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

    602 Merrimac Dr Fitzgerald, GA 31750-1911

    • Retail space
    • 1,960 SF
    • 0.60 lot acres
    OFF-MARKET
    Last Sale
    Jun 25, 2024
    $15,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-3649179
    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

    • Colony Feed Co / Pet Store & Service

    Property Details for 602 Merrimac Dr

    Year built
    1970
    Lot size
    0.60 lot acres
    Property size
    1,960 SF
    Zone code
    RESIDENTIAL
    Property type
    Retail space
    APN
    11-4-20
    APU
    11420

    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
    Fitzgerald
    County
    Ben Hill
    State
    Georgia
    Longitude
    -83.2656
    Latitude
    31.7206
    CBSA code
    22340
    CBSA name
    FITZGERALD, GA MICROPOLITAN 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
    $662
    $10,528
    $4,166
    $14,694
    -
    $26,320
    $10,414
    $36,734

    Comparable in this City

    • Value Estimation by Request
      1,558 SF

      507 Grant St

      RETAIL STORES (PERSONAL SERVICES) • 1,558 SF
      507 Grant St, Fitzgerald, GA 31750-3313
      View Details
    • Value Estimation by Request
      1,127 SF

      312 Lemon St

      RETAIL STORES (PERSONAL SERVICES) • 1,127 SF
      312 Lemon St, Fitzgerald, GA 31750
      View Details
    • Value Estimation by Request
      3,040 SF

      316 Lemon St

      RETAIL STORES (PERSONAL SERVICES) • 3,040 SF
      316 Lemon St, Fitzgerald, GA 31750-3711
      View Details
    • Value Estimation by Request
      1,200 SF

      615 Palm St

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      615 Palm St, Fitzgerald, GA 31750-3343
      View Details
    • Value Estimation by Request
      4,224 SF

      117 Pne St

      RETAIL STORES (PERSONAL SERVICES) • 4,224 SF
      117 Pne St, Fitzgerald, GA 31750-2906
      View Details
    • Value Estimation by Request
      5,221 SF

      101 Dewey Mcglamry Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,221 SF
      101 Dewey Mcglamry Rd, Fitzgerald, GA 31750-8174
      View Details

    Similar Nearby for Sale

    • $750,000
      24,829 SF

      Fitzgerald Retail Redevelopment Opportunity

      Prime 0.57-acre lot, former Sonic Drive-In.
      276 Ocilla Hwy, Fitzgerald, GA 31750
      View Details
    • $499,900
      3,514 SF

      Established Cafe with Growth Potential

      Thriving cafe business and property for sale in Fitzgerald, GA.
      293 W Benjamin H Hill Dr, Fitzgerald, GA 31750
      View Details
    • Contact for pricing
      56,312 SF

      Fitzgerald Shopping Center For Sale

      56,312 SF shopping center anchored by Dollar Tree and Hibbett.
      262 Ocilla Hwy, Fitzgerald, GA 31750
      View Details
    • $499,900
      2,764 SF

      Established Restaurant Business and Property

      Turnkey restaurant with loyal customer base and expansion potential.
      293 W Benjamin H Hill Dr, Fitzgerald, GA 31750
      View Details
    • Contact for pricing
      10,000 SF

      Fitzgerald Retail Space - 10,000 SF

      Prime Fitzgerald retail location. High-traffic area, excellent visibility.
      404 Sherman St, Fitzgerald, GA 31750
      View Details
    • $1,100,000
      5,403 SF

      Free-Standing Retail Building For Sale

      5,403 SF retail building on 0.84 acres for sale.
      140 Ocilla Hwy, Fitzgerald, GA 31750
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      56,312 SF

      Colony Square Retail Center

      Fitzgerald, GA retail space available
      262 Ocilla Hwy, Fitzgerald, GA 31750
      View Details
    • Contact for pricing
      10,000 SF

      Fitzgerald Retail Space - 10,000 SF

      Prime Fitzgerald retail space, 10,000 sq ft, single tenant.
      404 Sherman St, Fitzgerald, GA 31750
      View Details
    • $12 SF/Yr
      9,200 SF

      Fitzgerald Retail Space For Lease

      Prime Retail, Multiple Units Available
      116 Benjamin H Hill Dr, Fitzgerald, GA 31750
      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.
    602 Merrimac Dr
    Fitzgerald, GA 31750-1911
    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.