12-Unit Apartment
For Sale
$1,299,000
2526/28/ Hilltop Drive, Albany, GA 31707
Residential, Quadplex, Albany, GA
Property Size15,414 SF
Lot Size0.77 Acres
Price / SF$84.27
Days on Market14
Property Features for 2526/28/ Hilltop Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
24
Bathrooms
24
Full bathrooms
24
Rooms
Bathroom 14, Bedroom 13, Bathroom 18, Bathroom 7, Bathroom 17, Bedroom 12, Bathroom 2, Bathroom 12, Bedroom 1, Bedroom 22, Bathroom 22, Bathroom 6, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 11, Bathroom 3, Bedroom 18, Bedroom 14, Bathroom 9, Bathroom 10, Bedroom 8, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 16, Bedroom 17, Bedroom 20, Bathroom 19, Bathroom 23, Bathroom 8, Bathroom 20, Bathroom 16, Bedroom 15, Bedroom 7, Bedroom 23, Bedroom 10, Bedroom 24, Bathroom 24, Bedroom 19, Bathroom 11, Bathroom 21, Bathroom 4, Bathroom 15, Bedroom 9, Bathroom 13, Bathroom 5, Bedroom 21
Window features
Blinds
Patio and Porch features
Porch
Interior features
Open Floor Plan, Walk-in Closets
Exterior features
Porch Covered
Appliances
Dishwasher, Stove/Oven Electric, Smoke Detector
Subdivision
Hilltop Place
Lot features
Curb & Gutter, Paved Road
Directions
Take Slappey Dr turn on Stewart Dr then Right on Hilltop go to end of the road, units are on your right.
Standard status
Active
APN
000MM/00011/027-028-029
Size
15,414 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Same as recorded in Deed Book 4981, Page 326, Deed Book 4982 Page 41, Deed Book 4981 Page 326, Dougherty County, GA.
Tax Annual Amount
17470
Legal Description
Same as recorded in Deed Book 4981, Page 326, Deed Book 4982 Page 41, Deed Book 4981 Page 326, Dougherty County, GA.
Utilities
Utilities
Cable Available
Building Details
Year built
2005
Floors in Building
2
Flooring type
Vinyl, Tile - Ceramic
Building materials
HardiPlank Type
Roof type
Shingle
Architectural style
Other
Listing Agency:
ERA ALL IN ONE REALTY · ERA Real Estate
(229) 888-6670
Listed By:
Amanda Wiley & Kyla Standring Team · License #309999
(229) 888-6653
Added: Sep 21
Changed: Sep 23
Last Checked: Oct 4 at 8:06AM
MLS# 169985
Copyright © 2026 Albany Board of Realtors and Southwest Georgia MLS. 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.
This multifamily property comprises three neighboring apartment buildings with 12 total units. Each residence includes two bedrooms and two full bathrooms, along with open floor plans and walk-in closets. Covered porches, vinyl and ceramic tile flooring, electric ranges, dishwashers, smoke detectors, and shingle roofing are among the documented features. HardiPlank Type exterior construction adds consistent finish across the buildings.
Built in 2005, the property occupies 0.77 acres and contains 15,414 square feet. The buildings are situated together on Hilltop Drive in Albany, Georgia, with all units grouped in one location. Cable is available, and the property includes a covered porch feature and off-street site area associated with the apartment buildings.
Built in 2005, the property occupies 0.77 acres and contains 15,414 square feet. The buildings are situated together on Hilltop Drive in Albany, Georgia, with all units grouped in one location. Cable is available, and the property includes a covered porch feature and off-street site area associated with the apartment buildings.
Key Highlights
- 12 total apartment units across three buildings
- Each unit includes 2 bedrooms and 2 full bathrooms
- 15,414 square feet on 0.77 acres
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
$94,408
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
7.27%
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%
$1,888,160
$1.9M
Cap Rate 7%
$1,348,686
$1.3M
Cap Rate 9%
$1,048,978
$1.0M
Market Conditions
NOI Build-Up for 15,414 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
$185.0K $12.00/SF
− Vacancy
−$13.3K −$0.86/SF
EGI
$171.7K $11.14/SF
− OpEx
−$77.2K −$5.01/SF
NOI
$94.4K $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%
$1,888,160
Cap Rate 7%
$1,348,686
Cap Rate 9%
$1,048,978
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,408 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.54M
NOI $212,343 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
167
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 - Three adjacent multifamily buildings offer a centralized layout with covered porches and walk-in closets.
Where is this apartment building located?
The property is located at 2526/28/ Hilltop Drive Albany, GA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 12 total apartment units across three buildings; Each unit includes 2 bedrooms and 2 full bathrooms; 15,414 square feet on 0.77 acres
