60 Ga-22 Milledgeville, GA 31061
- Office Properties & Spaces
- 25,183 SF
- 2.32 lot acres
Current Use by Public Records
- Office Properties & Spaces
Property Details for 60 Ga-22
- Year built
- 1941
- Lot size
- 2.32 lot acres
- Property size
- 25,183 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a fully leased, 25,183 square foot Class B office building situated on a 2.32-acre lot in Milledgeville, Georgia. The property, built in 1941 and 1981 with renovations completed in 2013, boasts a single tenant, River Edge Behavioral Health, under a modified gross lease with 3% annual rent bumps. The building features 125 parking spaces and is 100% occupied since January 1, 2009. The asking price is $2,700,000, representing a compelling $107.22 per square foot and a 6.81% cap rate based on a current Net Operating Income (NOI) of $184,000. Significant capital improvements have been made, including roof replacements (two-thirds within the last five years and one-third within the last eight years) and parking lot resurfacing in 2020. This stabilized investment offers a strong return with a long-term, creditworthy tenant in a prime location at 60 GA-22, Milledgeville, GA 31061. The property's size and ample parking make it an ideal investment for those seeking a stable, high-yield asset with a proven track record. The tenant has a long-term commitment to the property, having invested over $1,000,000 in renovations in 2013.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Milledgeville
- County
- Baldwin
- State
- Georgia
- Longitude
- -83.2721
- Latitude
- 33.0927
