Commercial Land with Restaurant
New
For Sale
$375,000
6651-5 Hillandale Drive, Lithonia, GA 30058
C-1 commercial site with utilities, paved parking, and an in-ground grease trap for food-service or other commercial uses.
Property Size2,019 SF
Days on Market5
Property Features for 6651-5 Hillandale Drive
General Information
Standard status
Active
Size
2,019 SF
Property subtype
Other
Amenities
0.49 acres, City Lot
Public Sewer
Annual Amount: $2,535, Year: 2024
Cumulative Days on Market: 3, 3 days on market, On Market Date: 2026-09-16
Parking Lot
Built in 2019, Brick
County: DeKalb
Fixer
Cable Available, Electricity Available, High Speed Internet, Natural Gas Available, Public
Close Of Escrow
Building Details
Building Size
2,019 SF
Year Built
2019
Listing Agency:
Cross Creek Realty
(404) 355-2833
Listed By:
Lance Hammonds · License #394715
(678) 485-3118
Source:
Blackstreaminternational
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 19 at 10:13AM
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 Cross Creek Realty
Investment Insights
Based on property information with market context.
This 0.49-acre commercial site carries C-1 zoning and includes existing commercial improvements, paved parking, utility service, and an in-ground grease trap. The property was built in 2019 and has previously supported restaurant and cigar lounge operations, providing an established commercial setting for redevelopment or continued business use.
The site is positioned near Evan Mill Road, I-20, and Covington Highway, with access to the Mall at Stonecrest and a surrounding retail, restaurant, hotel, and entertainment district. Potential uses identified for the property include restaurant, quick-service, retail, service, and entertainment concepts, subject to City Approval.
The site is positioned near Evan Mill Road, I-20, and Covington Highway, with access to the Mall at Stonecrest and a surrounding retail, restaurant, hotel, and entertainment district. Potential uses identified for the property include restaurant, quick-service, retail, service, and entertainment concepts, subject to City Approval.
Key Highlights
- 0.49‑acre C‑1 commercial site
- In‑ground grease trap already installed
- Paved parking and utilities in place
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
$32,446
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
8.65%
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%
$648,920
$648.9K
Cap Rate 7%
$463,514
$463.5K
Cap Rate 9%
$360,511
$360.5K
Market Conditions
NOI Build-Up for 2,019 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
$46.5K $23.04/SF
− Vacancy
−$3.3K −$1.61/SF
EGI
$43.3K $21.43/SF
− OpEx
−$10.8K −$5.36/SF
NOI
$32.4K $16.07/SF
Area
DeKalb 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%
$648,920
Cap Rate 7%
$463,514
Cap Rate 9%
$360,511
Alternative Uses
Best Use
Specialty Retail
$463.5K
$405.6K – $540.8K
NOI $32,446 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$564.4K
$493.8K – $658.5K
NOI $39,507 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Explore this area
Business Placement
Demographics for 30058, GA
59,445
Population
23,671
Households
2.5
Avg Household Size
36
Median Age
30%
College-Educated
90%
High-School Grad
30.5 sq mi
ZIP Area
1,949
Density / Sq Mi
$62,633
Median Household Income
$36,992
Median Earnings
$1,478
Median Rent
$221,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - C-1 commercial site with utilities, paved parking, and an in-ground grease trap for food-service or other commercial uses.
Where is this commercial land located?
The property is located at 6651-5 Hillandale Drive Lithonia, GA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 0.49‑acre C‑1 commercial site; In‑ground grease trap already installed; Paved parking and utilities in place
