For Sale
$2,700,000

60 Ga-22Milledgeville, GA 31061

High-yield, stabilized office investment. Excellent tenant.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a fully leased, 25,183 square foot Class B office building situated on a 2.32-acre lot in Milledgeville, Georgia. The property, built in 1941 and 1981 with renovations completed in 2013, boasts a single tenant, River Edge Behavioral Health, under a modified gross lease with 3% annual rent bumps. The building features 125 parking spaces and is 100% occupied since January 1, 2009. The asking price is $2,700,000, representing a compelling $107.22 per square foot and a 6.81% cap rate based on a current Net Operating Income (NOI) of $184,000. Significant capital improvements have been made, including roof replacements (two-thirds within the last five years and one-third within the last eight years) and parking lot resurfacing in 2020. This stabilized investment offers a strong return with a long-term, creditworthy tenant in a prime location at 60 GA-22, Milledgeville, GA 31061. The property's size and ample parking make it an ideal investment for those seeking a stable, high-yield asset with a proven track record. The tenant has a long-term commitment to the property, having invested over $1,000,000 in renovations in 2013.

Highlights

  • 25,183 SF Class B office building on a 2.32-acre lot in Milledgeville, GA.
  • 100% occupied by River Edge Behavioral Health since 2009 under a modified gross lease with 3% annual rent increases.
  • $2,700,000 asking price, representing a $107.22/SF price and a 6.81% cap rate based on a $184,000 NOI.
  • Significant recent capital improvements including roof replacement (two-thirds within the last five years, one-third within the last eight years) and parking lot resurfacing in 2020.
  • 125 parking spaces.

Property Details for 60 Ga-22

Property type
Office properties
Square Feet
25,183 SF
Class
B
Year Built/Renovated
1941/2013
Buildings
1
Stories
1
Lot Size (sq. ft)
101,059 SF
Units
1

Location Insight

City
Milledgeville
County
Baldwin
State
Georgia
Latitude
33.09268
Longitude
-83.2720669
60 Ga-22, Milledgeville, Georgia

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60 Ga-22
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