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    516 Ga-247 Bonaire, GA 31005

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    516 Ga-247 Bonaire, GA 31005

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    • Office properties & Spaces
    • 4,680 SF
    • 0.65 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 516 Ga-247

    Year built
    2019
    Lot size
    0.65 lot acres
    Property size
    4,680 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional investment opportunity presents a 4,680 square foot medical office building in Bonaire, Georgia, currently leased to Heartland Dental under a 10-year Net Lease agreement (commencing September 1, 2019, expiring August 31, 2029). The property boasts a strong 6.25% cap rate and a substantial Net Operating Income (NOI) of $193,028. Located on a 0.65-acre lot at 516 GA-247, 31005, this property benefits from excellent visibility and access near the intersection of State Route 247 and State Route 96, within the Merganser Commons development (anchored by Publix). The lease includes built-in rent bumps, with a 10% increase scheduled for September 2024 and every five years thereafter. The tenant, Heartland Dental, is a large, financially stable dental support organization with a corporate guarantee, providing significant security for investors. The property's location within a thriving residential area, near major employers like Frito-Lay, Northrop Grumman, and Anchor Glass, and in close proximity to Robins Air Force Base and several schools, ensures a reliable customer base and strong demographics. The average annual household income within a one-mile radius is $130,173, and the population within a five-mile radius is 67,201. This is a 1031 exchange eligible property. The building was constructed in 2019.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bonaire
    County
    Houston
    State
    Georgia
    Longitude
    -83.5963
    Latitude
    32.5463

    Comparable in this City

    • Value Estimation
      $710,000
      4,680 SF

      516 Ga Hwy 247th S

      MEDICAL BUILDING • 4,680 SF
      516 Ga Hwy 247th S, Bonaire, GA 31005-3865
      View Details
    • Value Estimation
      $725,000
      4,941 SF

      101 Stillwater Cir

      MEDICAL BUILDING • 4,941 SF
      101 Stillwater Cir, Bonaire, GA 31005-3857
      View Details
    • Value Estimation
      $790,000
      7,696 SF

      106 Moran Dr

      MEDICAL BUILDING • 7,696 SF
      106 Moran Dr, Bonaire, GA 31005-5106
      View Details
    • Value Estimation
      $690,000
      5,734 SF

      120 Ryan Davis Ct

      MEDICAL BUILDING • 5,734 SF
      120 Ryan Davis Ct, Bonaire, GA 31005-1104
      View Details
    • Value Estimation by Request
      4,399 SF

      782 Hwy 96

      MEDICAL BUILDING • 4,399 SF
      782 Hwy 96, Bonaire, GA 31005
      View Details
    • Value Estimation by Request
      1,860 SF

      135 Old Hwy 96

      OFFICE (GENERAL) • 1,860 SF
      135 Old Hwy 96, Bonaire, GA 31005-3461
      View Details

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    Bonaire, GA 31005
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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
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