Medical Office Space with
For Sale
$875,000
670 S 8th St, Griffin, GA 30224
Occupied medical office property located one block from Spalding WellStar Hospital.
Property Size4,558 SF
Price / SF$191.97
Days on Market43
Property Features for 670 S 8th St
General Information
Standard status
Active
Size
4,558 SF
Additional Details
Gross Income
$75,111
Building Details
Year Built
1974
Buildings
1
Building Size
4,558 SF
Tenancy
Single
Owner Occupied
No
Listing Agency:
Murray Company, Realtors
(770) 227-8661
Listed By:
Niles Murray · License #10924
Source:
Broadandmainrealestate
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 30 at 8:46PM
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 Murray Company, Realtors
Investment Insights
Based on property information with market context.
This 4558-square-foot medical office building was constructed in 1974 and is currently leased to Labcorp. The property is located at 670 S 8th St in Griffin, GA 30224, one block from Spalding WellStar Hospital. The existing lease arrangement places property taxes and fire insurance among the landlord’s responsibilities. The asset is offered for sale as an established medical-office property with an operating tenant in place.
Key Highlights
- 4558 SF medical office building
- Currently leased to Labcorp
- One block from Spalding WellStar Hospital
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
$66,086
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
7.55%
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%
$1,321,720
$1.3M
Cap Rate 7%
$944,086
$944.1K
Cap Rate 9%
$734,289
$734.3K
Market Conditions
NOI Build-Up for 4,558 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
$123.1K $27.00/SF
− Vacancy
−$12.9K −$2.84/SF
EGI
$110.1K $24.17/SF
− OpEx
−$44.1K −$9.67/SF
NOI
$66.1K $14.50/SF
Area
Spalding County, GA
Vacancy
10.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,321,720
Cap Rate 7%
$944,086
Cap Rate 9%
$734,289
Alternative Uses
Best Use
Healthcare Medical
$944.1K
$826.1K – $1.10M
NOI $66,086 @ 7.0% cap · market cap 7.55%
Second Best
Office B
$871.9K
$763.0K – $1.02M
NOI $61,036 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,592 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,694
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 30224, GA
26,696
Population
11,457
Households
2.3
Avg Household Size
40
Median Age
22%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
394
Density / Sq Mi
$70,134
Median Household Income
$39,667
Median Earnings
$1,105
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Occupied medical office property located one block from Spalding WellStar Hospital.
Where is this medical office space located?
The property is located at 670 S 8th St Griffin, GA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 4558 SF medical office building; Currently leased to Labcorp; One block from Spalding WellStar Hospital
