15-Unit Apartment Building with Coin
For Sale
$375,000
524 S Washington Avenue, Talbotton, GA 31827
Turn-key 15-unit apartment property with LVP flooring and a shared coin-operated laundry area.
Property Size1,948 SF
Price / SF$106.05
Days on Market52
Property Features for 524 S Washington Avenue
General Information
Standard status
Active
Size
1,948 SF
Property subtype
Other
Units
Unit Mix
3 x 2BR/1BA, 12 x 1BR/1BA
Multifamily Units
15
Additional Details
Average Monthly Rent
$500
Amenities
shared coin-operated laundry area
0.64 acres, Level
Metal
Public Sewer
Annual Amount: $3,360, Year: 25
Carpet, Vinyl
Electric, Window Unit(s)
Electric
Cumulative Days on Market: 49, 49 days on market, On Market Date: 2026-07-24
Built in 1948, Brick
County: Talbot
Resale
Electricity Available, Sewer Available, Water Available, Public
Close Of Escrow
Building Details
Building Size
1,948 SF
Year Built
1948
Listing Agency:
Coldwell Banker Kennon & Parker
(706) 256-1000
Listed By:
Lamar Fields
(706) 593-8077
Source:
Blackstreaminternational
Added: Jul 24
Changed: Sep 12
Last Checked: Sep 13 at 11:07AM
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 Coldwell Banker Kennon & Parker
Investment Insights
Based on property information with market context.
This turn-key apartment investment includes two separate lots totaling 15 rental units: a large 11-unit building and a residential property with 4 additional units. The unit mix is three 2-bedroom/1-bath units and twelve 1-bedroom/1-bath units. Interior finishes include LVP flooring throughout the units, along with individual window heating and air-conditioning units. A shared coin-operated laundry area supports tenant needs.
The lot with the 11-unit building is zoned C-3, while the lot containing the 4-unit residential property is zoned residential. The property was built in 1948 and is approximately 3,536 SF.
All 15 units are arranged on month-to-month rental arrangements, creating operational flexibility for day-to-day management.
The lot with the 11-unit building is zoned C-3, while the lot containing the 4-unit residential property is zoned residential. The property was built in 1948 and is approximately 3,536 SF.
All 15 units are arranged on month-to-month rental arrangements, creating operational flexibility for day-to-day management.
Key Highlights
- Total 15 rental units across two separate lots: 11‑unit building plus 4‑unit property
- Unit mix: three 2‑bedroom/1‑bath units and twelve 1‑bedroom/1‑bath units
- LVP flooring throughout the units and window heating/air‑conditioning units
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
$28,367
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
7.56%
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%
$567,340
$567.3K
Cap Rate 7%
$405,243
$405.2K
Cap Rate 9%
$315,189
$315.2K
Market Conditions
NOI Build-Up for 3,536 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
$55.2K $15.60/SF
− Vacancy
−$3.6K −$1.01/SF
EGI
$51.6K $14.59/SF
− OpEx
−$23.2K −$6.56/SF
NOI
$28.4K $8.02/SF
Area
Talbot County, 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%
$567,340
Cap Rate 7%
$405,243
Cap Rate 9%
$315,189
Alternative Uses
Best Use
Apartment 5plus
$405.2K
$354.6K – $472.8K
NOI $28,367 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.2K
$692.3K – $923.1K
NOI $55,383 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
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Business Placement
Demographics for 31827, GA
1,734
Population
1,014
Households
1.7
Avg Household Size
49
Median Age
15%
College-Educated
78%
High-School Grad
153.1 sq mi
ZIP Area
11
Density / Sq Mi
$45,170
Median Household Income
$26,674
Median Earnings
$1,013
Median Rent
$90,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Turn-key 15-unit apartment property with LVP flooring and a shared coin-operated laundry area.
Where is this apartment building located?
The property is located at 524 S Washington Avenue Talbotton, GA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Total 15 rental units across two separate lots: 11‑unit building plus 4‑unit property; Unit mix: three 2‑bedroom/1‑bath units and twelve 1‑bedroom/1‑bath units; LVP flooring throughout the units and window heating/air‑conditioning units
