Office Building with Fenced
New
For Sale
$185,000
4735 Armour Road, Columbus, GA 31904
Commercial Sale, Columbus, GA
Property Size1,006 SF
Lot Size0.21 Acres
Price / SF$183.90
Days on Market4
Property Features for 4735 Armour Road
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Free Standing
Directions
From Manchester Expressway, Turn Onto Armour Road Towards Airport Thruway. Building Is On The Left.
Subdivision
Muscogee
Standard status
Active
APN
069 004 008
Size
1,006 SF
Lot size
0.21 Acres
Utilities
Utilities
Water Available
Amenities
washer dryer hookups
Building Details
Year built
1948
Number of units
1
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
Keller Williams Realty River Cities
(706) 221-6900
Listed By:
Evelyn Forston · License #119368
(205) 901-6756
Added: Sep 20
Last Checked: Sep 23 at 8:06AM
MLS# 234306
Copyright © 2026 Columbus Board of Realtors (GA). 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 1,006-square-foot office building occupies a 0.21-acre parcel in Columbus, Georgia. Built in 1948, the brick structure includes a reception area, two assigned offices, one half bathroom, vinyl flooring, and a room equipped with two washer and dryer hookups. The layout is described as capable of accommodating three additional offices while retaining reception space.
A fully enclosed parking lot provides on-site parking, and a separate rear entrance adds another point of access. Water is available at the property. Located at 4735 Armour Road in Muscogee County, the property offers an established office setting with existing interior improvements and a defined parking area.
A fully enclosed parking lot provides on-site parking, and a separate rear entrance adds another point of access. Water is available at the property. Located at 4735 Armour Road in Muscogee County, the property offers an established office setting with existing interior improvements and a defined parking area.
Key Highlights
- 1,006‑square‑foot office building on a 0.21‑acre parcel
- Brick construction with vinyl flooring and a reception area
- Two assigned offices plus one half bathroom
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
$11,834
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
6.40%
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%
$236,680
$236.7K
Cap Rate 7%
$169,057
$169.1K
Cap Rate 9%
$131,489
$131.5K
Market Conditions
NOI Build-Up for 1,006 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
$17.0K $16.92/SF
− Vacancy
−$1.2K −$1.24/SF
EGI
$15.8K $15.68/SF
− OpEx
−$3.9K −$3.92/SF
NOI
$11.8K $11.76/SF
Area
Columbus, GA
Vacancy
7.30%
Lease Rate
$16.92 /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%
$236,680
Cap Rate 7%
$169,057
Cap Rate 9%
$131,489
Alternative Uses
Best Use
Office B
$169.1K
$147.9K – $197.2K
NOI $11,834 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$225.1K
$197.0K – $262.6K
NOI $15,757 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Explore this area
Business Placement
Demographics for 31904, GA
36,947
Population
15,947
Households
2.3
Avg Household Size
39
Median Age
31%
College-Educated
88%
High-School Grad
27.5 sq mi
ZIP Area
1,344
Density / Sq Mi
$65,625
Median Household Income
$42,573
Median Earnings
$1,036
Median Rent
$216,100
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Brick office property with reception space, a half bath, rear entry, and available water service.
Where is this office building located?
The property is located at 4735 Armour Road Columbus, GA.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1,006‑square‑foot office building on a 0.21‑acre parcel; Brick construction with vinyl flooring and a reception area; Two assigned offices plus one half bathroom
