Multi-Unit Retail and Office
For Sale
$749,900
507 Slappey Blvd, Albany, GA 31707
9 fully leased units across three contiguous parcels along S Slappey Blvd with approximately 265 feet of frontage.
Property Size9,376 SF
Lot Size1.10 Acres
Price / SF$79.98
Days on Market264
Property Features for 507 Slappey Blvd
General Information
Standard status
Active
Size
9,376 SF
Lot size
1.10 Acres
Property subtype
General Commercial
Occupancy
100%
Site & Location
Traffic Count
19,100 vehicles/day
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$4,427
Amenities
Central Air, A/C - Other
3
Business,City,Commercial,General Commercial,Office
Corner Lot.
Other
Dumpster. Corner, Close To Shops, Shopping Mall, Strip Mall, Commuter Bus, Paved Road, State Road.
Building Details
Year Built
1966
Tenancy
Multi
Listing Agency:
(229) 900-7900
Listed By:
Compass Georgia
(229) 900-7900
Source:
Xome
Added: Nov 29, 2025
Changed: Aug 14
Last Checked: Aug 19 at 6:15AM
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 Compass Georgia
Investment Insights
Based on property information with market context.
This for-sale portfolio includes 9 units across three contiguous parcels totaling approximately 9,376 square feet on about 1.1 acres. The property is fully occupied and consists of a diversified mix of service, retail, and professional office users.
The buildings are positioned along S Slappey Boulevard, with approximately 265 feet of road frontage and an estimated 19,100 vehicles per day, supporting strong visibility and convenient access. The tenant mix includes a barber shop, formal event center, BBQ restaurant, photography studio, party supply retailer, non-profit organization, hair salon, and professional office users.
The property’s configuration also presents operational flexibility, including a potential drive-thru conversion for the far-left unit and adjacent land that may allow for expansion and/or supplemental income opportunities.
The buildings are positioned along S Slappey Boulevard, with approximately 265 feet of road frontage and an estimated 19,100 vehicles per day, supporting strong visibility and convenient access. The tenant mix includes a barber shop, formal event center, BBQ restaurant, photography studio, party supply retailer, non-profit organization, hair salon, and professional office users.
The property’s configuration also presents operational flexibility, including a potential drive-thru conversion for the far-left unit and adjacent land that may allow for expansion and/or supplemental income opportunities.
Key Highlights
- 9 units with 100% occupancy and reported $6,715/month in income
- Three contiguous parcels totaling 9,376 sqft on approximately 1.1 acres; built in 1966
- Approximately 265 ft of road frontage along S Slappey Blvd
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
$66,849
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
8.91%
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%
$1,336,980
$1.3M
Cap Rate 7%
$954,986
$955.0K
Cap Rate 9%
$742,767
$742.8K
Market Conditions
NOI Build-Up for 9,376 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
$95.6K $10.20/SF
− Vacancy
−$6.5K −$0.69/SF
EGI
$89.1K $9.51/SF
− OpEx
−$22.3K −$2.38/SF
NOI
$66.8K $7.13/SF
Area
Dougherty County, GA
Vacancy
6.80%
Lease Rate
$10.20 /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%
$1,336,980
Cap Rate 7%
$954,986
Cap Rate 9%
$742,767
Alternative Uses
Best Use
Retail
$1.01M
$881.1K – $1.17M
NOI $70,489 @ 7.0% cap · market cap 9.40%
Second Best
Specialty Retail
$955.0K
$835.6K – $1.11M
NOI $66,849 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$1.85M
$1.61M – $2.15M
NOI $129,164 @ 7.0% cap · market cap 17.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19,100 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
79k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 28%
Dining 27%
Shops & Services 25%
Apparel 15%
Piggly Wiggly
Groceries
22,053 visits/mo
0.3 miles
Burger King
Dining
10,309 visits/mo
0.3 miles
Checkers
Dining
8,474 visits/mo
0.3 miles
Dollar General
Shops & Services
7,100 visits/mo
0.0 miles
Citi Trends
Apparel
5,620 visits/mo
0.2 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?
Shopping center - 9 fully leased units across three contiguous parcels along S Slappey Blvd with approximately 265 feet of frontage.
Where is this shopping center located?
The property is located at 507 Slappey Blvd Albany, GA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 9 units with 100% occupancy and reported $6,715/month in income; Three contiguous parcels totaling 9,376 sqft on approximately 1.1 acres; built in 1966; Approximately 265 ft of road frontage along S Slappey Blvd
