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    Property profile & analytics

    385 2nd St Macon, GA 31201-2735

    • Investment properties
    • 8,694 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Nov 09, 2020
    $312,000
    Value Estimations
    $290,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-2165742
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 385 2nd St

    Year built
    1892
    Lot size
    0.07 lot acres
    Property size
    8,694 SF
    Zone code
    CBD-1
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    R073-0231
    APU
    R0730231

    Description

    This exceptional commercial property at 385 Second Street in Macon, Georgia, presents a unique investment opportunity. The 8,694 square foot building, situated on a 0.07-acre lot, boasts a prime downtown location near the intersection of Cherry Street and Second Street. Built in 1892 (with effective year 1965) and currently undergoing renovations, this three-story structure offers significant potential. The first floor, encompassing approximately 2,898 square feet, is currently leased, with the tenant responsible for utilities. This floor includes two restrooms. The second and third floors, each approximately 2,898 square feet, are unfinished, providing a blank canvas for future development or expansion. Access is convenient via Second Street or Cotton Avenue, with a covered front entry adding to the property's appeal. An existing elevator shaft is also present. The property benefits from on-street parking and is zoned CBD-1, reflecting its central business district location. Its proximity to major employers like Atrium Health Medical Center (4,600+ employees), Piedmont Hospital (1,430+ employees), and Mercer University (9,000+ students) ensures high foot traffic and potential for strong tenant demand. The surrounding area offers a vibrant mix of residential lofts, courthouses, government offices, financial institutions, shopping, entertainment, and places of worship, all within walking distance. Public transportation also serves the area. The 2024 property tax bill is $5,797. This is an ideal opportunity for investors seeking a high-growth area with strong potential for return.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $290,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $270,000
      6.5%
      $275,000
      7%
      $320,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $300,000
      Geo Method
      $295,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $300,000
      Retail
      $240,000
      Mixed-Use
      $295,000
      Hospitality
      $275,000
      Educational
      $310,000
      Residential Income
      $310,000
      Energy
      $230,000
      Income-Based Land
      $290,000
      Food Service
      $260,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Macon
    County
    Bibb
    State
    Georgia
    Longitude
    -83.6291
    Latitude
    32.8371
    CBSA code
    31420
    CBSA name
    MACON, GA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,674
    $23,184
    $188,578
    $211,762
    -
    $57,960
    $471,445
    $529,405

    Comparable in this City

    • Value Estimation
      $365,000
      7,681 SF

      325 Cotton Ave

      STORE/OFFICE (MIXED USE) • 7,681 SF
      325 Cotton Ave, Macon, GA 31201-2625
      View Details
    • Value Estimation by Request
      27,969 SF

      400 Poplar St

      STORE/OFFICE (MIXED USE) • 27,969 SF
      400 Poplar St, Macon, GA 31201-3336
      View Details
    • Value Estimation
      $260,000
      11,832 SF

      476 2nd St

      STORE/OFFICE (MIXED USE) • 11,832 SF
      476 2nd St, Macon, GA 31201-2734
      View Details
    • Value Estimation
      $380,000
      9,108 SF

      466-470 1st St

      STORE/OFFICE (MIXED USE) • 9,108 SF
      466-470 1st St, Macon, GA 31201
      View Details
    • Value Estimation
      $185,000
      3,750 SF

      530 1st St

      STORE/OFFICE (MIXED USE) • 3,750 SF
      530 1st St, Macon, GA 31201-2888
      View Details
    • Value Estimation
      $245,000
      6,732 SF

      391 2nd St

      STORE/OFFICE (MIXED USE) • 6,732 SF
      391 2nd St, Macon, GA 31201
      View Details

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    • $164,999
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    Similar Nearby for Lease

    • $17 SF/Yr
      750 SF

      Loft Retail Space Available

      750± SF loft with one bedroom and bath for rent.
      361 2Nd St, Macon, GA 31201
      View Details
    • $16 SF/Yr
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      Restaurant Space with Mezzanine

      2,600± SF restaurant space with updated features for lease.
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      View Details
    • $1,750 /Mo
      1,300 SF

      Storefront Retail / Office Space

      1,300± SF retail/office space with open layout in Macon, GA.
      811 Forsyth St, Macon, GA 31201
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    • $17 SF/Yr
      5,600 SF

      Medical Office Building For Rent

      5,600 SF medical office building built in 2016.
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    • $10 SF/Yr
      1,150 SF

      Macon Medical Office Space Available

      Medical office suite for lease near Walnut and Spring intersection.
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      View Details
    • Contact for pricing
      67,580 SF

      Cherry Street Executive Suites

      Bibb County Office Space Available
      606 Cherry St, Macon, GA 31201
      View Details
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    385 2nd St
    Macon, GA 31201-2735
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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