Commercial Office Building For
For Sale
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204 Westover Blvd, Albany, GA 31707
Two-story office building with ample parking in NW Albany.
Property Size6,177 SF
Price / SF$109.28
Days on Market508
Property Features for 204 Westover Blvd
General Information
Standard status
Active
Size
6,177 SF
Property subtype
Land
Building Details
Year Built
1995
Stories
2
Units
161
Listing Agency:
Hughey & Neuman, Inc
(229) 436-0212
Listed By:
Callie Walker · License #335543
Source:
Crexi
Added: Mar 31, 2025
Changed: Aug 8
Last Checked: Aug 19 at 1:24PM
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 Hughey & Neuman, Inc
Investment Insights
Based on property information with market context.
This two-story commercial office building, located in Northwest Albany, offers 6,177 square feet of space and ample parking. Currently used as professional office space, the first floor features a reception office, break room, IT/storage room, 10 large offices, and 10 small offices. The upstairs area includes a large conference room, 10 large offices, and 2 small offices. An entrance at the back of the building allows for the opportunity to sub-divide the property into two usable spaces. The property benefits from excellent location and great visibility.
Key Highlights
- 6,000+ sq ft Commercial Office Building
- Excellent Location and Great Visibility in NW Albany
- Opportunity to Sub‑divide into Two Usable Spaces with Separate Entrance
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
$54,203
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
8.03%
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%
$1,084,060
$1.1M
Cap Rate 7%
$774,329
$774.3K
Cap Rate 9%
$602,256
$602.3K
Market Conditions
NOI Build-Up for 6,177 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
$92.7K $15.00/SF
− Vacancy
−$20.4K −$3.30/SF
EGI
$72.3K $11.70/SF
− OpEx
−$18.1K −$2.93/SF
NOI
$54.2K $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%
$1,084,060
Cap Rate 7%
$774,329
Cap Rate 9%
$602,256
Alternative Uses
Best Use
Office B
$774.3K
$677.5K – $903.4K
NOI $54,203 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,094 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
229
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with ample parking in NW Albany.
Where is this office building located?
The property is located at 204 Westover Blvd Albany, GA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 6,000+ sq ft Commercial Office Building; Excellent Location and Great Visibility in NW Albany; Opportunity to Sub‑divide into Two Usable Spaces with Separate Entrance
