Commercial Real Estate in Macon, GA

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Larry E. Crumbley, CCIM, CPM, SIOR, CRE

Profile of Macon Transactions

The following is a profile of recent commercial transactions completed. For information on any of these transactions or the real estate market in general, please call me at 478-746-9421.

Jump to:

• Suburban Office Space,
• Downtown Office Space,
• Retail,
• Warehouse/Industrial,
• Investment

Office Space

Suburban

1. 1,030 sf leased in Zebulon Road/I-475 area for 3 years at average rent of $12.50 psf. Landlord handles major HVAC, taxes, Insurance and CAM. Owner cleaned carpet and painted.
2. 9,000 sf free-standing office building in I-475/Mercer University Drive area leased for 5 years at an average of $6.08 psf with Owner handling major HVAC repairs, structure and Tenant paying Taxes, Insurance and CAM. Space leased as is.
3. 1,000 sf leased in Zebulon Road/I-475 area for 2 years at an average of $12.50 psf with Tenant paying Taxes, Insurance and CAM, and other repairs except roof and structure. Owner painted and cleaned carpet.
4. 1920 sf on Zebulon Road in I-475 area leased for 3 years at average rent of $12.80 psf, NNN. Tenant Improvements were under $5.00 psf.
5. 5,100 sf free standing building in Forsyth Road area leased for 3 years at an average of $10.90 psf rent plus taxes and insurance. Use was special purpose.
6. 1,000 square feet of class A space leased in Zebulon Road/I-475 area for an average of $12.50 per square foot, NNN over three year period.
7. 1,500 square feet of office space with road frontage leased in the Thomaston Road/Heath Road area for $10.30 per square foot, gross, for 5 years.
8. 4,749 square feet, located in three story office building in the Riverside Drive/I-75 area of Macon, leased for average of $17.00 per square foot range with services.

Downtown

1. 1,234 sf leased in Central Business District, Downtown Macon for an average of $14.00 psf with services plus parking. No improvements.
2. 1,160 sf leased in Central Business District, Downtown Macon for an average $13.75 psf with services plus parking. Owner painted and cleaned carpet.
3. 9,880 sf in Central Business District leased for 3 years at $13.83 psf average rent with full service and under $5.00 psf tenant improvements, plus parking.
4. 1,161 sf in Central Business District leased for average rent of $13.33 psf. Full service with no improvements.
5. 2,207 square feet leased in the Central Business District for an average of $15.00 per square foot, with services, on a two-year lease.
6. 4,300 square feet leased in Central Business District for $17.15 per square foot with services and 25.00 per square foot tenant improvement allowance.
7. Approximately 1,900 square feet located in Macon Central Business District, leased for average rent of $14.80 per square foot for 5 years.

Retail

1. 1,500 sf freestanding building leased at Shurling Drive near Shurlington Plaza – one year lease at $9.80 psf with Owner paying Taxes and Insurance.
2. 2,000 sf Shopping Center space in Colonial Macon Mall area leased for 3 years at an average rent of $10.40 psf, 3 net. Owner provided basic retail finish.
3. 1,225 sf Shopping Center space in Macon Mall area leased for 3 years at an average rent of $13.50 psf, 3 net. Owner provided basic retail finish.
4. 1,300 sf building on .6 acres located on Shurling Drive, leased for $1,450/month for one year with option to buy. Owner pays Taxes, Insurance and Maintenance.
5. 3,600 sf retail space in Colonial Macon Mall area, leased for 3 years at $11.00 psf plus $1.25 psf pass thru expenses.
6. 2.700 sf auto service building in south Macon leased for 3 years at $8.90 psf gross without tenant improvements.
7. 1,800 square feet of retail space leased on Jeffersonville Road in Macon, for an average of $4.67 per square foot, gross, over a five-year term.
8. 2,500 square feet located on Mercer University Drive west of Pio Nono for three years at an average rent of $6.50 per square foot, NNN.
9. Approximately 900 square feet leased in the south Pio Nono area, just north of I-75 interchange for three years with an average rent of $10.00 per square foot, NNN.
10. 1,100 square feet located on Northside Drive, leased for one year at an average of $7.77 per square foot, NNN.
11. 1,200 square feet located in a retail center in the Macon Mall area, leased for three years with an average rent of $14.30 per square foot, NNN.
12. 2,900 square foot 5-bay automotive service facility in south Macon sold for $145,000.

