Mixed-Use Property with Office
For Sale
$125,000
608 N Slappey Blvd, Albany, GA 31701
Brick commercial building offering office rooms alongside restroom and kitchen areas.
Property Size1,638 SF
Days on Market8
Property Features for 608 N Slappey Blvd
General Information
Standard status
Active
Size
1,638 SF
Property subtype
Mixed Use
Amenities
restroom
kitchen
Building Details
Building Size
1,638 SF
Year Built
1946
Construction
brick
Listing Agency:
Walden and Kirkland, Inc
(229) 343-3714
Listed By:
Lauren Watson
(229) 343-3714
Source:
Cbcworldwide
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 5:45AM
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 Walden and Kirkland, Inc
Investment Insights
Based on property information with market context.
This mixed-use commercial property at 608 N Slappey Blvd in Albany, Georgia, dates to 1946 and features brick construction. The interior includes five office rooms, a restroom, and a kitchen, creating a straightforward configuration for office and business use.
The property is positioned on Slappey Blvd in Albany, GA 31701. Its combination of office areas and basic support spaces provides a practical foundation for a range of commercial operations.
The property is positioned on Slappey Blvd in Albany, GA 31701. Its combination of office areas and basic support spaces provides a practical foundation for a range of commercial operations.
Key Highlights
- Five office rooms provide a defined interior layout
- Restroom and kitchen included
- Brick construction
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
$9,189
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
7.35%
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%
$183,780
$183.8K
Cap Rate 7%
$131,271
$131.3K
Cap Rate 9%
$102,100
$102.1K
Market Conditions
NOI Build-Up for 1,638 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
$16.7K $10.20/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$14.7K $8.98/SF
− OpEx
−$5.5K −$3.37/SF
NOI
$9.2K $5.61/SF
Area
Dougherty County, GA
Vacancy
12.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
37.50%
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%
$183,780
Cap Rate 7%
$131,271
Cap Rate 9%
$102,100
Alternative Uses
Best Use
Office B
$205.3K
$179.7K – $239.6K
NOI $14,373 @ 7.0% cap · market cap 11.50%
Second Best
Retail
$175.9K
$153.9K – $205.2K
NOI $12,314 @ 7.0% cap · market cap 9.85%
Theoretical Best
Office A
$322.4K
$282.1K – $376.1K
NOI $22,565 @ 7.0% cap · market cap 18.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
706
Businesses Nearby
Explore this area
Business Placement
Demographics for 31701, GA
18,133
Population
9,535
Households
1.9
Avg Household Size
39
Median Age
17%
College-Educated
81%
High-School Grad
21.2 sq mi
ZIP Area
855
Density / Sq Mi
$32,902
Median Household Income
$31,489
Median Earnings
$812
Median Rent
$97,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial building offering office rooms alongside restroom and kitchen areas.
Where is this mixed-use property located?
The property is located at 608 N Slappey Blvd Albany, GA.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Five office rooms provide a defined interior layout; Restroom and kitchen included; Brick construction
