Fully Brick
For Sale
$139,900
511 Florence Drive, Albany, GA 31707
MULTI_FAMILY - Albany, GA
Property Size1,440 SF
Lot Size0.42 Acres
Price / SF$97.15
Days on Market206
Property Features for 511 Florence Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4
Parking features
Driveway
Interior features
Pantry
Exterior features
Fenced Back Yard
Fencing
Back Yard
Appliances
Stove/Oven Electric
Subdivision
Florary Merry Acres
Lot features
Paved Road
Directions
: Dawson Road, left on Lucille, Right on Julia and Right on Florence
Standard status
Active
APN
000GG/00038/016
Size
1,440 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
deed book 5091 page 323
Tax Annual Amount
1415
Legal Description
deed book 5091 page 323
Building Details
Year built
1962
Floors in Building
1
Flooring type
Vinyl
Building materials
Brick
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) 888-6670
Added: Jan 29
Changed: Aug 3
Last Checked: Aug 23 at 9:06PM
MLS# 167491
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 fully brick duplex offers two mirrored sides, each with two bedrooms and one bathroom. The interior features an updated look with LVP flooring, plus a pantry. Central heating and air supports year-round comfort, and the kitchen includes an electric stove/oven. Exterior amenities include a fenced back yard, with a driveway providing parking access. Shingle roofing and a newer roof add durability.
The property sits on a 0.42-acre lot and was built in 1962. Each side includes its own bedroom and bathroom layout, creating a straightforward income-focused floor plan for a duplex buyer.
With the duplex configured as two separate living areas and a fully fenced yard, the home supports tenant privacy and easy day-to-day operation. Additional outdoor and interior features include back-yard fencing and a driveway.
The property sits on a 0.42-acre lot and was built in 1962. Each side includes its own bedroom and bathroom layout, creating a straightforward income-focused floor plan for a duplex buyer.
With the duplex configured as two separate living areas and a fully fenced yard, the home supports tenant privacy and easy day-to-day operation. Additional outdoor and interior features include back-yard fencing and a driveway.
Key Highlights
- 0.42‑acre lot
- All‑brick duplex built in 1962
- Fully fenced back yard
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
$9,510
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
6.80%
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%
$190,200
$190.2K
Cap Rate 7%
$135,857
$135.9K
Cap Rate 9%
$105,667
$105.7K
Market Conditions
NOI Build-Up for 1,440 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
$14.7K $10.20/SF
− Vacancy
−$1.1K −$0.77/SF
EGI
$13.6K $9.44/SF
− OpEx
−$4.1K −$2.83/SF
NOI
$9.5K $6.60/SF
Area
Dougherty County, GA
Vacancy
7.50%
Lease Rate
$10.20 /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%
$190,200
Cap Rate 7%
$135,857
Cap Rate 9%
$105,667
Alternative Uses
Best Use
Multifamily LT 5
$135.9K
$118.9K – $158.5K
NOI $9,510 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$126.0K
$110.3K – $147.0K
NOI $8,820 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$283.4K
$248.0K – $330.6K
NOI $19,837 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
829
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?
Duplex - All-brick duplex on a fully fenced lot with central heating and air, updated interior flooring, and shingle roofing.
Where is this duplex located?
The property is located at 511 Florence Drive Albany, GA.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: 0.42‑acre lot; All‑brick duplex built in 1962; Fully fenced back yard