Warehouse/Industrial

1. 2,500 sf leased in Mercer University Drive area for 3 years at $4.24 psf average rent, plus Taxes, CAM & Insurance.
2. 103,000 sf Industrial Building in South Broadway area sold for $750,000 or $7.28 psf.
3. 4800 sf building in Broadway area with 2600 square feet of showroom and balance warehouse on 1.5 acres sold for $70,000 in 2004.
4. 14,400 square foot warehouse/service building located off Emery Highway in east Macon, sold for $245,000. Building comprising approximately 1000 square feet office space with the rest warehouse on 1.4 acres.
5. A 15,000 square foot office/warehouse building with 5,000 square foot office/showroom located in Mercer University Drive/I-475 area, leased for $5.75 per square foot, 3 net, in 2004.
6. 3,500 sf office/warehouse space in downtown industrial district with approximately half finished office and one drive in overhead door. Leased for $3.43 psf gross for one year in 2004.
7. A 25,000 sf light manufacturing building on 4 acres in Ocmulgee East Industrial Park leased for 3 years at $2.90 psf 3 net.
8. A 3,600 square foot free-standing office/service building with about 50% office located near Ocmulgee East Industrial Park, leased for an average rent of $3.34 per square foot, gross, for three years.
9. A 19,100 square foot space located near the Allied Industrial Park, leased for three years at $2.51 per square foot gross.
10. A 15,200 square foot warehouse distribution area with approximately 1,000 square feet of office space, located near the Ocmulgee East Industrial Park, leased for $2.53 per square foot, gross.
11. A 3,200 square foot warehouse located near the Ocmulgee East Industial Park, leased for $3.38 per square foot gross for one year.
12. A 6,000 square foot office/warehouse space located on Mercer University Drive just west of Pio Nono Avenue, leased for $3.00 per square foot gross, for one year.
13. A 1,864 square foot office/warehouse building with 50% office and located off Hawkinsville Road on approximately ¾ of an acre, leased for $6.44 per square foot gross for one year.
14. A 3,000 square foot office/warehouse building located in Payne City, leased for $2.25 per square foot, gross, for one year.
15. A 37,500 square foot office/warehouse space located near the Ocmulgee East Industrial Park, for five years, at $2.40 per square foot gross.
16. A 70,000 square foot office/warehouse building on 4 acres located near the Allied Industrial Park sold for $450,000.
17. A 16,000 square foot warehouse/service building located on Third Street leased for 3 years at $1.76 per square foot gross.
18. A 3,000 square foot 5-bay service building off Hawkinsville Road on one acre leased for average rent of $3.60 per square foot gross for 3 years.

Investment

1. A 2,600 sf building divided for 3 tenants with $1,800/month rent, sold for $163,500 in 2004, 10 cap rate.
2. A 14-unit brick duplex property built in the 1940's, located in Napier Avenue/Hendley Street area of Macon sold for $225,000 or $16,000 per unit in 2003. Unit mix was 6-2 BR units and 8-1 BR units.
3. A 10 unit apartment building in the Vineville Avenue area of Macon sold for $260,000 in 2003 or $26,000 per unit. All units were 1-BR with central heat & air and stacked washer and dryers.
4. A 9,000 sf building occupied by a Dollar Store in Byron, GA sold for $250,000 or 9 cap rate.
5. A two tenant 4700 sf office building in the north Macon area sold for $430,000 in December 2003. Purchase based on $47,000 in current net income.
6. A 60 unit apartment community in Milledgeville sold for $1,895,000 ($31,583 per unit)in September 2004.

NOTE:  The information provided is not intended for use in the valuation proves but is merely an overview of transactions in the area.