Albany Multifamily Investment
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701 9th Ave, Albany, GA 31701
13-unit multifamily property in Albany, Georgia with value-add potential.
Property Size5,626 SF
Price / SF$112.87
Days on Market163
Property Features for 701 9th Ave
General Information
Standard status
Active
Size
5,626 SF
Class
B
Property subtype
Multifamily
Zoning
R-2
Listing Agency:
Watson Realty Corp- Clermont
Listed By:
Jodi Alexander · License #SL3391506
Source:
Crexi
Added: Mar 2
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 Watson Realty Corp- Clermont
Investment Insights
Based on property information with market context.
This multifamily property in Albany, Georgia, features 13 studio units, each with one bathroom. The property includes on-site parking and a new metal roof completed in 2024. Constructed with a solid brick exterior, the building offers low-maintenance upkeep. The property is located in the heart of Albany, benefiting from its proximity to the downtown business district, retail and dining corridors, schools, public transportation, and major employment hubs, including healthcare and government facilities. Albany serves as a regional hub for Southwest Georgia, supporting rental demand from workforce tenants, medical professionals, and local employees. The property offers immediate rental income and the opportunity to increase net operating income through rent adjustments. There is value-add potential through light renovations and rent optimization. The property size is 5,626 square feet.
Key Highlights
- Immediate rental income with strong in‑place rental demand
- Value‑add potential through light renovations and rent optimization
- Attractive cap rate compared to similar regional assets
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
$34,458
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
5.43%
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%
$689,160
$689.2K
Cap Rate 7%
$492,257
$492.3K
Cap Rate 9%
$382,867
$382.9K
Market Conditions
NOI Build-Up for 5,626 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
$67.5K $12.00/SF
− Vacancy
−$4.9K −$0.86/SF
EGI
$62.7K $11.14/SF
− OpEx
−$28.2K −$5.01/SF
NOI
$34.5K $6.12/SF
Area
Dougherty County, GA
Vacancy
7.20%
Lease Rate
$12.00 /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%
$689,160
Cap Rate 7%
$492,257
Cap Rate 9%
$382,867
Alternative Uses
Best Use
Apartment 5plus
$492.3K
$430.7K – $574.3K
NOI $34,458 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$968.8K – $1.29M
NOI $77,504 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
833
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 13-unit multifamily property in Albany, Georgia with value-add potential.
Where is this apartment building located?
The property is located at 701 9th Ave Albany, GA.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Immediate rental income with strong in‑place rental demand; Value‑add potential through light renovations and rent optimization; Attractive cap rate compared to similar regional assets
