Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,195,000
Outlet malls
2406 Westgate Dr Albany, GA 31707-2277
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US22-3326462
Property summary
AI-generated overview
This exceptional retail investment opportunity presents a 29,977 square foot property located at 2406 Westgate Dr, Albany, GA 31707, situated on a 2.6-acre lot. Currently 100% occupied by two corporate tenants, Office Depot and Lade Electric, the property boasts a strong financial profile with a 9.00% cap rate and a net operating income (NOI) of $324,353. The asking price is $3,603,922, translating to $120.22 per square foot. The leases are Net Lease (NN+) with corporate guarantees, providing significant security. The primary lease with Office Depot has a 25+ year operating history, and a new 10-year lease with U.S. Electrical Services, Inc. was recently executed. Both leases include rent bumps. The property was built in 1997 and underwent renovations in 2024. Lease options of 3 and 5 years are included. This prime retail location benefits from high traffic volume on Dawson Road, serving a population exceeding 70,000 within a 5-mile radius. The property's strong tenant base, long-term leases, and excellent location make it an attractive investment opportunity with significant potential for future returns.
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1997
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
29,822 SF
Lot
3.13 ac (136,343 SF)
Zoning code
C7
APN
0000P/00002/01B
UPID
US22-3326462
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Office Depot Print & Copy Services (Bike/Boat/Book/etc) Store Printing Service
-
Office Depot Tech Services Tech Support Center IT Consulting Firm
-
FedEx ShipSite Postal Service Courier Service
-
Office Depot (Bike/Boat/Book/etc) Store
-
Coinhub Bitcoin ATM Teller Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.15M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.41M
Blend (final)
Blend
$2.20M
Owner & transaction history
229 Investments LLC · 2 yrs held
229 Investments LLC
since 2023
Last sale
$2.0M
4 recorded transactions
Zoning & alternative use
C7 · Albany, GA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$2.7M
+14.9%
Commercial (general)
$2.7M
+13.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Albany submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Albany submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,180,000
ML approach
$2,145,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$2,390,000
Current use
MEDICAL BUILDING
$2,745,000
Change: +15% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,700,000
Change: +13% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,330,000
Change: -3% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,325,000
Change: -3% · Conversion: Moderate
OFFICE BUILDING
$2,215,000
Change: -7% · Conversion: Easy
Blend value · Realmo final
$2.20M
Range $1.98M – $2.41M · ±10% · vs last sale $1.97M (Jul 31 2023)
Last sale anchor
$1.97M
Jul 31 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$74 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$39,222
Tax year 2023
Assessed value
$841,860
Assessed 2023
Previous assessed
$841,860
+0.0% YoY
Effective rate
4.66%
On assessed value
Assessed land
$256,480
Assessed improvement
$585,380
Land market value
$641,200
Improvement market value
$1,463,450
Total market value
$2,104,650
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1997
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Rooms
6
Total area
29,822 SF
Lot
3.13 ac (136,343 SF)
Zoning code
C7
APN
0000P/00002/01B
UPID
US22-3326462
Jurisdiction
DOUGHERTY
Zoning & alternative use
C7 · Albany, GA
Zoning C7 · permitted uses
C7 · Albany, GA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Albany. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.4M
MEDICAL BUILDING
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.3M
OFFICE BUILDING
Est. value
$2.2M
RETAIL STORES Current
MEDICAL BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1997
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Rooms
6
Lot
3.13 ac
Current owner
From public records · entity-resolved
229 Investments LLC
Entity
Mailing address
2406 WESTGATE DR, ALBANY, GA 31707-2277
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 31, 2023
$1,974,000
229 Investments LLC
Pharmacy Griffin LP
Warranty Deed
$1,874,550 · West Joseph
Sep 9, 2019
—
Pharmacy Griffin LP
—
Deed
related
$2,000,000 · Tcf National Bank
Aug 22, 2013
$2,000,000
Pharmacy Griffin LP
The Schwartzman Fam Par
Warranty Deed
$1,300,000 · Intervest National Bank
Aug 21, 2013
—
The Schwatzman Fam Partners
Everett Schwartzman
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2406 Westgate Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
