Two-Story Office
New
For Sale
$385,000
927 3rd Avenue, Columbus, GA 31901
Commercial Sale, Columbus, GA
Property Size2,862 SF
Lot Size0.26 Acres
Price / SF$134.52
Days on Market7
Property Features for 927 3rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
HIST
Lot features
Free Standing
Directions
From I-185, Take Exit 10 Toward Downtown Columbus. Continue Onto Veterans Parkway And Turn Left Onto 3rd Avenue. The Property Will Be On The Right.
Subdivision
Muscogee
Standard status
Active
APN
003 006 008
Size
2,862 SF
Lot size
0.26 Acres
Building Details
Year built
1903
Floors in Building
2
Number of units
1
Listing Agency:
G2 Commercial Real Estate
(706) 660-5418
Listed By:
Amy Gill · License #381793
(706) 562-3616
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 4 at 5:06AM
MLS# 234441
Copyright © 2026 Columbus Board of Realtors (GA). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,862-square-foot office building, constructed in 1903, is arranged across two floors. The first-floor layout includes several private offices, multiple bathrooms, and a kitchen. Upstairs, two large rooms offer additional interior space for office use, meetings, work, or storage.
The property sits within the Downtown Columbus Historic District and carries HIST zoning. The 0.26-acre parcel is addressed at 927 3rd Avenue in Columbus, Georgia.
The property sits within the Downtown Columbus Historic District and carries HIST zoning. The 0.26-acre parcel is addressed at 927 3rd Avenue in Columbus, Georgia.
Key Highlights
- 2,862‑square‑foot office building on 0.26 acres
- Two floors with private offices, several bathrooms, and a kitchen
- Second floor has two large rooms
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
$33,668
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
8.74%
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%
$673,360
$673.4K
Cap Rate 7%
$480,971
$481.0K
Cap Rate 9%
$374,089
$374.1K
Market Conditions
NOI Build-Up for 2,862 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
$48.4K $16.92/SF
− Vacancy
−$3.5K −$1.24/SF
EGI
$44.9K $15.68/SF
− OpEx
−$11.2K −$3.92/SF
NOI
$33.7K $11.76/SF
Area
Columbus, GA
Vacancy
7.30%
Lease Rate
$16.92 /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%
$673,360
Cap Rate 7%
$480,971
Cap Rate 9%
$374,089
Alternative Uses
Best Use
Office B
$481.0K
$420.9K – $561.1K
NOI $33,668 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$640.4K
$560.3K – $747.1K
NOI $44,826 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,969
Businesses Nearby
Explore this area
Business Placement
Demographics for 31901, GA
7,126
Population
3,971
Households
1.8
Avg Household Size
36
Median Age
35%
College-Educated
82%
High-School Grad
4.4 sq mi
ZIP Area
1,620
Density / Sq Mi
$47,316
Median Household Income
$35,062
Median Earnings
$893
Median Rent
$208,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Private offices, multiple bathrooms, and a kitchen support a practical professional workspace.
Where is this office building located?
The property is located at 927 3rd Avenue Columbus, GA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,862‑square‑foot office building on 0.26 acres; Two floors with private offices, several bathrooms, and a kitchen; Second floor has two large rooms
