Renovated Flex Space with
New
For Sale
$1,950,000
4860 Atlanta, Athens, GA 30606
Connected retail and warehouse areas support sales, storage, and receiving functions.
Property Size12,000 SF
Lot Size1.58 Acres
Price / SF$162.50
Days on Market7
Property Features for 4860 Atlanta
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
41
Lot size
1.58 Acres
Property subtype
Commercial
Site & Location
Traffic Count
31,000 vehicles/day
Road Access
Yes
Warehouse & Industrial
Clear Height
12 ft
Warehouse Space
2,880 SF
Dock-High Doors
4
Drive-In Doors
1
Cold Storage
Yes
Cold Storage Area
80 SF
Freezer
80 SF
Amenities
break room
private offices
covered front entry porch
Central air
Central Air Cooling
Heating Heating
Building Details
Year Built
2005
Year Renovated
2024
Buildings
1
Building Size
12,000 SF
Listing Agency:
NAI ELROD GROUP
(706) 553-1000
Listed By:
BRIAN ELROD · License ##251606
Source:
Corcoran
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 10 at 4:19AM
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 NAI ELROD GROUP
Investment Insights
Based on property information with market context.
This 12,000 SF flex property combines a 9,120 SF retail area with a connected 2,880 SF warehouse on a 1.58-acre site. The retail portion was built in 2005 and renovated in 2024, featuring a vaulted sales floor, exposed trusses, 14-foot wall heights, fitting room, private offices, break room with full kitchen cabinetry and appliances, and two restrooms. The warehouse was constructed in 2006 and renovated in 2024, with LED lighting, 12-foot clear height rising to 24'10" at the peak, mezzanine storage, a 10' x 8' walk-in freezer, gas heat, exhaust fan, and insulated construction.
Two covered loading areas provide four dock-high doors and one 13' tall by 9' wide grade-level door. A 41-space paved parking lot serves the building, which will be delivered vacant at closing. The property is located at 4860 Atlanta Highway in western Athens-Clarke County, approximately one mile west of Sam's Club, along a commercial corridor carrying 31,000+ VPD at this segment.
Two covered loading areas provide four dock-high doors and one 13' tall by 9' wide grade-level door. A 41-space paved parking lot serves the building, which will be delivered vacant at closing. The property is located at 4860 Atlanta Highway in western Athens-Clarke County, approximately one mile west of Sam's Club, along a commercial corridor carrying 31,000+ VPD at this segment.
Key Highlights
- 12,000 SF connected flex building on a 1.58‑acre site
- 9,120 SF retail area and 2,880 SF warehouse section
- Four dock‑high doors plus one 13' tall x 9' wide grade‑level door
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
$135,626
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
6.96%
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%
$2,712,520
$2.7M
Cap Rate 7%
$1,937,514
$1.9M
Cap Rate 9%
$1,506,956
$1.5M
Market Conditions
NOI Build-Up for 12,000 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
$216.0K $18.00/SF
− Vacancy
−$22.2K −$1.85/SF
EGI
$193.8K $16.15/SF
− OpEx
−$58.1K −$4.84/SF
NOI
$135.6K $11.30/SF
Area
Athens, GA
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,712,520
Cap Rate 7%
$1,937,514
Cap Rate 9%
$1,506,956
Alternative Uses
Best Use
Retail
$1.94M
$1.70M – $2.26M
NOI $135,626 @ 7.0% cap · market cap 6.96%
Second Best
Warehouse
$1.26M
$1.10M – $1.47M
NOI $88,090 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,499 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12 ft
Clear height
4
Dock-high doors
1
Drive-in doors
31,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
135
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
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Frequently Asked Questions
What type of property is this?
Flex space - Connected retail and warehouse areas support sales, storage, and receiving functions.
Where is this flex space located?
The property is located at 4860 Atlanta Athens, GA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 12,000 SF connected flex building on a 1.58‑acre site; 9,120 SF retail area and 2,880 SF warehouse section; Four dock‑high doors plus one 13' tall x 9' wide grade‑level door
