Waffle House NNN Ground
For Sale
Contact for pricing
Pending
613 Thornton Rd, Lithia Springs, GA 30122
Long-term tenant, strong fundamentals, absolute NNN ground lease.
Property Size1,760 SF
Days on Market218
Property Features for 613 Thornton Rd
General Information
Standard status
Pending
Size
1,760 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Building Details
Year Built
2003
Tenancy
Single
Listing Agency:
SWE Realty
Listed By:
Luke Waters · License #GA 360459
(470) 237-2051
Source:
Crexi
Added: Feb 19
Changed: Sep 15
Last Checked: Sep 24 at 10:02AM
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 SWE Realty
Investment Insights
Based on property information with market context.
This commercial real estate property features a long-term Waffle House tenant operating under an absolute NNN ground lease, requiring no landlord responsibilities. The property benefits from a prime corner location on Thornton Road, offering excellent visibility and full signalized access. The location experiences strong daily traffic counts exceeding 40,000 vehicles per day. Situated in a dense, affluent trade area, the property is surrounded by over 46,000 residents within a 3-mile radius, with an average household income above $90,000. The property is adjacent to a high-traffic QuikTrip and has immediate access to I-20, reinforcing its location.
Key Highlights
- Absolute NNN ground lease with NO landlord responsibilities.
- Prime corner location on Thornton Road with excellent visibility and full signalized access.
- Strong daily traffic counts (40,000+ VPD).
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
$28,284
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
4.25%
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%
$565,680
$565.7K
Cap Rate 7%
$404,057
$404.1K
Cap Rate 9%
$314,267
$314.3K
Market Conditions
NOI Build-Up for 1,760 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
$40.6K $23.04/SF
− Vacancy
−$2.8K −$1.61/SF
EGI
$37.7K $21.43/SF
− OpEx
−$9.4K −$5.36/SF
NOI
$28.3K $16.07/SF
Area
Douglas County, GA
Vacancy
7.00%
Lease Rate
$23.04 /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%
$565,680
Cap Rate 7%
$404,057
Cap Rate 9%
$314,267
Alternative Uses
Best Use
Specialty Retail
$404.1K
$353.6K – $471.4K
NOI $28,284 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$492.0K
$430.5K – $574.0K
NOI $34,439 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
783
Businesses Nearby
264k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Dining 36%
Groceries 17%
Home Improvements & Furnishings 3%
QuikTrip
Shops & Services
52,932 visits/mo
0.1 miles
Kroger
Groceries
43,955 visits/mo
0.1 miles
RaceTrac
Shops & Services
25,530 visits/mo
0.2 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
17,480 visits/mo
0.1 miles
Wendy's
Dining
16,157 visits/mo
0.2 miles
Demographics for 30122, GA
24,044
Population
11,679
Households
2.1
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
24.7 sq mi
ZIP Area
973
Density / Sq Mi
$64,072
Median Household Income
$41,835
Median Earnings
$1,496
Median Rent
$225,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Breakfast & diner - Long-term tenant, strong fundamentals, absolute NNN ground lease.
Where is this breakfast & diner located?
The property is located at 613 Thornton Rd Lithia Springs, GA.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Absolute NNN ground lease with NO landlord responsibilities.; Prime corner location on Thornton Road with excellent visibility and full signalized access.; Strong daily traffic counts (40,000+ VPD).
