Occupied Two-Unit
For Sale
$235,000
7117 Pineneedle Dr SW, Covington, GA 30014
Both residences are leased and separately metered for electric, gas, and water service.
Property Size1,536 SF
Lot Size0.35 Acres
Price / SF$152.99
Days on Market39
Property Features for 7117 Pineneedle Dr SW
General Information
Standard status
Active
Size
1,536 SF
Lot size
0.35 Acres
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1985
Listing Agency:
OneSource Real Estate, LLC
(678) 668-6526
Listed By:
Matthew Nicklin · License #350266
Source:
Atlantarealestatedirectory
Added: Jul 21
Changed: Aug 27
Last Checked: Aug 25 at 4:01AM
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 OneSource Real Estate, LLC
Investment Insights
Based on property information with market context.
This duplex contains two matching residences, each with 2 bedrooms and 1 bathroom, for approximately 1,536 square feet of combined living area. Each unit measures approximately 768 square feet and includes a living area, kitchen, and durable flooring. Both residences are occupied by tenants, providing an established leasing profile at closing. The property was built in 1985 and occupies a 0.35-acre lot.
Separate electric, gas, and water meters serve the two units. The property is located in Covington near shopping, dining, and major highways, with assigned schools listed as Middle Ridge Elementary, Liberty Middle, and Eastside High School. The address is 7117 Pineneedle Dr SW, Covington, GA 30014.
Separate electric, gas, and water meters serve the two units. The property is located in Covington near shopping, dining, and major highways, with assigned schools listed as Middle Ridge Elementary, Liberty Middle, and Eastside High School. The address is 7117 Pineneedle Dr SW, Covington, GA 30014.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per residence
- Approximately 1,536 SF total; each unit is approximately 768 sq ft
- Both units are occupied by tenants
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
$20,635
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
8.78%
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%
$412,700
$412.7K
Cap Rate 7%
$294,786
$294.8K
Cap Rate 9%
$229,278
$229.3K
Market Conditions
NOI Build-Up for 1,536 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
$40.0K $26.04/SF
− Vacancy
−$2.5K −$1.61/SF
EGI
$37.5K $24.43/SF
− OpEx
−$16.9K −$10.99/SF
NOI
$20.6K $13.43/SF
Area
Newton County, GA
Vacancy
6.20%
Lease Rate
$26.04 /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%
$412,700
Cap Rate 7%
$294,786
Cap Rate 9%
$229,278
Alternative Uses
Best Use
Multifamily LT 5
$318.8K
$279.0K – $372.0K
NOI $22,318 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$294.8K
$257.9K – $343.9K
NOI $20,635 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$429.4K
$375.7K – $500.9K
NOI $30,056 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 30014, GA
39,247
Population
16,159
Households
2.4
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
120.7 sq mi
ZIP Area
325
Density / Sq Mi
$71,055
Median Household Income
$37,714
Median Earnings
$1,199
Median Rent
$253,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased and separately metered for electric, gas, and water service.
Where is this duplex located?
The property is located at 7117 Pineneedle Dr SW Covington, GA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per residence; Approximately 1,536 SF total; each unit is approximately 768 sq ft; Both units are occupied by tenants
