Wedding Venue With
For Sale
$449,000
840 Academy Ave, Waynesboro, GA 30830
Accessible event property with two gathering spaces, a commercial kitchen, parking, and an upstairs two-bedroom apartment.
Property Size6,342 SF
Price / SF$70.80
Days on Market14
Property Features for 840 Academy Ave
General Information
Standard status
Active
Size
6,342 SF
Property subtype
Business Opportunity
Building Details
Year Built
1989
Listing Agency:
Jason Mitchell Real Estate
(706) 231-6201
Listed By:
Laurie Merrill Preis · License #405853
Source:
Barefootbrokers
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 25 at 4:04AM
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 Jason Mitchell Real Estate
Investment Insights
Based on property information with market context.
Built in 1989, this 6,342-square-foot wedding venue combines two expansive event rooms with an open interior, flexible seating for 100+ guests, a stage area, and full-service event capabilities. A commercial-grade kitchen supports catering and food-service operations, while accessible design and on-site parking accommodate event guests. The layout is also described as suitable for conversion to other uses.
A spacious two-bedroom apartment occupies the second floor, adding a separate residential component to the property. The building is located at 840 Academy Ave in Waynesboro, near Augusta and approximately 30 minutes from the city. Its configuration includes event, kitchen, and residential areas within one property.
A spacious two-bedroom apartment occupies the second floor, adding a separate residential component to the property. The building is located at 840 Academy Ave in Waynesboro, near Augusta and approximately 30 minutes from the city. Its configuration includes event, kitchen, and residential areas within one property.
Key Highlights
- 6,342‑square‑foot venue built in 1989
- Two large event rooms with flexible seating for 100+ guests
- Commercial‑grade kitchen and stage area
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
$39,927
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
8.89%
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%
$798,540
$798.5K
Cap Rate 7%
$570,386
$570.4K
Cap Rate 9%
$443,633
$443.6K
Market Conditions
NOI Build-Up for 6,342 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
$62.4K $9.84/SF
− Vacancy
−$5.4K −$0.85/SF
EGI
$57.0K $8.99/SF
− OpEx
−$17.1K −$2.70/SF
NOI
$39.9K $6.30/SF
Area
Burke County, GA
Vacancy
8.60%
Lease Rate
$9.84 /SF/Yr
Expense Ratio
30.00%
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%
$798,540
Cap Rate 7%
$570,386
Cap Rate 9%
$443,633
Alternative Uses
Best Use
Mixed Use
$1.10M
$963.2K – $1.28M
NOI $77,055 @ 7.0% cap · market cap 17.16%
Second Best
Specialty Retail
$1.06M
$931.4K – $1.24M
NOI $74,514 @ 7.0% cap · market cap 16.60%
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,125 @ 7.0% cap · market cap 31.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Explore this area
Business Placement
Demographics for 30830, GA
14,885
Population
6,208
Households
2.4
Avg Household Size
40
Median Age
19%
College-Educated
87%
High-School Grad
375.5 sq mi
ZIP Area
40
Density / Sq Mi
$50,956
Median Household Income
$37,715
Median Earnings
$835
Median Rent
$145,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Accessible event property with two gathering spaces, a commercial kitchen, parking, and an upstairs two-bedroom apartment.
Where is this wedding venue located?
The property is located at 840 Academy Ave Waynesboro, GA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 6,342‑square‑foot venue built in 1989; Two large event rooms with flexible seating for 100+ guests; Commercial‑grade kitchen and stage area
