Two-Story Mixed-Use Office
For Sale
$499,000
720 North Avenue, Macon, GA 31211
R3-zoned property with private offices, flexible rooms, and separate access to the upper level.
Property Size3,423 SF
Price / SF$145.78
Days on Market129
Property Features for 720 North Avenue
General Information
Standard status
Active
Size
3,423 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,758
Amenities
Central Air, Electric, Wall Air Conditioning
3
Parking. Corner Lot.
14 Parking Spaces. Paved Driveway, Lot.
34412.3984375
Corner.
Building Details
Year Built
1930
Listing Agency:
Oglethorpe Realty Company
(478) 954-4595
Listed By:
Heather Moody
(478) 954-4595
Source:
Xome
Added: Apr 24
Changed: Aug 29
Last Checked: Jun 13 at 2:27AM
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 Oglethorpe Realty Company
Investment Insights
Based on property information with market context.
This two-story brick mixed-use property, built in 1930, occupies a 0.79-acre landscaped lot with 14 parking spaces. The ground floor includes a handicapped-accessible entrance, lobby and reception area, multiple private offices, flexible rooms, meeting space, a kitchen and break room, and additional restrooms. One office includes a private patio and wet bar. Central air, electric service, and ceiling fans are also present.
The upper level has both a private exterior entrance and an interior connection to the lower floor. It contains two private offices, a restroom, and a common area with built-in bookshelves. Exterior improvements include a private courtyard, gated backyard, security lighting, and an outside storage building with restoration potential for additional office space. The property is near Gray Highway, Nottingham, and North Avenue, with access to I-16 and I-75 and a short drive to downtown Macon.
The upper level has both a private exterior entrance and an interior connection to the lower floor. It contains two private offices, a restroom, and a common area with built-in bookshelves. Exterior improvements include a private courtyard, gated backyard, security lighting, and an outside storage building with restoration potential for additional office space. The property is near Gray Highway, Nottingham, and North Avenue, with access to I-16 and I-75 and a short drive to downtown Macon.
Key Highlights
- R3 zoning supports the property’s mixed‑use configuration
- Two‑story brick building constructed in 1930
- 0.79‑acre landscaped lot with 14 parking spaces
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
$33,518
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
6.72%
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%
$670,360
$670.4K
Cap Rate 7%
$478,829
$478.8K
Cap Rate 9%
$372,422
$372.4K
Market Conditions
NOI Build-Up for 3,423 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
$65.7K $19.20/SF
− Vacancy
−$21.0K −$6.14/SF
EGI
$44.7K $13.06/SF
− OpEx
−$11.2K −$3.26/SF
NOI
$33.5K $9.79/SF
Area
Macon, GA
Vacancy
32.00%
Lease Rate
$19.20 /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%
$670,360
Cap Rate 7%
$478,829
Cap Rate 9%
$372,422
Alternative Uses
Best Use
Office B
$478.8K
$419.0K – $558.6K
NOI $33,518 @ 7.0% cap · market cap 6.72%
Second Best
Mixed Use
$462.1K
$404.3K – $539.1K
NOI $32,347 @ 7.0% cap · market cap 6.48%
Theoretical Best
Healthcare Medical
$654.9K
$573.0K – $764.0K
NOI $45,841 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 31211, GA
15,867
Population
7,736
Households
2.1
Avg Household Size
41
Median Age
27%
College-Educated
88%
High-School Grad
44.3 sq mi
ZIP Area
358
Density / Sq Mi
$51,595
Median Household Income
$35,525
Median Earnings
$918
Median Rent
$159,600
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - R3-zoned property with private offices, flexible rooms, and separate access to the upper level.
Where is this mixed-use property located?
The property is located at 720 North Avenue Macon, GA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: R3 zoning supports the property’s mixed‑use configuration; Two‑story brick building constructed in 1930; 0.79‑acre landscaped lot with 14 parking spaces
