15-Unit Apartment
For Sale
$375,000
524 S Washington Avenue, Talbotton, GA 31827
Residential Income, Talbotton, GA
Property Size3,536 SF
Lot Size1.23 Acres
Price / SF$106.05
Days on Market49
Property Features for 524 S Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Directions
Take Ga-85 N/Us-27 Alt N, Ga-315 E And Ga-208 To Washington Ave In Talbotton, Property Is On Rt Or Use Gps.
Subdivision
Talbot
Standard status
Active
APN
005 12256 D
Size
3,536 SF
Lot size
1.23 Acres
Utilities
Utilities
Water Available
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Amenities
shared coin-operated laundry area
Building Details
Year built
1948
Number of units
15
Flooring type
Carpet, Vinyl
Listing Agency:
Coldwell Banker / Kennon, Parker, Duncan & Davis · Coldwell Banker Real Estate
(706) 256-1000
Listed By:
Lamar Fields · License #112290
(706) 593-8077
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 13 at 11:06PM
MLS# 233242
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 multifamily asset comprises two separate lots with 15 rental units in total. One building contains 11 units, while a second residential property contributes four additional units. The configuration includes three two-bedroom, one-bath units and twelve one-bedroom, one-bath units. Interior features include LVP flooring, vinyl and carpet finishes, window heating and air-conditioning units, and a shared coin-operated laundry area. The property was built in 1948 and measures 3,536 square feet.
The 11-unit building sits on a lot zoned C-3, while the four-unit residential property is located on a residentially zoned lot. Water is available, and the property is located at 524 S Washington Avenue in Talbotton, Georgia.
The 11-unit building sits on a lot zoned C-3, while the four-unit residential property is located on a residentially zoned lot. Water is available, and the property is located at 524 S Washington Avenue in Talbotton, Georgia.
Key Highlights
- 15 total rental units across two separate lots
- Unit mix includes three 2‑bedroom/1‑bath units and twelve 1‑bedroom/1‑bath units
- 11‑unit building on a C‑3‑zoned lot
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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Open Analytics
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
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 - Two-lot multifamily property with varied unit layouts, in-unit climate control, and shared laundry facilities.
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: 15 total rental units across two separate lots; Unit mix includes three 2‑bedroom/1‑bath units and twelve 1‑bedroom/1‑bath units; 11‑unit building on a C‑3‑zoned lot
