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    1298 Old Norcross Rd Lawrenceville, GA 30046
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    Property profile & analytics

    1298 Old Norcross Rd, Lawrenceville, GA 30046

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    • Commercial real estate
    • 136,778 SF
    • 3.14 lot acres
    Off-Market
    Property ID
    US22-0082655
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Majik Merlin Gifts / Department Store

    Property Details for 1298 Old Norcross Rd

    Lot size
    3.14 lot acres
    Property type
    Commercial real estate
    APN
    R7006 008, R7006 050

    Description

    This exceptional 3.14-acre property at 1298 Old Norcross Road, Lawrenceville, GA, presents a unique redevelopment opportunity. Priced at $1,450,000 ($461,780 per acre), this mixed-use land offers significant potential for investors. The property comprises two parcels: R7006 008, zoned O-I (Office-Institutional), and R7006 050, zoned RS-150 (Residential). The O-I zoning allows for a wide range of commercial uses, including medical offices, educational institutions, and professional services. Permitted uses also include lodging establishments, daycare facilities, and various other commercial and institutional buildings. The RS-150 zoning on the second parcel provides residential development potential within a thriving community. The property boasts a total square footage of 136,778, with 1,064 square feet of net rentable space in a single, one-story building. Its strategic location on Old Norcross Road provides high visibility and easy access to major highways, including I-85 and GA-316. The area offers numerous amenities, including shopping centers and restaurants, enhancing the property's appeal. This prime location in a rapidly growing area of Gwinnett County ensures long-term value and growth, making it an attractive investment for developers seeking a blend of commercial and residential development. Utilities are readily available on-site.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lawrenceville
    County
    Gwinnett
    State
    Georgia
    Longitude
    -84.033528689555
    Latitude
    33.954142122479

    Comparable in this City

    • $495,000

      Lawrenceville Mixed-Use Investment Opportunity

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    • $649,500

      Mixed-Use Investment Opportunity

      High-traffic mixed-use building with flexible space and unfinished basement.
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    • $365,000

      Downtown Lawrenceville Mixed-Use Opportunity

      Dual-zoned property near downtown Lawrenceville, ideal for business.
      888 N Clayton St, Lawrenceville, GA 30046
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    • $1,650,000

      Downtown Lawrenceville Commercial Space

      Prime commercial space with parking in downtown Lawrenceville, Georgia.
      139 New Hope Rd, Lawrenceville, GA 30046
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    • $420,000

      Free-Standing Office in Prime Location

      Office building in Lawrenceville, moments from downtown square.
      634 N Clayton St, Lawrenceville, GA 30046
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    • Contact for pricing
      Pending

      Well-Maintained Rented Duplex

      Duplex with good-paying tenants, showings during diligent period.
      340 Sprucewood Ct, Lawrenceville, GA 30046
      View Details

    Similar Nearby for Sale

    • $495,000

      Lawrenceville Mixed-Use Investment Opportunity

      High-visibility mixed-use property in a rapidly growing area.
      899 Grayson Hwy, Lawrenceville, GA 30046
      View Details
    • $649,500

      Mixed-Use Investment Opportunity

      High-traffic mixed-use building with flexible space and unfinished basement.
      706 Collins Hill Rd, Lawrenceville, GA 30046
      View Details
    • $365,000

      Downtown Lawrenceville Mixed-Use Opportunity

      Dual-zoned property near downtown Lawrenceville, ideal for business.
      888 N Clayton St, Lawrenceville, GA 30046
      View Details
    • $1,650,000

      Downtown Lawrenceville Commercial Space

      Prime commercial space with parking in downtown Lawrenceville, Georgia.
      139 New Hope Rd, Lawrenceville, GA 30046
      View Details
    • $420,000

      Free-Standing Office in Prime Location

      Office building in Lawrenceville, moments from downtown square.
      634 N Clayton St, Lawrenceville, GA 30046
      View Details
    • Contact for pricing
      Pending

      Well-Maintained Rented Duplex

      Duplex with good-paying tenants, showings during diligent period.
      340 Sprucewood Ct, Lawrenceville, GA 30046
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Location Mixed-Use Space

      Located in a dense area near shops and restaurants.
      134 S Clayton St, Lawrenceville, GA 30046
      View Details
    • Contact for pricing

      Lawrenceville Warehouse Space Available

      104,000 SF warehouse space for lease, available November 2024.
      665 Raco Dr, Lawrenceville, GA 30046
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    • Contact for pricing

      Lawrenceville Office/Warehouse Space Available

      Renovated office/warehouse space with climate-controlled offices and drive-in door.
      465 Maltbie St, Lawrenceville, GA 30046
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    • Contact for pricing

      Lawrenceville Warehouse Suites For Lease

      Small suite warehouse complex near SR 316 and Downtown Lawrenceville.
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    • Contact for pricing

      Lawrenceville Townhome Near Amenities

      Two-story townhome near dining, shops, and key employers.
      582 Downing St, Lawrenceville, GA 30046
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    • $1,850 /Mo
      14,375 SF

      Professional Space in Langley Commons

      Well-designed 1,350 SqFt office space in Lawrenceville.
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      View Details
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    Lawrenceville, GA 30046
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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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    1298 Old Norcross Rd, Lawrenceville, GA, 30046
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