Office Building with Wraparound
For Sale
$159,900
611 PINE AVE, Albany, GA 31701
Multiuse office property with adjacent lots, dedicated parking, storage, and access to downtown amenities.
Property Size1,536 SF
Lot Size0.93 Acres
Price / SF$104.10
Days on Market614
Property Features for 611 PINE AVE
General Information
Standard status
Active
Size
1,536 SF
Lot size
0.93 Acres
Property subtype
General Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,957
Amenities
security/fire system
central heating and air
detached shed for storage
Central Air
3
Commercial
Other, City Road.
Building Details
Year Built
1945
Buildings
1
Listing Agency:
COLDWELL BANKER WALDEN & KIRKLAND
(229) 343-3151
Listed By:
Mary Carter
(229) 343-3151
Source:
Xome
Added: Dec 25, 2024
Changed: Aug 29
Last Checked: Aug 31 at 1:50PM
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 COLDWELL BANKER WALDEN & KIRKLAND
Investment Insights
Based on property information with market context.
This office property combines a primary building with two adjoining lots included in the sale, totaling .93 acres. The building features a reception area, 3 office spaces, a kitchenette, restrooms, original hardwood flooring, and fireplaces. A wraparound front porch adds a distinctive exterior feature, while central heating and air support year-round operations. Security and fire systems are also installed, and a detached shed provides additional storage.
The property is located in Albany near government offices, downtown, and public transportation. A spacious parking area serves the building, with the two additional Pine Avenue lots providing adjoining land within the offering. The layout and existing improvements support office use, with the source also identifying small-business and retail use possibilities.
The property is located in Albany near government offices, downtown, and public transportation. A spacious parking area serves the building, with the two additional Pine Avenue lots providing adjoining land within the offering. The layout and existing improvements support office use, with the source also identifying small-business and retail use possibilities.
Key Highlights
- Office building plus 615 and 617 Pine Avenue, totaling .93 acres
- 3 office spaces with reception area, kitchenette, and restrooms
- Wraparound front porch with original hardwood flooring and fireplaces
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
$13,478
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
8.43%
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%
$269,560
$269.6K
Cap Rate 7%
$192,543
$192.5K
Cap Rate 9%
$149,756
$149.8K
Market Conditions
NOI Build-Up for 1,536 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
$23.0K $15.00/SF
− Vacancy
−$5.1K −$3.30/SF
EGI
$18.0K $11.70/SF
− OpEx
−$4.5K −$2.93/SF
NOI
$13.5K $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%
$269,560
Cap Rate 7%
$192,543
Cap Rate 9%
$149,756
Alternative Uses
Best Use
Office B
$192.5K
$168.5K – $224.6K
NOI $13,478 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$302.3K
$264.5K – $352.7K
NOI $21,160 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,253
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 building - Multiuse office property with adjacent lots, dedicated parking, storage, and access to downtown amenities.
Where is this office building located?
The property is located at 611 PINE AVE Albany, GA.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Office building plus 615 and 617 Pine Avenue, totaling .93 acres; 3 office spaces with reception area, kitchenette, and restrooms; Wraparound front porch with original hardwood flooring and fireplaces
