Strip Center with Paved
For Sale
$1,200,000
2820 Meredyth Dr, Albany, GA 31707
COMMERCIAL - Albany, GA
Property Size10,428 SF
Lot Size0.94 Acres
Price / SF$115.07
Days on Market219
Property Features for 2820 Meredyth Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
(Corner of Westover and Meredyth Dr)
Subdivision
Northwest Albany
Standard status
Active
APN
04-2/00000/121
Size
10,428 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PARCEL 1B OF CROSS ESTATES S/D
Tax Annual Amount
17936
Legal Description
PARCEL 1B OF CROSS ESTATES S/D
Building Details
Year built
1999
Floors in Building
1
Number of units
6
Listing Agency:
RE/MAX OF ALBANY · RE/MAX International
(229) 434-1600
Listed By:
Vickie Giles-Griffin
(229) 894-2424
Added: Jan 13
Changed: Aug 4
Last Checked: Aug 20 at 3:06AM
MLS# 167383
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 10,428-square-foot strip center, built in 1999, occupies a 0.94-acre commercial site in Albany. The property includes multiple retail units, with two units identified as available for lease, and a restaurant operating within the center. Woods Gallery has occupied space at the property since construction.
The site fronts both Meredyth Drive and Westover Road and sits directly across from the Northwest Post Office. Paved parking provides 37+ spaces, while reported traffic exceeds 20,000 vehicles daily. New construction is underway across from the property, with additional lots planned for sale in the surrounding development.
The site fronts both Meredyth Drive and Westover Road and sits directly across from the Northwest Post Office. Paved parking provides 37+ spaces, while reported traffic exceeds 20,000 vehicles daily. New construction is underway across from the property, with additional lots planned for sale in the surrounding development.
Key Highlights
- 10,428‑square‑foot strip center on 0.94 acres
- Built in 1999 with Woods Gallery in place since construction
- Two units identified as available for lease
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
$78,398
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
6.53%
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%
$1,567,960
$1.6M
Cap Rate 7%
$1,119,971
$1.1M
Cap Rate 9%
$871,089
$871.1K
Market Conditions
NOI Build-Up for 10,428 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
$125.1K $12.00/SF
− Vacancy
−$13.1K −$1.26/SF
EGI
$112.0K $10.74/SF
− OpEx
−$33.6K −$3.22/SF
NOI
$78.4K $7.52/SF
Area
Dougherty County, GA
Vacancy
10.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,567,960
Cap Rate 7%
$1,119,971
Cap Rate 9%
$871,089
Alternative Uses
Best Use
Retail
$1.12M
$980.0K – $1.31M
NOI $78,398 @ 7.0% cap · market cap 6.53%
Second Best
Specialty Retail
$1.06M
$929.4K – $1.24M
NOI $74,350 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$2.05M
$1.80M – $2.39M
NOI $143,656 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,028
Businesses Nearby
205k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Shops & Services 25%
Apparel 20%
Groceries 13%
Food Lion Grocery Store
Groceries
26,413 visits/mo
0.3 miles
Ross Dress for Less
Apparel
25,330 visits/mo
0.3 miles
Circle K
Shops & Services
16,964 visits/mo
0.4 miles
Los Vaqueros
Dining
16,323 visits/mo
0.2 miles
Newk's Eatery
Dining
15,823 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail property along Westover Road and Meredyth Drive with restaurant space and established commercial occupancy.
Where is this strip mall located?
The property is located at 2820 Meredyth Dr Albany, GA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 10,428‑square‑foot strip center on 0.94 acres; Built in 1999 with Woods Gallery in place since construction; Two units identified as available for lease
