Historic Hapeville Mixed-Use
For Sale
$500,000
Pending
679 Central Avenue, Hapeville, GA 30354
Versatile property in Hapeville's Historic District, suitable for various uses.
Property Size2,092 SF
Days on Market732
Property Features for 679 Central Avenue
General Information
Standard status
Pending
Size
2,092 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$3,374
Amenities
Central Air
3
Hardwood
Parking.
4 Parking Spaces. Garage, On Street, Lot.
Level
Level.
Building Details
Year Built
1920
Listing Agency:
Harry Norman Realtors
(404) 897-5558
Listed By:
Harry Norman Realtors · License #422605
(706) 818-4644
Source:
Xome
Added: Aug 10, 2024
Changed: Aug 8
Last Checked: Aug 11 at 5:37AM
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 Harry Norman Realtors
Investment Insights
Based on property information with market context.
Constructed in the 1890s during Hapeville's expansion as a train depot village, this property features prime frontage and has been thoughtfully maintained for residential or commercial use. Located in Hapeville's Historic District, it is near parks, restaurants, breweries, a coffee shop, and cultural attractions. Its location within the Arts Overlay District, along with its proximity to the airport, Porsche HQ, and downtown Atlanta, enhances its value. The property includes a covered east-facing front porch leading to a parlor with wide pocket doors, an entry hall, a primary bedroom, an open kitchen, a dining area, and a bathroom with a clawfoot tub. Upstairs, accessible by inside or outside staircases, are two additional bedrooms, a washer and dryer in the eat-in kitchen, and an office/living area. A laundry room and covered back porch provide access to the 24x24 garage with a paved backyard and storage secured by a wooden fence. A 7'x7' Craftsman garden shed is located behind the garage/storage building. The house has a new roof made of architectural shingles. With Urban Village zoning, the property offers potential for professional offices (legal, real estate, medical), art, retail shops, and a bed-and-breakfast inn. The property's flexibility makes it suitable for a live/work space, a boutique business, or a creative venture. The property size is 2092 square feet.
Key Highlights
- Prime location in Hapeville's Historic District with Urban Village zoning, offering diverse residential and commercial possibilities.
- Close proximity to parks, restaurants, breweries, coffee shops, cultural attractions, the airport, Porsche HQ, and downtown Atlanta.
- Features a 24X24 garage and paved backyard.
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
$28,014
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
5.60%
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%
$560,280
$560.3K
Cap Rate 7%
$400,200
$400.2K
Cap Rate 9%
$311,267
$311.3K
Market Conditions
NOI Build-Up for 2,092 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
$49.9K $23.87/SF
− Vacancy
−$12.6K −$6.02/SF
EGI
$37.4K $17.85/SF
− OpEx
−$9.3K −$4.46/SF
NOI
$28.0K $13.39/SF
Area
Fulton County, GA
Vacancy
25.20%
Lease Rate
$23.87 /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%
$560,280
Cap Rate 7%
$400,200
Cap Rate 9%
$311,267
Alternative Uses
Best Use
Office B
$400.2K
$350.2K – $466.9K
NOI $28,014 @ 7.0% cap · market cap 5.60%
Second Best
Retail
$383.6K
$335.6K – $447.5K
NOI $26,851 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$584.8K
$511.7K – $682.3K
NOI $40,936 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 30354, GA
16,151
Population
7,274
Households
2.2
Avg Household Size
34
Median Age
24%
College-Educated
84%
High-School Grad
10.7 sq mi
ZIP Area
1,509
Density / Sq Mi
$53,932
Median Household Income
$38,185
Median Earnings
$1,221
Median Rent
$229,600
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?
Mixed-use property - Versatile property in Hapeville's Historic District, suitable for various uses.
Where is this mixed-use property located?
The property is located at 679 Central Avenue Hapeville, GA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Prime location in Hapeville's Historic District with Urban Village zoning, offering diverse residential and commercial possibilities.; Close proximity to parks, restaurants, breweries, coffee shops, cultural attractions, the airport, Porsche HQ, and downtown Atlanta.; Features a 24X24 garage and paved backyard.
