Updated Historic Office
For Sale
$215,000
414 Society Avenue W, Albany, GA 31701
COMMERCIAL - Albany, GA
Property Size1,403 SF
Lot Size0.27 Acres
Price / SF$153.24
Days on Market73
Property Features for 414 Society Avenue W
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From Jefferson, turn on 400 block of W Society, home on the left.
Subdivision
Northeast Albany
Standard status
Active
APN
000CC/00021/016
Size
1,403 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Blk 67, Lot RT 40, Dougherty Co GA
Tax Annual Amount
790
Legal Description
Blk 67, Lot RT 40, Dougherty Co GA
Building Details
Year built
1930
Floors in Building
1
Number of units
1
Listing Agency:
RE/MAX OF ALBANY · RE/MAX International
(229) 434-1600
Listed By:
Karen Richter · License #213956
(229) 854-3730
Added: Jun 9
Changed: Aug 14
Last Checked: Aug 20 at 8:06AM
MLS# 169321
Copyright © 2026 Albany Board of Realtors and Southwest Georgia MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office property combines a 1930 construction date with modern updates across approximately 1,403 square feet. The interior includes multiple private offices, hardwood flooring, updated finishes, a full kitchen and break area, plus two bathrooms with tile floors. The layout provides separate work areas within a compact professional setting.
The property occupies 0.27 acres at 414 Society Avenue W in Albany, Georgia. It is near Phoebe Putney Hospital, the Dougherty County Courthouse, and The St. Nicholas hotel, with the Albany Museum of Art identified as an upcoming nearby destination. Parking is available on site, and a rock privacy fence extends along the rear of the lot.
The property occupies 0.27 acres at 414 Society Avenue W in Albany, Georgia. It is near Phoebe Putney Hospital, the Dougherty County Courthouse, and The St. Nicholas hotel, with the Albany Museum of Art identified as an upcoming nearby destination. Parking is available on site, and a rock privacy fence extends along the rear of the lot.
Key Highlights
- Approximately 1,403 square feet of office space
- Built in 1930 with updated finishes and fixtures
- Multiple private offices with a flexible interior layout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,311
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$246,220
$246.2K
Cap Rate 7%
$175,871
$175.9K
Cap Rate 9%
$136,789
$136.8K
Market Conditions
NOI Build-Up for 1,403 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.0K $15.00/SF
− Vacancy
−$4.6K −$3.30/SF
EGI
$16.4K $11.70/SF
− OpEx
−$4.1K −$2.93/SF
NOI
$12.3K $8.78/SF
Area
Dougherty County, GA
Vacancy
22.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$246,220
Cap Rate 7%
$175,871
Cap Rate 9%
$136,789
Alternative Uses
Best Use
Office B
$175.9K
$153.9K – $205.2K
NOI $12,311 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$276.1K
$241.6K – $322.1K
NOI $19,328 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 31701, GA
18,133
Population
9,535
Households
1.9
Avg Household Size
39
Median Age
17%
College-Educated
81%
High-School Grad
21.2 sq mi
ZIP Area
855
Density / Sq Mi
$32,902
Median Household Income
$31,489
Median Earnings
$812
Median Rent
$97,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multi-office layout with hardwood floors, kitchen, two bathrooms, and rear privacy fencing.
Where is this office units located?
The property is located at 414 Society Avenue W Albany, GA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Approximately 1,403 square feet of office space; Built in 1930 with updated finishes and fixtures; Multiple private offices with a flexible interior layout
