Vacant Duplex with Separate
New
For Sale
$104,900
2827 Waverly Avenue, Columbus, GA 31904
Residential Income, Columbus, GA
Property Size1,200 SF
Lot Size0.17 Acres
Price / SF$87.42
Days on Market4
Property Features for 2827 Waverly Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1
Parking features
On Street, Driveway
Appliances
Range, Refrigerator
Subdivision
Waverly Terrace
Lot features
Less than 1/2 Acre, Level, Wooded
Directions
From Veterans Pkwy, Turn Left Onto Manchester Expy. Turn Right Onto Hamilton Road, Then Turn Left Onto 12th Ave. Take A Slight Right Turn Onto Waverly Avenue.
Standard status
Active
APN
029 033 023
Size
1,200 SF
Lot size
0.17 Acres
Utilities
Sewer type
Public Sewer
Heating system
See Remarks (Heating)
Water source
Public
Amenities
front porch
refrigerator
stove
side parking
Building Details
Year built
1922
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Coldwell Banker / Kennon, Parker, Duncan & Davis · Coldwell Banker Real Estate
(706) 256-1000
Listed By:
Norman Hardman · License #143605
(706) 405-8357
Added: Aug 27
Last Checked: Aug 30 at 5:06PM
MLS# 233836
Copyright © 2026 Columbus Board of Realtors (GA). 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 1,200-square-foot duplex on a 0.17-acre lot includes two separate residences, each with its own entrance, kitchen, living area, front porch, range, and refrigerator. Unit A contains one bedroom and one bathroom, while Unit B has two bedrooms and one bathroom. The property is delivered vacant, allowing the next owner to determine occupancy and complete desired improvements. Both units have total-electric living areas, with existing gas furnace infrastructure in Unit B. Vinyl siding covers the exterior, and the property includes side parking at Unit B along with street parking. Built in 1922, the property has public water and public sewer. It is located at 2827 Waverly Avenue in Columbus, near Lakebottom Park, Uptown Columbus, transportation, medical facilities, and biking trails.
Key Highlights
- Two‑unit duplex delivered vacant for new occupancy or owner use
- 1,200 square feet on a 0.17‑acre lot
- Unit A: 1 bedroom and 1 bathroom; Unit B: 2 bedrooms and 1 bathroom
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
$9,627
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
9.18%
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%
$192,540
$192.5K
Cap Rate 7%
$137,529
$137.5K
Cap Rate 9%
$106,967
$107.0K
Market Conditions
NOI Build-Up for 1,200 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
$18.7K $15.60/SF
− Vacancy
−$1.2K −$1.01/SF
EGI
$17.5K $14.59/SF
− OpEx
−$7.9K −$6.56/SF
NOI
$9.6K $8.02/SF
Area
Columbus, GA
Vacancy
6.50%
Lease Rate
$15.60 /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%
$192,540
Cap Rate 7%
$137,529
Cap Rate 9%
$106,967
Alternative Uses
Best Use
Multifamily LT 5
$155.4K
$136.0K – $181.3K
NOI $10,877 @ 7.0% cap · market cap 10.37%
Second Best
Apartment 5plus
$137.5K
$120.3K – $160.5K
NOI $9,627 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 17.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 31904, GA
36,947
Population
15,947
Households
2.3
Avg Household Size
39
Median Age
31%
College-Educated
88%
High-School Grad
27.5 sq mi
ZIP Area
1,344
Density / Sq Mi
$65,625
Median Household Income
$42,573
Median Earnings
$1,036
Median Rent
$216,100
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?
Duplex - Two units offer separate kitchens, living areas, porches, and range and refrigerator appliances.
Where is this duplex located?
The property is located at 2827 Waverly Avenue Columbus, GA.
What is the asking price?
The asking price for this property is $104,900.
What are key features of this property?
This property features: Two‑unit duplex delivered vacant for new occupancy or owner use; 1,200 square feet on a 0.17‑acre lot; Unit A: 1 bedroom and 1 bathroom; Unit B: 2 bedrooms and 1 bathroom
