128 S Washington St 41,000 SF Vacant Retail Building Albany, GA 31701 $1,900,000 ($46.34/SF) 13.72% Cap Rate

Owner financing available!
The property is also available for Build-to-Suit!
The property is ideal for a National Franchise (Cracker Barrel, Starbucks, Panera Bread, TGI Fridays, LongHorn Steakhouse, Olive Garden, Applebee’s, Chili’s, Red Lobster, The Cheesecake Factory, Ruby Tuesday, McDonald's, Burger King, Pizza Hut, Dunkin' etc.)
Designed in 1961 by architect, Harry A. “Bo” MacEwen (http://www.macewen.com), this property is nestled in the heart of downtown Albany. Located on the corner of S. Washington and Oglethorpe Blvd, this is one of the most unique and arresting structures in Southwest Georgia. Centrally located this property is within walking distance of all Albany's governmental buildings, Turtle Grove Park, The Flint River aquarium, Pretoria Farms Brewery (coming soon!) and has outstanding exposure to the public, with over 32,000 vehicles passing it per day, Oglethorpe Blvd over 29,700 and S. Washington over 2,000 traffic count)

The Downtown Albany Renaissance!
A lot of activity and development is happening downtown!
The current downtown development projects.
Source: The Albany Herald
1 - Harlem Renaissance Project: Mt. Zion Baptist Church has plans for a $34 million development project in the Harlem District on the block of Jefferson/Oglethorpe/Highland. Phase 1 is scheduled to open soon with various medical provider offices. Phase 2/3 will follow with a food hall honoring Carter’s Grill, more offices and new residential housing. The city provided a loan of $2.3 million, and the remainder will come from New Market Tax Credits, grants and equity raised by Mt. Zion.
2 - St. Nicholas Hotel and 1906 Restaurant: Matt Fuller and his team have restored the historic St. Nicholas Hotel and surrounding parcels on Washington Street. It’s a $6.5 million project for 26 rooms, full restaurant and bar, and numerous commercial/retail spaces. The city did not provide any funding. They builder received historic tax credits and raised the rest of the capital privately. A soft opening is underway now with a grand opening celebration happening soon.
3 - Davis Exchange Apartment Project: The tallest building downtown, the Davis Exchange Building, will be restored with one-bedroom and two-bedroom apartments. Also, a new three-story apartment building will be constructed behind the Davis Exchange building on Broad Ave. Total project will be $21 million. The city provided a loan of $1.5 million, and the remainder of funds will come from historic tax credits, state affordable housing tax credits and other private funding. Timing is approximately 1 year.
4 - 4C on Front Project: 115 and 121 Front Street properties are being renovated for $1.6 million to become a retail store for the Commodore Conyers College and Career Academy. Students will sell a variety of products and agriculture produce. They also will have a trendy Boba Tea shop. The state of Georgia will open its second Georgia Grown Innovation Center in the state that will be located in the space next door to 4C Academy.
5 - Albany Museum of Art Project: The AMA is moving from its Gillionville Road location to the old Belk Building downtown. Design work is complete, and LRA has been chosen as the General Contractor. The city and the county have provided approximately $7 million in SPLOST funding. AMA hopes to receive historic tax credits and has a capital fundraising effort underway. Total project will be $35 million and could be completed in one to two years.
6 - ADICA Renovated Properties: 108, 132 and 138 Pine Ave properties have been stabilized all with new roofs, significant structural repairs, asbestos remediation and generally getting them ready for a potential developer. All three of these properties were safety hazards with roofs caving in and significant water intrusion. Work should be completed in two months.
Projects funded and in conceptual design:
7 - Mule Barn: The old (Holman) Mule Barn was under a 20-year lease agreement with the Hilton Hotel for a possible second hotel or parking garage. That lease has ended, and the city has hired an architectural firm to stabilize the building with a new roof, structural repairs and restoring the front. This building is right next to the planned Albany Museum of Art location and would be a great event center.
8 - Albany Theater: For decades the old Albany Theater and arcade have sat in disrepair and have been deteriorating quickly. A fire occurred about 10 years ago and destroyed most of the roof. Recently, it was discovered that the soil under the old theater is contaminated. For lack of a better word … ”It’s a hot mess”. The city has hired architectural and structural engineering firms to start selective demolition and structural repairs. The concrete will need to stay intact to “encapsulate” the contaminated soil.
9 - Ritz Theater: An architect has been hired to restore the historic Ritz Theater. It has sat in disrepair for many years and will be restored back to its former state. The city has received several grants for this project. Total cost will be in the $4 million range.
In summary, $100 million in projects are under construction. Another $10 million in projects in just in the conceptual phase. Easily another $100 million in potential projects are navigating the capital financing process.
Also, the Albany Museum of Art is relocating next door. It is expected to increase the traffic in downtown Albany tremendously.
Property Facts
Property Type: Retail
Property Subtype: Freestanding
Building Size: 44,679 SF
Building Class: B
Year Built/Renovated: 1961/1995
Tenancy: Multiple
Building Height: 3 Stories
Building FAR: 0.62
Land Acres: 1.33 AC
Zoning: C-2 - Commercial
Parking: 42 Spaces (1.18 Spaces per 1,000 SF Leased)
Year Built: 1961
Year Renovated: 1995