with easy access
    • Marquee signage available at the Hwy 278 entrance

    Overview

    This 3,448 square foot medical/office space is move-in ready and features a location on Highway 278 in Covington. The property is configured for medical use, including five functional patient rooms with the potential for more. It includes two restrooms and two patient rooms equipped with sinks. An oversized waiting room is available. Parking is ample in both the front and rear of the building, with easy access. The property is located in the heart of Highway 278, across the street from the upcoming Jackson Market development, which will include tenants such as McAlisters, Chicken Salad Chick, Sage Dental, Nail Bar, Five Guys, and Touch Down Wings. Piedmont Newton Hospital is less than one mile away. The property is part of the Covington Professional Park HOA, with estimated dues of $250.00 per month. The owner will have marquee signage at the Highway 278 entrance. Current owners include Greystone OBGYN, Piedmont Family Medicine, and Newton County Government. This property is intended for medical or office use.

    Local Financial Insights For Healthcare Medical

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $93.1k $27.00
    − Vacancy −$9.8k −$2.84
    EGI $83.3k $24.17
    − OpEx −$33.3k −$9.67
    NOI $50.0k $14.50
    3,448 SF · lease $27.00/SF/yr · vacancy 10.50% · expense 40.00%

    Alternative Uses

    Best Use
    Healthcare Medical
    $714.2K
    $624.9K – $833.2K (±1% cap)
    NOI $49,993 @ 7.0% cap · market cap 5.62%
    Second Best
    Office B
    $659.6K
    $577.2K – $769.5K (±1% cap)
    NOI $46,172 @ 7.0% cap · market cap 5.19%
    Theoretical Best
    Office A
    $963.8K
    $843.4K – $1.12M (±1% cap)
    NOI $67,469 @ 7.0% cap · market cap 7.58%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Animal Medical Of Covington — 7120 Industrial Blvd, Covington, GA 30014
    • Animal Medical of Covington: Miller Shannon DVM — 7120 Industrial Blvd, Covington, GA 30014
    • Dr. Dianna Doss — 5294 Adams St, Covington, GA 30014
    • Hometown Vets Covington — 5294 Adams St, Covington, GA 30014

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Newton
    State
    Georgia
    Longitude
    -83.8525
    Latitude
    33.6021

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    FAQs

    What type of property is this?
    Medical Office Space - Move-in ready medical/office space near Piedmont Newton Hospital.
    Where is this medical office space located?
    The property is located at 4124 Hwy 278 Covington, GA.
    What is the asking price?
    The asking price for this property is $890,000.
    What are key features of this property?
    This property features: 3448 sq ft medical/office space ready for immediate move‑in; Prime location on Hwy 278 in Covington, near Piedmont Newton Hospital; Located across from the new Jackson Market development
    (770) 314-8026
    We can help!
    Listing Contact
    Kharmin Beam
    Real Estate License ID: 281994
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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