Historic Mixed-Use
For Sale
Contact for pricing
512 Second street, Macon, GA 31201
Two leased storefronts are paired with upper-level loft apartments in downtown Macon.
Property Size3,240 SF
Price / SF$221.91
Days on Market152
Property Features for 512 Second street
General Information
Standard status
Active
Size
3,240 SF
Class
B
Property subtype
Retail
Zoning
CBD-1
Additional Details
Multifamily Units
2
Building Details
Year Built
1915
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
The Summit Group
Listed By:
Kevin Harkins · License #GA 297804
Source:
Crexi
Added: Apr 2
Changed: Aug 31
Last Checked: Aug 31 at 3:52AM
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 The Summit Group
Investment Insights
Based on property information with market context.
This mixed-use property combines ground-floor commercial space with residential loft accommodation in a historic downtown setting. The 3,240-square-foot asset was built in 1915 and carries CBD-1 zoning. Two commercial spaces at street level are fully leased, while two loft apartments above are occupied by the owner.
Located on Second Street in downtown Macon, the property sits near the Second and Poplar Streets intersection. Its setting provides walkable access to restaurants, retail, and entertainment venues. The combination of leased storefronts and upper-level residential space creates a clearly defined mixed-use configuration for an investor or an owner-user seeking a downtown commercial presence.
Located on Second Street in downtown Macon, the property sits near the Second and Poplar Streets intersection. Its setting provides walkable access to restaurants, retail, and entertainment venues. The combination of leased storefronts and upper-level residential space creates a clearly defined mixed-use configuration for an investor or an owner-user seeking a downtown commercial presence.
Key Highlights
- 3,240 SF mixed‑use property built in 1915
- Two fully leased ground‑floor commercial spaces
- Two upper‑level loft apartments occupied by the owner
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
$30,830
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
4.29%
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%
$616,600
$616.6K
Cap Rate 7%
$440,429
$440.4K
Cap Rate 9%
$342,556
$342.6K
Market Conditions
NOI Build-Up for 3,240 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
$46.7K $14.40/SF
− Vacancy
−$2.6K −$0.81/SF
EGI
$44.0K $13.59/SF
− OpEx
−$13.2K −$4.08/SF
NOI
$30.8K $9.52/SF
Area
Macon, GA
Vacancy
5.60%
Lease Rate
$14.40 /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%
$616,600
Cap Rate 7%
$440,429
Cap Rate 9%
$342,556
Alternative Uses
Best Use
Retail
$440.4K
$385.4K – $513.8K
NOI $30,830 @ 7.0% cap · market cap 4.29%
Second Best
Mixed Use
$437.4K
$382.7K – $510.3K
NOI $30,618 @ 7.0% cap · market cap 4.26%
Theoretical Best
Healthcare Medical
$619.9K
$542.4K – $723.2K
NOI $43,390 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,419
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 40%
Home Improvements & Furnishings 5%
Marathon Petroleum
Shops & Services
12,505 visits/mo
0.5 miles
Dunkin' Donuts
Dining
10,491 visits/mo
0.4 miles
SUBWAY
Dining
6,666 visits/mo
0.4 miles
Smoothie King
Dining
5,782 visits/mo
0.3 miles
Roly Poly
Dining
3,210 visits/mo
0.3 miles
Demographics for 31201, GA
8,882
Population
4,916
Households
1.8
Avg Household Size
35
Median Age
29%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
945
Density / Sq Mi
$22,936
Median Household Income
$27,311
Median Earnings
$912
Median Rent
$151,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two leased storefronts are paired with upper-level loft apartments in downtown Macon.
Where is this mixed-use property located?
The property is located at 512 Second street Macon, GA.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: 3,240 SF mixed‑use property built in 1915; Two fully leased ground‑floor commercial spaces; Two upper‑level loft apartments occupied by the owner
