Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2224 Martin Luther King Jr Dr Albany, GA 31701-4180

    • Retail space
    • 2,400 SF
    • 1.06 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-3784367
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hank Vinson Meat House / Butcher / Big Box & Wholesale Store

    Property Details for 2224 Martin Luther King Jr Dr

    Year built
    1983
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.06 lot acres
    Property size
    2,400 SF
    Zone code
    C2
    Property type
    Retail space
    APN
    000BB/00019/87A
    APU
    000BB0001987A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Dougherty
    State
    Georgia
    Longitude
    -84.1547
    Latitude
    31.5438
    CBSA code
    10500
    CBSA name
    ALBANY, GA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,970
    $8,920
    $33,360
    $42,280
    -
    $22,300
    $83,400
    $105,700

    Comparable in this City

    • Value Estimation by Request
      9,810 SF

      610 Oglethorpe Blvd

      RETAIL STORES (PERSONAL SERVICES) • 9,810 SF
      610 Oglethorpe Blvd, Albany, GA 31701-2704
      View Details
    • Value Estimation by Request
      6,000 SF

      231 Jackson St

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      231 Jackson St, Albany, GA 31701-2815
      View Details
    • Value Estimation by Request
      912 SF

      1102 Madison St

      RETAIL STORES (PERSONAL SERVICES) • 912 SF
      1102 Madison St, Albany, GA 31701
      View Details
    • Value Estimation by Request
      3,330 SF

      400 Faith Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,330 SF
      400 Faith Ave, Albany, GA 31701-4201
      View Details
    • Value Estimation by Request
      8,106 SF

      202 Broad Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,106 SF
      202 Broad Ave, Albany, GA 31701-2567
      View Details
    • Value Estimation by Request
      1,280 SF

      127 Frnt St

      RETAIL STORES (PERSONAL SERVICES) • 1,280 SF
      127 Frnt St, Albany, GA 31701-2554
      View Details

    Similar Nearby for Sale

    • $165,000
      2,000 SF

      Albany Storefront: Prime Location

      Mixed-use commercial property, high traffic area.
      526 Oglethorpe Blvd, Albany, GA 31701
      View Details
    • $295,000
      3 SF

      Office/Retail Building on N. Slappey

      Multi-use commercial building with excellent visibility in a great location.
      810 N Slappey Blvd, Albany, GA 31701
      View Details
    • $159,900
      93 SF

      Multiuse Office Building with Expansion Lots

      Office building with parking and expansion potential on 0.93 acres.
      611 Pine Ave, Albany, GA 31701
      View Details
    • $650,000
      6 SF

      Charming Coffee Shop with Offices

      Coffee shop with offices, potential restaurant near planned hotels.
      212 N Washington St, Albany, GA 31701
      View Details
    • $599,000
      2,419 SF

      Former Restaurant with Development Potential

      Former restaurant with additional land available for development.
      1803 N Slappey Blvd, Albany, GA 31701
      View Details
    • $239,900
      Pending

      Albany Tire Shop For Sale

      Operating tire shop with equipment, bays, and storage. Corner lot.
      1400 West Broad Avenue Aly, Albany, GA 31701
      View Details

    Similar Nearby for Lease

    • $4,500 /Mo
      58,370 SF

      High-Traffic Commercial Property in Albany

      Freestanding commercial building with high visibility and redevelopment potential.
      2801 Slappey Blvd, Albany, GA 31701
      View Details
    • Contact for pricing
      12,000 SF

      Retail Space in Albany, GA

      Retail spaces available in high-traffic Albany location.
      303-317 S Slappey Blvd, Albany, GA 31701
      View Details
    • $1,000 /Mo
      17,860 SF

      Renovated Flex Spaces For Lease

      Affordable, renovated flex spaces in a high-traffic Albany corridor.
      100 Slappey Blvd, Albany, GA 31701
      View Details
    • Contact for pricing
      3,757 SF

      Retail Space on Slappey Blvd

      Retail space for rent with excellent visibility and access.
      2220-2310 N Slappey Blvd, Albany, GA 31701
      View Details
    • $8 SF/Yr
      14,820 SF

      Former Walgreens Retail Space

      Sublease opportunity in Albany, GA, 14,820 SF former Walgreens.
      300 N Slappey Blvd, Albany, GA 31701
      View Details
    • $12 SF/Yr
      99,724 SF

      South Slappey Village Retail Center

      High-traffic retail space available.
      1030 Gordon Ave, Albany, GA 31701
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2224 Martin Luther King Jr Dr
    Albany, GA 31701-4180
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.