Corner Lot Brick Office
For Sale
$125,000
1612 Slappey Blvd N, Albany, GA 31701
Brick office building with central heating and cooling, featuring 7 offices, reception, and on-site parking.
Property Size1,023 SF
Price / SF$122.19
Days on Market399
Property Features for 1612 Slappey Blvd N
General Information
Standard status
Active
Size
1,023 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$1,822
Amenities
Central Air
3
Commercial
Corner Lot.
Other
Corner, City Road, Paved Road.
Building Details
Year Built
1950
Listing Agency:
COLDWELL BANKER WALDEN & KIRKLAND
(229) 436-8811
Listed By:
Pam Nelson
(229) 291-1565
Source:
Xome
Added: Aug 6, 2025
Changed: Sep 1
Last Checked: Sep 8 at 4:03AM
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.
Brick office building on a corner lot offering central heated and cooled office space. The interior includes seven offices, a reception area, a half bath, a storage area, and an additional outside covered storage area that is enclosed for an HVAC unit.
The property is positioned on a high-volume commercial corridor and serves as a major commuter route in Albany. It provides convenient access to Phoebe Putney Hospital, grocery stores, retail shopping, and major routes including the HWY 19/82 bypass. Reported daily traffic volume is between 15,000 and 20,000 vehicles per day, supporting visibility for professional office use.
An adequate concrete parking area is located behind the building to support customer or employee parking needs.
The property is positioned on a high-volume commercial corridor and serves as a major commuter route in Albany. It provides convenient access to Phoebe Putney Hospital, grocery stores, retail shopping, and major routes including the HWY 19/82 bypass. Reported daily traffic volume is between 15,000 and 20,000 vehicles per day, supporting visibility for professional office use.
An adequate concrete parking area is located behind the building to support customer or employee parking needs.
Key Highlights
- Brick commercial office building on a corner lot with Commercial zoning
- 1023 SF of centrally heated and cooled office space
- Layout includes 7 offices plus a reception area and a half bath
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
$8,977
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
7.18%
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%
$179,540
$179.5K
Cap Rate 7%
$128,243
$128.2K
Cap Rate 9%
$99,744
$99.7K
Market Conditions
NOI Build-Up for 1,023 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
$15.3K $15.00/SF
− Vacancy
−$3.4K −$3.30/SF
EGI
$12.0K $11.70/SF
− OpEx
−$3.0K −$2.93/SF
NOI
$9.0K $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%
$179,540
Cap Rate 7%
$128,243
Cap Rate 9%
$99,744
Alternative Uses
Best Use
Office B
$128.2K
$112.2K – $149.6K
NOI $8,977 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$201.3K
$176.2K – $234.9K
NOI $14,093 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
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 - Brick office building with central heating and cooling, featuring 7 offices, reception, and on-site parking.
Where is this office building located?
The property is located at 1612 Slappey Blvd N Albany, GA.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Brick commercial office building on a corner lot with Commercial zoning; 1023 SF of centrally heated and cooled office space; Layout includes 7 offices plus a reception area and a half bath
