Medical Office Building For
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1002 Boulder Dr, Gray, GA 31032
6,904 SF medical office building on the bypass.
Property Size6,904 SF
Price / SF$435.40
Days on Market1367
Property Features for 1002 Boulder Dr
General Information
Standard status
Active
Size
6,904 SF
Property subtype
Office
Building Details
Year Built
2006
Listing Agency:
The Summit Group
(478) 750-7507
Listed By:
Kevin Harkins · License #GA 297804
Source:
Crexi
Added: Nov 15, 2022
Changed: Aug 7
Last Checked: May 19 at 8:53PM
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 The Summit Group
Investment Insights
Based on property information with market context.
This is a 6,904 square foot medical office building. The property is located on the bypass, just off Gray Highway, across from Ingles grocery store and next to Morris Bank.
Key Highlights
- 6,904 SF medical office building
- Located on the bypass
- Just off Gray Hwy
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
$92,458
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
3.08%
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%
$1,849,160
$1.8M
Cap Rate 7%
$1,320,829
$1.3M
Cap Rate 9%
$1,027,311
$1.0M
Market Conditions
NOI Build-Up for 6,904 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
$165.7K $24.00/SF
− Vacancy
−$11.6K −$1.68/SF
EGI
$154.1K $22.32/SF
− OpEx
−$61.6K −$8.93/SF
NOI
$92.5K $13.39/SF
Area
Jones County, GA
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,849,160
Cap Rate 7%
$1,320,829
Cap Rate 9%
$1,027,311
Alternative Uses
Best Use
Healthcare Medical
$1.32M
$1.16M – $1.54M
NOI $92,458 @ 7.0% cap · market cap 3.08%
Second Best
Office B
$965.8K
$845.1K – $1.13M
NOI $67,604 @ 7.0% cap · market cap 2.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31032, GA
14,261
Population
5,716
Households
2.5
Avg Household Size
41
Median Age
19%
College-Educated
94%
High-School Grad
159.3 sq mi
ZIP Area
90
Density / Sq Mi
$73,598
Median Household Income
$43,050
Median Earnings
$1,013
Median Rent
$192,400
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?
Medical Office Space - 6,904 SF medical office building on the bypass.
Where is this medical office space located?
The property is located at 1002 Boulder Dr Gray, GA.
What is the asking price?
The asking price for this property is $3,006,000.
What are key features of this property?
This property features: 6,904 SF medical office building; Located on the bypass; Just off Gray Hwy
