Office Building with Outdoor
For Sale
Contact for pricing
550 Pharr Rd NE, Atlanta, GA 30305
Architecturally distinctive office building offering multiple outdoor amenity spaces, including two 7th-floor terraces and expansive patios.
Property Size103,859 SF
Price / SF$154.06
Days on Market138
Property Features for 550 Pharr Rd NE
General Information
Standard status
Active
Size
103,859 SF
Class
B
Property subtype
Office
Zoning
SPI-9 SA3
Occupancy
62%
Additional Details
Highway Access
Yes
Building Details
Year Built
1974
Buildings
1
Stories
9
Units
40
Tenancy
Multi
Listing Agency:
Bull Realty
Listed By:
Michael Bull
(404) 876-1640
Source:
Crexi
Added: Apr 21
Changed: Aug 31
Last Checked: Aug 29 at 9:20AM
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 Bull Realty
Investment Insights
Based on property information with market context.
550 Pharr is an architecturally distinctive office building featuring multiple outdoor amenity areas and tenant-facing outdoor space. The property includes an on-site restaurant and a fitness center tenant, along with several outdoor settings designed for events, entertaining, and tenant use. Exterior offerings include two large 7th-floor outdoor spaces, two expansive first-floor patios, and a penthouse concept with wraparound outdoor space and private balconies for most suites. The 9th-floor penthouse suite includes a full 360-degree wraparound outdoor terrace.
The building is well located in Buckhead between Piedmont Road and Peachtree Street, with walkability to dining, retail, entertainment, parks, and residential options. It also provides immediate access to GA 400 and I-85 for regional connectivity.
The lobby, restrooms, and most suites are in great condition, supporting a straightforward repositioning approach focused on activating the outdoor amenities.
The building is well located in Buckhead between Piedmont Road and Peachtree Street, with walkability to dining, retail, entertainment, parks, and residential options. It also provides immediate access to GA 400 and I-85 for regional connectivity.
The lobby, restrooms, and most suites are in great condition, supporting a straightforward repositioning approach focused on activating the outdoor amenities.
Key Highlights
- 1974‑built architecturally distinctive office building in Buckhead between Piedmont Rd and Peachtree St
- Multiple outdoor amenity spaces, including two large 7th‑floor outdoor spaces and two expansive first‑floor patios
- Penthouse level features wraparound outdoor space and private balconies for most suites
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
$1,405,835
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
8.79%
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%
$28,116,700
$28.1M
Cap Rate 7%
$20,083,357
$20.1M
Cap Rate 9%
$15,620,389
$15.6M
Market Conditions
NOI Build-Up for 103,859 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
$1.99M $19.20/SF
− Vacancy
−$119.6K −$1.15/SF
EGI
$1.87M $18.05/SF
− OpEx
−$468.6K −$4.51/SF
NOI
$1.41M $13.54/SF
Area
Atlanta, GA
Vacancy
6.00%
Lease Rate
$19.20 /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%
$28,116,700
Cap Rate 7%
$20,083,357
Cap Rate 9%
$15,620,389
Alternative Uses
Best Use
Specialty Retail
$20.08M
$17.57M – $23.43M
NOI $1,405,835 @ 7.0% cap · market cap 8.79%
Second Best
Office B
$19.87M
$17.38M – $23.18M
NOI $1,390,783 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$29.03M
$25.40M – $33.87M
NOI $2,032,280 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 30305, GA
29,173
Population
17,272
Households
1.7
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
6.5 sq mi
ZIP Area
4,488
Density / Sq Mi
$107,836
Median Household Income
$83,332
Median Earnings
$1,914
Median Rent
$703,500
Median Home Value
Market
Vacancy Rate% for Office in Atlanta, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Architecturally distinctive office building offering multiple outdoor amenity spaces, including two 7th-floor terraces and expansive patios.
Where is this office building located?
The property is located at 550 Pharr Rd NE Atlanta, GA.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: 1974‑built architecturally distinctive office building in Buckhead between Piedmont Rd and Peachtree St; Multiple outdoor amenity spaces, including two large 7th‑floor outdoor spaces and two expansive first‑floor patios; Penthouse level features wraparound outdoor space and private balconies for most suites
