Fully Leased Office
For Sale
$1,100,000
800-3651 Mars Hill Rd, Watkinsville, GA 30677
Two-story condominium asset with four occupied professional office suites and shared parking.
Property Size4,692 SF
Price / SF$234.44
Days on Market63
Property Features for 800-3651 Mars Hill Rd
General Information
Standard status
Active
Size
4,692 SF
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
4
Amenities
covered entry
Building Details
Year Built
2007
Buildings
1
Stories
2
Construction
brick and frame
Tenancy
Multi
Listing Agency:
NAI Elrod Group
(678) 859-6110
Listed By:
Brian Elrod · License ##251606
(678) 859-6110
Source:
Exprealty
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 9 at 11:08AM
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 NAI Elrod Group
Investment Insights
Based on property information with market context.
Building 800 is a two-story office condominium totaling 4,692 square feet. Constructed in 2007, the property has a brick-and-frame exterior, covered entrance, and four suites configured for professional office use. All suites are occupied, providing an established tenancy profile for an office investor.
The property is situated within The Summit at Mars Hill in Oconee County, with access from Mars Hill Road. Highway 316 and Highway 78 are each less than one mile away. Downtown Athens is approximately 10 minutes from the building, Epps Bridge Centre is nearby, and Atlanta is roughly an hour via Highway 316. Shared parking serves the property.
The property is situated within The Summit at Mars Hill in Oconee County, with access from Mars Hill Road. Highway 316 and Highway 78 are each less than one mile away. Downtown Athens is approximately 10 minutes from the building, Epps Bridge Centre is nearby, and Atlanta is roughly an hour via Highway 316. Shared parking serves the property.
Key Highlights
- 4,692‑square‑foot office condominium across two stories
- Four professional office suites, all currently occupied
- Built in 2007 with brick‑and‑frame exterior
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
$60,732
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
5.52%
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%
$1,214,640
$1.2M
Cap Rate 7%
$867,600
$867.6K
Cap Rate 9%
$674,800
$674.8K
Market Conditions
NOI Build-Up for 4,692 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
$101.3K $21.60/SF
− Vacancy
−$20.4K −$4.34/SF
EGI
$81.0K $17.26/SF
− OpEx
−$20.2K −$4.31/SF
NOI
$60.7K $12.94/SF
Area
Oconee County, GA
Vacancy
20.10%
Lease Rate
$21.60 /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%
$1,214,640
Cap Rate 7%
$867,600
Cap Rate 9%
$674,800
Alternative Uses
Best Use
Office B
$867.6K
$759.2K – $1.01M
NOI $60,732 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$989.7K – $1.32M
NOI $79,177 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 30677, GA
20,579
Population
7,797
Households
2.6
Avg Household Size
41
Median Age
55%
College-Educated
97%
High-School Grad
122.2 sq mi
ZIP Area
168
Density / Sq Mi
$103,165
Median Household Income
$49,399
Median Earnings
$1,403
Median Rent
$394,800
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?
Office building - Two-story condominium asset with four occupied professional office suites and shared parking.
Where is this office building located?
The property is located at 800-3651 Mars Hill Rd Watkinsville, GA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4,692‑square‑foot office condominium across two stories; Four professional office suites, all currently occupied; Built in 2007 with brick‑and‑frame exterior
