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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    450 Martin Luther King Jr Blvd Macon, GA 31201-3370

    • Theaters & concert halls
    • 9,088 SF
    • 0.36 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-2115637
    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

    • Visit Macon / Corporate Office
    • Macon-Bibb / Corporate Office
    • Rock Candy Tours / Travel Agency
    • Visit Macon Downtown Visitors Center / Travel Agency

    Property Details for 450 Martin Luther King Jr Blvd

    Year built
    1910
    Lot size
    0.36 lot acres
    Property size
    9,088 SF
    Zone code
    CBD-1
    Property type
    Theaters & concert halls
    APN
    R073-0321
    APU
    R0730321

    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
    Macon
    County
    Bibb
    State
    Georgia
    Longitude
    -83.6261
    Latitude
    32.8337
    CBSA code
    31420
    CBSA name
    MACON, 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
    $0.00
    $123,728
    $132,814
    $256,542
    -
    $309,320
    $332,036
    $641,356

    Comparable in this City

    • Value Estimation by Request
      80,546 SF

      380 5th St

      AUDITORIUM • 80,546 SF
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      24,565 SF

      1143 Appleton Ave

      AUDITORIUM • 24,565 SF
      1143 Appleton Ave, Macon, GA 31201
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    • Value Estimation by Request
      4,794 SF

      357 Martin Luther King Jr Blvd

      THEATER (MOVIE) • 4,794 SF
      357 Martin Luther King Jr Blvd, Macon, GA 31201
      View Details
    • Value Estimation
      $525,000
      60,432 SF

      415 1st St

      AUDITORIUM • 60,432 SF
      415 1st St, Macon, GA 31201-2727
      View Details
    • Value Estimation
      $2,020,000
      12,370 SF

      519 Plum St

      RECREATIONAL, ENTERTAINMENT • 12,370 SF
      519 Plum St, Macon, GA 31201
      View Details
    • Value Estimation
      $3,150,000
      19,866 SF

      745 Poplar St

      RECREATIONAL, ENTERTAINMENT • 19,866 SF
      745 Poplar St, Macon, GA 31201-2032
      View Details

    Similar Nearby for Sale

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      Residential Lot in Bealls Hills

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      0.12 Acres

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      Vacant corner lot near downtown Macon, close to amenities.
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      Downtown Macon Retail Opportunity

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      Macon Industrial Land: 3.02 Acres

      Prime Macon industrial land, ideal for development.
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    Similar Nearby for Lease

    • $14 SF/Yr
      2,500 SF

      Lower Level Sports Bar Venue

      Lower level sports bar with dance floor and stage.
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    • $2,000 /Mo
      10,000 SF

      Robert E Lee Building - Suite 201 - $2,000 Per Month

      Robert E Lee Building - Suite 201 - $2,000 Per Month
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      67,580 SF

      Cherry Street Executive Suites

      Bibb County Office Space Available
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    • $14 SF/Yr
      1,300 SF

      Storefront Retail / Office Space

      1,300 SF storefront retail/office space available for rent.
      452 1St St, Macon, GA 31201
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    • $14 SF/Yr
      13,218 SF

      Rehabilitated Office Space Available

      Two-floor office space undergoing complete renovation, near parking garage.
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    • $10 SF/Yr
      1,150 SF

      Macon Medical Office Space Available

      Medical office suite for lease near Walnut and Spring intersection.
      885 Walnut St, Macon, GA 31201
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    450 Martin Luther King Jr Blvd
    Macon, GA 31201-3370
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    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
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