Listing Agency: LANDMARK REALTY l***@comsouth.net Show Phone

Listed By: Laura Branham · License #356996 Show Phone

Added: Jun 23 Changed: Aug 7 Last Checked: Aug 12 at 1:06AM

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MLS# 263783

Copyright © 2026 Central Georgia MLS. 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.

Located at 494 S Hwy 247 in Bonaire, this compact flex property is listed for sale in Houston County and is zoned C2. The site totals 0.0452 acres and includes 2,940 square feet of space suitable for a range of commercial concepts.

Positioned on the corner of Hwy 247 and Hwy 96, the property is designed for straightforward access and offers visibility to passing traffic. The listing highlights versatility for uses such as a warehouse, office space, or a mechanic shop.

If you’re looking for a small-footprint commercial building with C2 zoning and convenient highway-corner exposure, this Bonaire location is a straightforward option to evaluate.

Key Highlights

• Property on the high‑traffic corner of GA Hwy 247 & Hwy 96 in Bonaire
• Bonaire commercial location with easy access and high‑visibility intersection frontage
• Heating: heat pump (heating)

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

$36,833

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

5.85%

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%

$736,660 $736.7K

Cap Rate 7%

$526,186 $526.2K

Cap Rate 9%

$409,256 $409.3K

Market Conditions

NOI Build-Up for 2,940 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

$57.5K $19.56/SF

− Vacancy

−$4.9K −$1.66/SF

EGI

$52.6K $17.90/SF

− OpEx

−$15.8K −$5.37/SF

NOI

$36.8K $12.53/SF

Area

Houston County, GA

Vacancy

8.50%

Lease Rate

$19.56 /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%

$736,660

Cap Rate 7%

$526,186

Cap Rate 9%

$409,256

Alternative Uses

Best Use

Retail

$526.2K

$460.4K – $613.9K (±1% cap)

NOI $36,833 @ 7.0% cap · market cap 5.85%

Second Best

Warehouse

$239.6K

$209.6K – $279.5K (±1% cap)

NOI $16,769 @ 7.0% cap · market cap 2.66%

Theoretical Best

Office A

$634.6K

$555.2K – $740.3K (±1% cap)

NOI $44,419 @ 7.0% cap · market cap 7.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Auto shops

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 31005, GA

20,531

Population

7,514

Households

2.7

Avg Household Size

36

Median Age

41%

College-Educated

96%

High-School Grad

23.1 sq mi

ZIP Area

889

Density / Sq Mi

$107,071

Median Household Income

$58,603

Median Earnings

$1,248

Median Rent

$247,800

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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

Ask Rey about this property ...

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Similar Off Market Nearby

• Bonaire Mini Storage — 704 GA-247, Bonaire, GA 31005
• Storage Sense - Bonaire — 128 Old, SR 96, Bonaire, GA 31005
• Storage Center of Bonaire — 187 SR 96, Bonaire, GA 31005

Frequently Asked Questions

What type of property is this?

Warehouse - C2-zoned flex property on the corner of Hwy 247 and Hwy 96, offering a compact warehouse for multiple commercial uses.

Where is this warehouse located?

The property is located at 494 S Hwy 247 Bonaire, GA.

What is the asking price?

The asking price for this property is $629,700.

What are key features of this property?

This property features: Property on the high‑traffic corner of GA Hwy 247 & Hwy 96 in Bonaire; Bonaire commercial location with easy access and high‑visibility intersection frontage; Heating: heat pump (heating)