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    Property profile & analytics

    1040 Gray Hwy Macon, GA 31211

    • Strip malls
    • 27,630 SF
    • 2.20 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Jun 06, 2022
    $1,875,000
    Value Estimations
    $1,865,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-2418167
    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

    • Cash America Pawn / Pawn Shop / Gold Dealer

    Property Details for 1040 Gray Hwy

    Year built
    1959
    Construction
    CONCRETE BLOCKS
    Lot size
    2.20 lot acres
    Property size
    27,630 SF
    Zone code
    C-4
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    R064-0251
    APU
    R0640251

    Description

    This exceptional commercial property, located at 1040 Gray Hwy in Macon, Georgia, offers ±20,000 to ±24,000 square feet of flexible retail and office space. Situated on a 2.2-acre lot, this single-story building boasts a total of 27,500 square feet and was constructed in 1960. The property is zoned C-4, providing a wide range of potential uses. The address is 1040 Gray Hwy, Macon, GA 31211 (APN: R064-0251). Its convenient location in Jones County offers excellent visibility and accessibility. The property's single-tenant occupancy presents a unique opportunity for a business seeking a substantial space to expand or establish its presence in a thriving market. The building's layout is adaptable to various business needs, making it an ideal choice for a variety of retail or office configurations. This property presents a rare opportunity to acquire a significant commercial space in a desirable Macon location. The ample lot size offers potential for future expansion or development. Serious inquiries are encouraged to explore the possibilities this property offers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,680,000
      ML approach
      $1,800,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,088,000
      Market price range: $1.02M - $3.29M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,310,000
      Current use
      COMMERCIAL (GENERAL)
      $2,660,000
      Change: +15% Conversion: Easy
      RETAIL STORES
      $2,435,000
      Change: +6% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $2,095,000
      Change: -9% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,930,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Macon
    County
    Bibb
    State
    Georgia
    Longitude
    -83.6189
    Latitude
    32.8546
    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
    $23,297
    $229,997
    $556,501
    $786,498
    -
    $574,992
    $1,391,252
    $1,966,244

    Comparable in this City

    • Value Estimation
      $3,620,000
      110,384 SF

      636 Shurling Dr

      SHOPPING CENTER, STRIP CENTER • 110,384 SF
      636 Shurling Dr, Macon, GA 31211-1950
      View Details
    • Value Estimation by Request
      4,692 SF

      1060 Gray Hwy, Unit 64

      SHOPPING CENTER, STRIP CENTER • 4,692 SF
      1060 Gray Hwy, Macon, GA 31211-1858
      View Details
    • Value Estimation
      $800,000
      21,800 SF

      2460 Shurling Dr

      SHOPPING CENTER, STRIP CENTER • 21,800 SF
      2460 Shurling Dr, Macon, GA 31211-2525
      View Details
    • Value Estimation
      $2,380,000
      12,661 SF

      1372 Gray Hwy

      SHOPPING CENTER, STRIP CENTER • 12,661 SF
      1372 Gray Hwy, Macon, GA 31211-1952
      View Details
    • Value Estimation
      $6,475,000
      61,722 SF

      1336 Gray Hwy

      SHOPPING CENTER, STRIP CENTER • 61,722 SF
      1336 Gray Hwy, Macon, GA 31211-1949
      View Details
    • Value Estimation
      $510,000
      10,000 SF

      3014 Gray Hwy

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      3014 Gray Hwy, Macon, GA 31211-6686
      View Details

    Similar Nearby for Sale

    • $7,000,000
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      Macon Retail Center Investment

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    • $6,300,000
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      Multi-Tenant Retail/Office Investment Opportunity

      36,600± SF retail/office center with 99% occupancy and high traffic.
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    • $600,000
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      Macon Mixed-Use Investment Opportunity

      Five buildings, strong rental income.
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    • $550,000
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      Downtown Golden Office Space

      Prime Golden Office: 1 Space Available
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    • $485,000
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      Former Shop/Service Center on Highway

      1,300 SF shop/service center on 0.69 AC for sale.
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    • $1,455,772
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      Truist Bank | Absolute NNN | Macon, GA

      Individual retail properties • 3,747 SF
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      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      Retail Space on Gray Highway

      Retail space available for lease on a major retail corridor.
      1040 Gray Hwy, Macon, GA 31211
      View Details
    • $6 SF/Yr
      119,413 SF

      Shurlington Plaza: Macon Retail Center

      Prime Macon retail space available.
      1605 Shurling Dr, Macon, GA 31211
      View Details
    • $12 SF/Yr
      16,500 SF

      Retail Space on Gray Highway

      Retail property available for lease with 16,500 square feet.
      1034-1040 Gray Hwy, Macon, GA 31211
      View Details
    • $2 SF/Yr
      24,230 SF

      Macon Industrial Property For Lease

      24,230 SF industrial property on 4.92 acres for lease.
      2255 Gray Hwy, Macon, GA 31211
      View Details
    • Contact for pricing
      626,828 SF

      Macon Industrial Land For Lease

      5-Acre Industrial Lot, Excellent Location
      0 Rd, Macon, GA 31211
      View Details
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    Macon, GA 31211
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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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