Renovated Furnished Multifamily
For Sale
$250,000
624 Church Street, Macon, GA 31217
COMMERCIAL, Macon, GA
Property Size1,463 SF
Lot Size0.11 Acres
Price / SF$170.88
Days on Market10
Property Features for 624 Church Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Subdivision
Bibb County
Standard status
Active
Size
1,463 SF
Lot size
0.11 Acres
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Listing Agency:
KELLER WILLIAMS REALTY MIDDLE GEORGIA
(478) 333-5050
Listed By:
Alice Mobley
(478) 291-6464
Added: Sep 11
Changed: Sep 16
Last Checked: Sep 20 at 2:06AM
MLS# 265614
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.
This 1,463-square-foot multifamily property sits on 0.11 acres and includes four bedrooms and four baths. Each bedroom has a private ensuite, while the property is offered furnished with appliances and security cameras included. The improvements have been renovated, and all rooms are currently tenant-occupied.
The property is located at 624 Church Street in Macon, within walking distance of Piedmont Hospital and near Mercer University. C-2 zoning supports its commercial classification. Its existing bedroom-and-ensuite layout is positioned for housing use by students, medical professionals, or corporate occupants, as identified in the property information.
The property is located at 624 Church Street in Macon, within walking distance of Piedmont Hospital and near Mercer University. C-2 zoning supports its commercial classification. Its existing bedroom-and-ensuite layout is positioned for housing use by students, medical professionals, or corporate occupants, as identified in the property information.
Key Highlights
- 1,463‑square‑foot multifamily property on 0.11 acres
- Four bedrooms and four baths, with a private ensuite for each bedroom
- Renovated and furnished, with appliances included
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
$12,149
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
4.86%
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%
$242,980
$243.0K
Cap Rate 7%
$173,557
$173.6K
Cap Rate 9%
$134,989
$135.0K
Market Conditions
NOI Build-Up for 1,463 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
$23.7K $16.20/SF
− Vacancy
−$1.6K −$1.10/SF
EGI
$22.1K $15.10/SF
− OpEx
−$9.9K −$6.79/SF
NOI
$12.1K $8.30/SF
Area
Macon, GA
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$242,980
Cap Rate 7%
$173,557
Cap Rate 9%
$134,989
Alternative Uses
Best Use
Apartment 5plus
$173.6K
$151.9K – $202.5K
NOI $12,149 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$279.9K
$244.9K – $326.5K
NOI $19,592 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 31217, GA
17,808
Population
7,870
Households
2.3
Avg Household Size
40
Median Age
9%
College-Educated
84%
High-School Grad
107.8 sq mi
ZIP Area
165
Density / Sq Mi
$43,821
Median Household Income
$33,244
Median Earnings
$858
Median Rent
$95,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four private ensuite accommodations are furnished, renovated, and currently tenant-occupied.
Where is this multifamily property located?
The property is located at 624 Church Street Macon, GA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,463‑square‑foot multifamily property on 0.11 acres; Four bedrooms and four baths, with a private ensuite for each bedroom; Renovated and furnished, with appliances included
