Downtown Macon Commercial
For Sale
Contact for pricing
722 Martin Luther King Jr Blvd, Macon, GA 31201
Former convenience store with office space in downtown Macon.
Property Size3,131 SF
Price / SF$119.77
Days on Market913
Property Features for 722 Martin Luther King Jr Blvd
General Information
Standard status
Active
Size
3,131 SF
Property subtype
Retail
Zoning
CBD-2
Building Details
Year Built
1954
Year Renovated
1970
Listing Agency:
Fickling & Company
(478) 746-9421
Listed By:
Larry Crumbley · License #GA 10498
Source:
Crexi
Added: Feb 29, 2024
Changed: Aug 16
Last Checked: Aug 28 at 9:13PM
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 Fickling & Company
Investment Insights
Based on property information with market context.
This commercial property, formerly a 3,131-square-foot convenience store, is located on Martin Luther King Jr Boulevard in Downtown Macon. The property includes an attached open-air garage of approximately 1,700 square feet. The second level has been converted into office space. Situated approximately 1 mile from Interstate 16 and 1.2 miles from Interstate 75, the location offers convenient access. Potential uses for the property include a convenience store, wholesale distribution center, or showroom and storage facility. Surrounding neighbors include Atrium Health Navicent, Wilson Bryant Heating & Air, Broadway Lofts, Henderson Chemical, Macon/Bibb Co Water Authority, Unique II, and the Department of Family & Children's Services.
Key Highlights
- High‑traffic location on Martin Luther King Jr Boulevard in Downtown Macon.
- Close proximity to Interstates 16 and 75 (1± miles and 1.2± miles, respectively).
- Versatile property suitable for various uses: convenience store, wholesale distribution, or showroom/storage.
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
$29,793
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
7.94%
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%
$595,860
$595.9K
Cap Rate 7%
$425,614
$425.6K
Cap Rate 9%
$331,033
$331.0K
Market Conditions
NOI Build-Up for 3,131 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
$45.1K $14.40/SF
− Vacancy
−$2.5K −$0.81/SF
EGI
$42.6K $13.59/SF
− OpEx
−$12.8K −$4.08/SF
NOI
$29.8K $9.52/SF
Area
Macon, GA
Vacancy
5.60%
Lease Rate
$14.40 /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%
$595,860
Cap Rate 7%
$425,614
Cap Rate 9%
$331,033
Alternative Uses
Best Use
Specialty Retail
$494.0K
$432.3K – $576.4K
NOI $34,581 @ 7.0% cap · market cap 9.22%
Second Best
Retail
$425.6K
$372.4K – $496.6K
NOI $29,793 @ 7.0% cap · market cap 7.94%
Theoretical Best
Healthcare Medical
$599.0K
$524.1K – $698.8K
NOI $41,930 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,015
Businesses Nearby
36k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 83%
Shops & Services 10%
Home Improvements & Furnishings 7%
Dunkin' Donuts
Dining
10,491 visits/mo
0.5 miles
SUBWAY
Dining
6,666 visits/mo
0.5 miles
Smoothie King
Dining
5,782 visits/mo
0.4 miles
Roly Poly
Dining
3,210 visits/mo
0.4 miles
Barberitos
Dining
2,750 visits/mo
0.4 miles
Demographics for 31201, GA
8,882
Population
4,916
Households
1.8
Avg Household Size
35
Median Age
29%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
945
Density / Sq Mi
$22,936
Median Household Income
$27,311
Median Earnings
$912
Median Rent
$151,400
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?
Grocery and convenience store - Former convenience store with office space in downtown Macon.
Where is this grocery and convenience store located?
The property is located at 722 Martin Luther King Jr Blvd Macon, GA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: High‑traffic location on Martin Luther King Jr Boulevard in Downtown Macon.; Close proximity to Interstates 16 and 75 (1± miles and 1.2± miles, respectively).; Versatile property suitable for various uses: convenience store, wholesale distribution, or showroom/storage.
