Building Details

Year built 1948

Number of units 15

Flooring type Carpet, Vinyl

Listing Agency: Coldwell Banker / Kennon, Parker, Duncan & Davis · Coldwell Banker Real Estate d**@kpdk.com Show Phone

Listed By: Lamar Fields · License #266466 Show Phone

Added: Jul 27 Changed: Aug 7 Last Checked: Aug 22 at 4:06AM

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MLS# 233242

Copyright © 2026 Columbus Board of Realtors (GA). 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.

Turn-key 15-unit apartment building investment with units split across two separate lots. One lot includes a large 11-unit building, and the second includes a residential property with 4 additional units for a total of 15 rental units. The unit mix includes three 2-bedroom/1-bath units and twelve 1-bedroom/1-bath units. Interiors feature LVP flooring throughout, with electric heating and window unit air-conditioning. A shared, coin-operated laundry area serves the building(s).

The 11-unit lot is zoned C-3, and the 4-unit residential lot is zoned residential. The property is on a 1.23-acre site and was built in 1948. Water is available.

With 15 units in place, the property is positioned for an investor seeking to add a multifamily income-producing asset to a portfolio.

Key Highlights

• 15 total rental units across two separate lots: 11‑unit building plus 4 additional units
• Unit mix: three 2‑bedroom/1‑bath units and twelve 1‑bedroom/1‑bath units
• LVP flooring throughout, electric heating, and window unit(s) for cooling

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

$28,367

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

7.56%

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%

$567,340 $567.3K

Cap Rate 7%

$405,243 $405.2K

Cap Rate 9%

$315,189 $315.2K

Market Conditions

NOI Build-Up for 3,536 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

$55.2K $15.60/SF

− Vacancy

−$3.6K −$1.01/SF

EGI

$51.6K $14.59/SF

− OpEx

−$23.2K −$6.56/SF

NOI

$28.4K $8.02/SF

Area

Talbot County, GA

Vacancy

6.50%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

45.00%

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%

$567,340

Cap Rate 7%

$405,243

Cap Rate 9%

$315,189

Alternative Uses

Best Use

Apartment 5plus

$405.2K

$354.6K – $472.8K (±1% cap)

NOI $28,367 @ 7.0% cap · market cap 7.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$791.2K

$692.3K – $923.1K (±1% cap)

NOI $55,383 @ 7.0% cap · market cap 14.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Carpet & Flooring Store Catering Service Dental Office Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

15

Residential units

Location Intelligence

Trade Area within ½ mile

66

Businesses Nearby

Explore this area Business Placement

Demographics for 31827, GA

1,734

Population

1,014

Households

1.7

Avg Household Size

49

Median Age

15%

College-Educated

78%

High-School Grad

153.1 sq mi

ZIP Area

11

Density / Sq Mi

$45,170

Median Household Income

$26,674

Median Earnings

$1,013

Median Rent

$90,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Turn-key multifamily property with 15 rental units across two lots, including coin-operated laundry and window HVAC units.

Where is this apartment building located?

The property is located at 524 S Washington Avenue Talbotton, GA.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: 15 total rental units across two separate lots: 11‑unit building plus 4 additional units; Unit mix: three 2‑bedroom/1‑bath units and twelve 1‑bedroom/1‑bath units; LVP flooring throughout, electric heating, and window unit(s) for cooling