Renovated 252-Unit Apartment
For Sale
$19,900,000
509 N Westover Blvd, Albany, GA 31707
Built in 1987 and recently renovated, this 252-unit multifamily property is stabilized and cash-flowing.
Property Size202,804 SF
Days on Market158
Property Features for 509 N Westover Blvd
General Information
Standard status
Active
Size
202,804 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
252
Amenities
Recent Full High-End Renovations and Upgrades to Unit Amenities, Exteriors and Common Areas
Economic Growth: Strong Economic Driver Growth Through Agribusiness
Strong Local Demographics: $104,000 Avg. HH Income within a 1-Mile Radius
Assumable Debt: Attractive Financing Options Available, Enhancing Cash-on- Cash Returns
Below Market Rents Avg. $227 Per Unit/Mo Below Market Rent
Building Details
Building Size
202,804 SF
Year Built
1987
Units
252
Listing Agency:
Atlanta Office
(678) 808-2700
Listed By:
Harold Shepard · License #GA: 445263
(678) 808-2808
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 23 at 6:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Atlanta Office
Investment Insights
Based on property information with market context.
Built in 1987, 509 N. Apartments is a 252-unit multifamily community that has been recently renovated. Updates include modern kitchens and bathrooms, new flooring, updated appliances, and refreshed common areas.
The property is described as stabilized and cash-flowing, with rents currently below market. The offering notes opportunity for operational improvements and rent growth while maintaining current performance.
The surrounding area is supported by reported household income levels, including an average household income of $104,000 within 1 mile and a median income of $65,000 within 2 miles, which the remarks cite as helpful for long-term rental demand. The listing also highlights that assumable debt is in place.
The property is described as stabilized and cash-flowing, with rents currently below market. The offering notes opportunity for operational improvements and rent growth while maintaining current performance.
The surrounding area is supported by reported household income levels, including an average household income of $104,000 within 1 mile and a median income of $65,000 within 2 miles, which the remarks cite as helpful for long-term rental demand. The listing also highlights that assumable debt is in place.
Key Highlights
- 252‑unit multifamily community in Albany, Georgia, built in 1987
- Recently renovated with modern kitchens and bathrooms, new flooring, updated appliances, and refreshed common areas
- Stabilized, cash‑flowing income as stated in the remarks
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
$1,242,134
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
6.24%
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%
$24,842,680
$24.8M
Cap Rate 7%
$17,744,771
$17.7M
Cap Rate 9%
$13,801,489
$13.8M
Market Conditions
NOI Build-Up for 202,804 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
$2.43M $12.00/SF
− Vacancy
−$175.2K −$0.86/SF
EGI
$2.26M $11.14/SF
− OpEx
−$1.02M −$5.01/SF
NOI
$1.24M $6.12/SF
Area
Dougherty County, GA
Vacancy
7.20%
Lease Rate
$12.00 /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%
$24,842,680
Cap Rate 7%
$17,744,771
Cap Rate 9%
$13,801,489
Alternative Uses
Best Use
Apartment 5plus
$17.74M
$15.53M – $20.70M
NOI $1,242,134 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$39.91M
$34.92M – $46.56M
NOI $2,793,828 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
252
Residential units
Location Intelligence
Trade Area within ½ mile
562
Businesses Nearby
Explore this area
Business Placement
Demographics for 31707, GA
24,623
Population
12,652
Households
1.9
Avg Household Size
38
Median Age
27%
College-Educated
88%
High-School Grad
18.4 sq mi
ZIP Area
1,338
Density / Sq Mi
$49,179
Median Household Income
$37,878
Median Earnings
$934
Median Rent
$131,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1987 and recently renovated, this 252-unit multifamily property is stabilized and cash-flowing.
Where is this apartment building located?
The property is located at 509 N Westover Blvd Albany, GA.
What is the asking price?
The asking price for this property is $19,900,000.
What are key features of this property?
This property features: 252‑unit multifamily community in Albany, Georgia, built in 1987; Recently renovated with modern kitchens and bathrooms, new flooring, updated appliances, and refreshed common areas; Stabilized, cash‑flowing income as stated in the remarks
