Dark Walgreens-Redevelopment Opportunity
Closed2400 Dawson Rd, Albany, GA 31707
Property type
Retail
Unit / Space count
1
Price
$1,300,000
Building size
10,908 sf
Rentable area
10,908 SF
Year built
1998
Year renovated
Occupancy
Zoning code
Lot size
1.46 Acres
Sold/status
Sold · Date unknown
Sale price
$1300000
CAP
15.90%
Net Operating Income
$206,705
Property description
Franklin Street is please to present this redevelopment opportunity of a former drug store in Albany, Georgia. Albany is located in the Southwest portion of the state, 150 miles south of Atlanta. Albany is beautifully positioned on the banks of the Flint River. Incorporated in 1838, Nelson Tift founded the city and named it after the capital of New York. It is the hub of Southwest Georgia for culture, shopping, education, healthcare, and recreation. Albany has developed a diversified industrial economy, which includes Proctor & Gamble, MillerCoors, and Mars Chocolate North America. In fact since 1994, over $800 million has been invested into the community by local industries. The healthcare and education systems along with the Marine Corps Logistics Base Albany are the largest employers. Manufacturing, transportation, tourism and retail trade are also important foundations of Albany's economy. The property is located on the main retail corridor for Albany and surrounding counties. Area retailers include: Lowes, Sam's Club, Home Depot, Publix, Target, among many other national big box retailers. The site sits at a lighted intersection on Dawson Rd, which gets 23,800 VPD. The large 1.46 acre parcel allows for a variety of redevelopment options. A new owner will benefit from 2.5 years of rent from Walgreens as they work through their redevelopment strategy.
Property highlights
- Redevelopment opportunity of former drug store
- 2.5 Years of rent remaining from Walgreens
- Located along the main retail corridor for Albany surrounded by national big box retailers
- Easy access to surrounding hospitals, schools, churches, and employment centers
- Excellent visibility at lighted intersection
- Large parcel to develop allowing multiple uses
- Densely populated growing area of Albany with 68,000 residents within 5 miles and 1.9% annual population growth
- Strong household incomes in the surrounding area: +$71,000