Building Details

Year Built 2023

Buildings 2

Listing Agency: Iris Inc Realty j***@irisincrealty.com Show Phone

Listed By: Jake Willcox · License #402642 Show Phone

Source: Exprealty

Added: May 4 Changed: Aug 8 Last Checked: Aug 9 at 9:45AM

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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 Iris Inc Realty

Investment Insights

Based on property information with market context.

This 5.17-acre flex property at 4900 Highway 98 E in Comer, Georgia, contains 21,120 square feet across two buildings. Building one, completed in 2023, provides 10,000 square feet with 7,815 square feet of warehouse area and 2,185 square feet of finished offices. The warehouse includes two roll-up doors, a loading dock, two restrooms with showers, and mezzanine storage. Office improvements include a meeting room, nine private offices, a kitchen-equipped break area, and reception space.

Building two adds 5,000 square feet of office space and 6,120 square feet of industrial area. Its features include additional offices and meeting space, two bathrooms, break areas, mezzanine storage, a pull-through unloading area, two roll-up doors, dedicated storage, a ventilated painting area, and two worker restrooms. Established three-phase power supports the industrial component, while the highway location provides direct access to the property.

Key Highlights

• 21,120 square feet across two buildings on 5.17 acres
• Building one completed in 2023 with 10,000 square feet of warehouse and office space
• 7,815‑square‑foot warehouse includes 2 roll‑up doors, loading dock, showers, and mezzanine storage

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

$273,373

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

7.81%

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%

$5,467,460 $5.5M

Cap Rate 7%

$3,905,329 $3.9M

Cap Rate 9%

$3,037,478 $3.0M

Market Conditions

NOI Build-Up for 21,120 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

$456.2K $21.60/SF

− Vacancy

−$91.7K −$4.34/SF

EGI

$364.5K $17.26/SF

− OpEx

−$91.1K −$4.31/SF

NOI

$273.4K $12.94/SF

Area

Madison County, 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%

$5,467,460

Cap Rate 7%

$3,905,329

Cap Rate 9%

$3,037,478

Alternative Uses

Best Use

Office B

$3.91M

$3.42M – $4.56M (±1% cap)

NOI $273,373 @ 7.0% cap · market cap 7.81%

Second Best

Warehouse

$2.21M

$1.94M – $2.58M (±1% cap)

NOI $155,038 @ 7.0% cap · market cap 4.43%

Theoretical Best

Office A

$5.09M

$4.45M – $5.94M (±1% cap)

NOI $356,397 @ 7.0% cap · market cap 10.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Electrical Service

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

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

28

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 30629, GA

4,950

Population

1,975

Households

2.5

Avg Household Size

41

Median Age

26%

College-Educated

79%

High-School Grad

74.4 sq mi

ZIP Area

67

Density / Sq Mi

$58,806

Median Household Income

$36,934

Median Earnings

$911

Median Rent

$173,600

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

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Multi-building commercial property combines office suites, industrial areas, loading features, and established three-phase power.

Where is this flex space located?

The property is located at 4900 Highway 98 E Comer, GA.

What is the asking price?

The asking price for this property is $3,499,000.

What are key features of this property?

This property features: 21,120 square feet across two buildings on 5.17 acres; Building one completed in 2023 with 10,000 square feet of warehouse and office space; 7,815‑square‑foot warehouse includes 2 roll‑up doors, loading dock, showers, and mezzanine storage