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    The Largest CRE Database in the US with Over 1 Million Listings

    7493 Us Hwy 76 Alexanders Mill, GA 30582

    Sponsored
    For Sale
    $350,000

    Prime .39-acre lot, endless potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    This unique .39-acre commercial property in Young Harris, Georgia, located at 7493 US Hwy 76 W, presents an exceptional investment opportunity. Originally constructed in 1937, this historically significant site boasts a rich and varied past, having served as Gibby's Furniture Store for many years. Local accounts detail its use as a restaurant, barbershop, and even a former location of Abernathy Furniture. Adding to its intriguing history, the building functioned as a speakeasy during Prohibition, cleverly utilizing a system of colored lights to signal approaching law enforcement while serving both students from Young Harris College and workers involved in the creation of Lake Chatuge. A hidden basement provided access to patrons through small doors. The property's versatility allows for a wide range of potential uses, including retail space, a restaurant, an art studio, or any other innovative venture. The asking price is $350,000. This is a chance to acquire a piece of Young Harris history and shape its future. The property is zoned for commercial use and is situated in Towns County, Georgia, zip code 30582. The site offers significant potential for redevelopment or repurposing, capitalizing on its prominent location and historical significance. Don't miss this rare opportunity to own a piece of Young Harris's vibrant past and create a successful future.

    Property Features for 7493 Us Hwy 76

    General Information

    Property type
    Land
    Lot Size
    16,988 SF

    We can help!

    Listing Contact
    Jo Ellen Thornton
    Jo Ellen Thornton

    Learn more

    Property Insight Report

    HighLights

    • $350,000 asking price.
    • 0.39‑acre commercial land parcel.
    • Located at 7493 US Hwy 76 W, Young Harris, GA 30582.
    • Special purpose property with historical significance, previously used for retail, restaurant, and other commercial purposes.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Building Supply Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Alexanders Mill
    County
    Towns
    State
    Georgia
    Longitude
    -83.9108968
    Latitude
    34.9525059

    Nearby Comparable

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    • New
      $95,000
      9.76 Acres

      9.76 Acres in Young Harris

      Unrestricted land near lakes, resort, college, and casino.
      10 Acres Winchester Crk, Young Harris, GA 30582
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    • $179,900
      7.80 Acres

      7.8 Acres of Unrestricted Land

      7.8 acres of unrestricted land zoned agricultural.
      Gumlog Rd, Young Harris, GA 30582
      View Details

    FAQs

    What type of property is this?
    Land - Prime .39-acre lot, endless potential.
    Where is this land located?
    The property is located at 7493 Us Hwy 76 Alexanders Mill, GA.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: $350,000 asking price.; 0.39-acre commercial land parcel.; Located at 7493 US Hwy 76 W, Young Harris, GA 30582.
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    7493 Us Hwy 76 Alexanders Mill, GA 30582
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    We can help!
    Listing Contact
    Jo Ellen Thornton
    Jo Ellen Thornton
    Real Estate License ID: GA
    Learn more
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