Renovated Live-Work
For Sale
$550,000
585 White Circle, Athens, GA 30605
Historic commercial setting with adaptable interiors, private outdoor space, and convenient access to downtown Athens and the University of Georgia.
Property Size2,108 SF
Price / SF$260.91
Days on Market35
Property Features for 585 White Circle
General Information
Standard status
Active
Size
2,108 SF
Property subtype
Office
Zoning
CN
Amenities
private outdoor patio
skylights
hardwood floors
kitchen
private office areas
storage
None, Central Air, Electric, Gas
Asphalt.
Street Lights. Historic Area, Asphalt.
Building Details
Year Built
1900
Year Renovated
2020
Stories
1
Construction
brick & beam
Listing Agency:
Coldwell Banker Upchurch Realty
(706) 255-5522
Listed By:
Maria Cardarelli · License #252021
(706) 255-5522
Source:
Xome
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 30 at 7:41AM
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 Coldwell Banker Upchurch Realty
Investment Insights
Based on property information with market context.
This approximately 2,108-square-foot live-work property at Whitehall Mill Lofts combines historic construction with a 2020 renovation. The interior features exposed-beam ceilings, original brick, hardwood flooring, skylights, two full bathrooms, a kitchen, private office areas, and substantial storage. A large private patio extends the usable space outdoors, while the open arrangement supports professional, creative, service-oriented, or live-work applications subject to applicable approvals.
The property is zoned Commercial Neighborhood (CN) and sits within a historic mixed-use community along the North Oconee River. Its Athens location places the building minutes from Downtown Athens, the University of Georgia, the Loop, and major transportation routes. The property also includes access to an ample asphalt parking lot. Buyers should independently confirm permitted uses, parking requirements, and association restrictions.
The property is zoned Commercial Neighborhood (CN) and sits within a historic mixed-use community along the North Oconee River. Its Athens location places the building minutes from Downtown Athens, the University of Georgia, the Loop, and major transportation routes. The property also includes access to an ample asphalt parking lot. Buyers should independently confirm permitted uses, parking requirements, and association restrictions.
Key Highlights
- Approximately 2,108‑square‑foot loft renovated in 2020
- CN‑zoned live‑work property within Whitehall Mill Lofts
- Exposed beams, original brick, hardwood floors, and multiple skylights
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
$27,286
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
4.96%
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%
$545,720
$545.7K
Cap Rate 7%
$389,800
$389.8K
Cap Rate 9%
$303,178
$303.2K
Market Conditions
NOI Build-Up for 2,108 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
$45.5K $21.60/SF
− Vacancy
−$9.2K −$4.34/SF
EGI
$36.4K $17.26/SF
− OpEx
−$9.1K −$4.31/SF
NOI
$27.3K $12.94/SF
Area
Athens, 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%
$545,720
Cap Rate 7%
$389,800
Cap Rate 9%
$303,178
Alternative Uses
Best Use
Office B
$389.8K
$341.1K – $454.8K
NOI $27,286 @ 7.0% cap · market cap 4.96%
Second Best
Mixed Use
$357.8K
$313.0K – $417.4K
NOI $25,043 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$508.2K
$444.7K – $592.9K
NOI $35,572 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Historic commercial setting with adaptable interiors, private outdoor space, and convenient access to downtown Athens and the University of Georgia.
Where is this live-work space located?
The property is located at 585 White Circle Athens, GA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Approximately 2,108‑square‑foot loft renovated in 2020; CN‑zoned live‑work property within Whitehall Mill Lofts; Exposed beams, original brick, hardwood floors, and multiple skylights
