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    3215 Highway 278 Covington, GA 30014
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    Property profile & analytics

    3215 Highway 278 Covington, GA 30014

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    • Drug stores
    • 11,200 SF
    • 1.60 lot acres
    For Sale
    $3,500,000
    View Listing →
    Former Pharmacy Retail Space For Sale
    $3,500,000
    11,000 SF

    Former Pharmacy Retail Space

    11,000 SF former pharmacy available for sale.

    3215 Hwy 278, Covington, GA 30014
    View Listing
    Property ID
    US22-1920655
    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

    • Drug stores

    Property Details for 3215 Highway 278

    Year built
    1997
    Construction
    STEEL FRAME
    Lot size
    1.60 lot acres
    Property size
    11,200 SF
    Zone code
    C1
    Property type
    Drug stores
    APN
    C0240-00060-001-000
    APU
    C024000060001000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,688,000
      Market price range: $800k - $1.88M
      AI Estimate
      $985,000
      Market price range: $329k - $1.20M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,245,000
      Current use
      AUTO REPAIR, GARAGE
      $1,400,000
      Change: +13% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,040,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Newton
    State
    Georgia
    Longitude
    -83.8644
    Latitude
    33.6021
    CBSA code
    12060
    CBSA name
    ATLANTA-SANDY SPRINGS-MARIETTA, 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
    $18,506
    $278,760
    $214,760
    $493,520
    -
    $696,900
    $536,900
    $1,233,800

    Comparable in this City

    • Value Estimation
      $9,675,000
      14,820 SF

      3188 Hwy 278th NE

      DRUG STORE, PHARMACY • 14,820 SF
      3188 Hwy 278th NE, Covington, GA 30014-2300
      View Details
    • Value Estimation
      $6,525,000
      169,660 SF

      8195 Industrial NE Blvd

      DRUG STORE, PHARMACY • 169,660 SF
      8195 Industrial NE Blvd, Covington, GA 30014-1497
      View Details
    • Value Estimation
      $1,905,000
      11,745 SF

      10267 Hwy 36

      DRUG STORE, PHARMACY • 11,745 SF
      10267 Hwy 36, Covington, GA 30014-3814
      View Details
    • Value Estimation
      $2,105,000
      12,868 SF

      4183 Hwy 278th NE

      DRUG STORE, PHARMACY • 12,868 SF
      4183 Hwy 278th NE, Covington, GA 30014-2400
      View Details
    • Value Estimation by Request
      1,620 SF

      1113 Washington SW St

      RETAIL STORES (PERSONAL SERVICES) • 1,620 SF
      1113 Washington SW St, Covington, GA 30014-2357
      View Details
    • Value Estimation
      $840,000
      2,996 SF

      2161 Emory NW St

      LAUNDROMAT (SELF-SERVICE) • 2,996 SF
      2161 Emory NW St, Covington, GA 30014-2211
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,000 SF

      Former Pharmacy Retail Space

      11,000 SF former pharmacy available for sale.
      3215 Highway 278, Covington, GA 30014
      View Details
    • $195,000
      0.89 Acres

      Covington Commercial Lot For Sale

      Almost 1 acre lot in Covington, GA, perfect for retail.
      6130 Monticello St, Covington, GA 30014
      View Details
    • $1,500,000
      5,315 SF

      Covington Commercial Property For Sale

      3.557 acres with multiple buildings, ideal for commercial development.
      6125 Washington St SW, Covington, GA 30014
      View Details
    • Contact for pricing
      1,775 SF

      Retail Property on Highway 278

      Retail space available for purchase on Highway 278.
      8225 Highway 278 NE, Covington, GA 30014
      View Details
    • $3,000,000

      Profitable Tire Shop For Sale

      Established tire shop with building, inventory, equipment, and land.
      6166 Washington St SW, Covington, GA 30014
      View Details
    • $500,000

      Covington Industrial Space For Sale

      1,872 sq ft warehouse zoned C-3 in Covington, GA.
      6132 Jackson Hwy SW, Covington, GA 30014
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      19,200 SF

      Jackson Market: Covington Retail Space

      High-traffic retail space, flexible layouts.
      4115 Highway 278, Covington, GA 30014
      View Details
    • Contact for pricing

      Industrial Outdoor Storage Available

      Industrial outdoor storage with secured, lit, and fenced space.
      1597 Access Rd, Covington, GA 30014
      View Details
    • Contact for pricing
      188,699 SF

      Modern Industrial Warehouse Space Available

      60,575 SF warehouse space ideal for distribution or manufacturing.
      12101 Harland Dr NE, Covington, GA 30014
      View Details
    • Contact for pricing

      Modern Distribution Facility Ready Now

      Class A distribution space available near I-20 in Covington, GA.
      14138 Lake Forest Ct NE, Covington, GA 30014
      View Details
    • Contact for pricing
      258,748 SF

      Modern Distribution Facility Ready

      Class A distribution space available near I-20 and Rivian.
      14138 Lake Forest Ct NE, Covington, GA 30014
      View Details
    • $5,500 /Mo

      Land For Lease Covington

      Land available for lease in Covington, Georgia.
      9126 Industrial Blvd NE, Covington, GA 30014
      View Details
    View Listing
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    3215 Highway 278
    Covington, GA 30014
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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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    3215 Highway 278, Covington, GA, 30014
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