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

    2408 Westgate Dr Albany, GA 31707-2277

    • Office buildings
    • 18,306 SF
    • 1.25 lot acres
    OFF-MARKET
    Last Sale
    Apr 20, 2022
    $970,000
    Value Estimations
    $905,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-2071160
    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

    • Plaire Deena L / Law Firm
    • FedEx Drop Box / Postal Service / Courier Service
    • Goff Amanda K / Law Firm
    • Booker Glenn M / Law Firm
    • Pursel Gail S / Law Firm / Insurance Agency

    Property Details for 2408 Westgate Dr

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.25 lot acres
    Property size
    18,306 SF
    Zone code
    C2
    Property type
    Office buildings
    APN
    0000P/00002/01G
    APU
    0000P0000201G

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $685,000
      ML approach
      $645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $997,000
      Market price range: $820k - $2.06M
      AI Estimate
      $1,153,000
      Market price range: $749k - $2.42M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,360,000
      Current use
      RETAIL STORES
      $1,465,000
      Change: +8% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,430,000
      Change: +5% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,425,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Dougherty
    State
    Georgia
    Longitude
    -84.2083
    Latitude
    31.6041
    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
    $16,838
    $61,240
    $298,840
    $360,080
    -
    $153,100
    $747,100
    $900,200

    Comparable in this City

    • Value Estimation by Request
      1,500 SF

      1933 Ledo Rd

      OFFICE BUILDING • 1,500 SF
      1933 Ledo Rd, Albany, GA 31707-1204
      View Details
    • Value Estimation by Request
      1,466 SF

      1607 Gillionville Rd

      OFFICE BUILDING • 1,466 SF
      1607 Gillionville Rd, Albany, GA 31707-3945
      View Details
    • Value Estimation by Request
      1,702 SF

      1209 Dawson Rd

      OFFICE BUILDING • 1,702 SF
      1209 Dawson Rd, Albany, GA 31707-3851
      View Details
    • Value Estimation by Request
      1,392 SF

      1116 Acker Dr

      OFFICE BUILDING • 1,392 SF
      1116 Acker Dr, Albany, GA 31707-2602
      View Details
    • Value Estimation by Request
      4,000 SF

      208 Magnolia St

      OFFICE BUILDING • 4,000 SF
      208 Magnolia St, Albany, GA 31707-4223
      View Details
    • Value Estimation by Request
      576 SF

      1603 Oakridge Dr

      OFFICE BUILDING • 576 SF
      1603 Oakridge Dr, Albany, GA 31707-5267
      View Details

    Similar Nearby for Sale

    • $249,500
      Pending

      Renovated Commercial Building in Albany

      Renovated 5,232 SF commercial building suitable for various businesses.
      1101 Valley Rd, Albany, GA 31707
      View Details
    • $4,250,000
      4,634 SF

      Albany Dry Cleaning Empire

      Established 5-location business, high revenue.
      Albany, GA 31707
      View Details
    • $149,988
      12.65 Acres

      12-Acre Timber Land Parcel

      12-acre marketable timber land in Mitchell County, Georgia.
      Pleasant Grove Church Rd, Albany, GA 31707
      View Details
    • $475,000

      Prime Commercial Land in Albany

      0.73 acre site near Albany Mall with flexible zoning.
      Spanish Ct. Lot, Albany, GA 31707
      View Details
    • $74,995
      6.33 Acres

      6-Acre Timber Land Opportunity

      6-acre timber land parcel for deer, home, or commercial use.
      00 Pleasant Grove Church Rd, Albany, GA 31707
      View Details
    • New
      $1,200,000
      0.94 Acres

      Commercial Strip Mall in Albany

      Northwest Albany strip mall with anchor tenant and high visibility.
      2820 Meredyth Dr, Albany, GA 31707
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      5,331 SF

      618 Westover Blvd

      Office Properties & Spaces • 5,331 SF
      618 Westover Blvd, Albany, GA 31707
      View Details
    • Contact for pricing
      30,000 SF

      Retail Space in Albany, Georgia

      30,000 square foot retail property available for rent.
      2800 Old Dawson Rd, Albany, GA 31707
      View Details
    • Contact for pricing
      2,598 SF

      Anchored Shopping Center Retail Space

      Retail space in a shopping center with major anchor tenants.
      2707 Dawson Rd, Albany, GA 31707
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Albany, GA

      Publix-anchored shopping center in a dense retail corridor.
      2713 Dawson Rd, Albany, GA 31707
      View Details
    • $3,500 /Mo
      40,946 SF

      Northwest Albany Commercial Space For Lease

      3000 sq ft commercial space available for lease.
      2820 Meredyth Dr, Albany, GA 31707
      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.
    2408 Westgate Dr
    Albany, GA 31707-2277
    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.