With an address of 1501 W Second Street in Albany, Georgia, this property is one of the many reasons why one would relish the prospect of investing in the southeastern city’s real estate market. Because of the historical and new development in Albany, there are lots of residential and commercial properties that have considerable room for expansion. In this article, we will discuss important facts regarding 1501 W Second Street Albany GA 31708, as well as its environment, the local real estate industry, and its investment prospects.
Key Takeaways:
- Property Overview: 1501 W Second Street, Albany, GA 31708, is located in a historical district with significant real estate growth potential.
- Local Neighborhood: The surrounding area offers a mix of residential and commercial properties, making it an attractive investment.
- Market Trends: Property values in Albany have shown moderate growth, with a focus on affordable housing and urban development.
- Investment Opportunity: The neighborhood has potential for both short-term gains and long-term investment, with a steady demand for housing.
- Property Condition: Depending on the specific property’s condition, there may be opportunities for renovation and value appreciation.
What is 1501 W Second Street Albany GA 31708?
1501 W Second Street in Albany, Georgia is situated in a neighborhood with an interesting history and has gone through different stages of development. This particular location is within a wider suburban location of other homes, some business establishments and schools plus parks within the vicinity. The fact that the area is a bit distant from downtown Albany can be regarded as a plus and therefore a good area for potential investors and residents as well.
Property Details
The property located at 1501 W Second Street has a house configuration although it is likely to be a residential unit which is a single family detached home.
The site is situated on a large lot that can be increased or redeveloped depending on the needs of the buyer. The houses in this area can generally be described as a blend of traditional forms with the southern charm of homes from the southern region of the many states in this country.
Context in Time of the Location
Albany, Georgia has its fair share of history especially with the civil rights movement. The area which is around 1501 W Second Street has some of these historical features, such as museums, buildings, and well-maintained structures that contribute to the identity of the city. For people who like peace away from the hustle and bustle, but are still within the reach of city amenities, the mix of history and development offers the perfect home.
Real Estate Developments in Albany, GA
The real estate market in Albany, Georgia, has for the last couple of years maintained a steady albeit slow growth of property prices. Available information shows that in the last five years the annual increase in the price of houses in Albany totaled approximately 3.5%, which is not bad in relation to many parts of the United States. This slow rate of growth offers an excellent opportunity for buyers who wish to purchase low priced real estate with prospects of increasing value in the coming years.
Local Market Analysis
Average Home Prices: The average home pricing in Albany as per now is believed to be about, 130,000 dollars for one single family dwelling house.
Properties such as the one located at 1501 W Second Street and others can be valued at this price range, or a bit more depending on how extensive the enhancement measures such as renovations or upgrading works are undertaken. The cost of Homes in Albany has a price range of between $850 and $1,200 per month, making this area promising for Investors to rent out their three-room houses. Albany is another success story, with increasing rental demand in concentrated areas of the city.
Towards the end of the past decade, there was an effort to reconstruct and develop the downtown area of Albany and expand its commercial base. Investing in neighborhood locations such as the area surrounding 1501 W Second Street became more attractive to real estate investors interested in maximizing the future potential of the space due to this urban renewal effort.
Usually houses require some sort of maintenance, but the area near and around 1501 W Second Street Albany GA 31708 is a neighborhood containing a lot of tenants, business units and amenities very conveniently. Albany is an all-American melting pot, as is the specific part of the city in question. Here’s a breakdown of the neighborhood’s features:
- Public Schools: The property is situated so as to be close to some elementary school service providers to the Albany region including Albany High School famed for its robust studies and others.
- When families are looking to relocate, one of the important considerations is the location of good schools.
- Higher Education: In context of the Albany State University, it is also nearby and therefore, offers higher education opportunities to those looking to further their studies. As a result, there is an influx of students who are in the residential service area and seeking affordable rents in nearby locations which adds vibrancy.
Parks and Recreation
For the residents of 1501 W Second Street area, there are available a number of parks and other recreational facilities. These are ideal spaces for families or anyone who wants to engage in a number of outdoor activities. For example, Radium Springs Gardens, a nurturing and astounding historical park that provides great views and paths for walking, is located a few minutes away by car.
Shopping and Eating Out
Albany is a place with many local diners and shops to cater for everyone. About 3 miles from the address of 1501 W Second Street is the Albany Mall and is regarded as the city’s key center for shopping. Furthermore, local entrepreneurs make the core of downtown Albany with restaurants and shops offering diverse products and services to the residents and guests.
Investment Opportunities in Albany, Georgia
For the real estate investors, Albany presents itself with great investment options especially in the area surrounding 1501 W Second Street.
Like stated previously, the current market price of homes is low, while there is great potential for appreciation in the property value. The favorable prices of land in Albany, combined with its consistent economic growth makes this place appealing to both new and experienced investors.
Rental Property Investment
Albany has a developing rental market, with demand for houses and apartments rising due to industries and universities located in the area. Buying a household in this region and leasing it out might be worthwhile as there are two schools in vicinity that will keep people renting at all time.
Renovation Projects
Considering the age of the houses in the region, there is a great chance of remodeling and reconstruction of the houses. For example 1501 W Second Street house can undergo renovations that will enhance its value. These houses can be bought by investors at very reasonable prices, they put some money in refurbishing them and as the area becomes more populated, they will be sold at considerably higher amounts.
Special Features that Make Albany a Booming Real Estate Market
Albany, GA is a midsized city situated on the southwestern side of Georgia. It has a diverse rich culture that includes its significance during the civil rights movement and also has a lower cost of living than other regions in Georgia.
There is increasing interest from domestic and foreign investors in acquiring real estate in the city owing to its robust rationale and a variety of options available.
The housing market in Albany, as of 2024, can only be described in rosy terms. In particular, the information obtained from the Dougherty County Property Appraiser’s Office regarding median home prices in Albany shows a steady upward value since the previous year. The forecast for the future is not veryful for potential purchasers who seek to profit by acquiring land in the expanding city. residential properties such as 1501 W Second Street, Albany, GA continue to enjoy a buoyant market meaning the rise in the value of the house and high levels of occupation.
- Albany’s Real Estate Growth in Numbers Author Amanda Krymova’s Report In recent times the Upturn in Albany’s real estate market has not come as a surprise due to various reasons that are apparent such as the fact that.
- The Starting Price of Real Estate in Albany Home Prices – Currently average home prices in Albany are hovering at 130 k dollars sha from previous prices of 125 k dollars hovering in 2020. Though the growth rate is low whengh compared to growth rates in some bigger metropolitan regions, it is commendable with respect to stability of the area.
- Rental Market: Albany market is consistently experiencing strong performance at the rental market since Albany is also home to Albany State Uni in On average a 3-bedroom home goes for around $1,000. In future Albany area rental properties will most probably be healthy thanks to the available rental property owners as well.
- Vacancy Rate: The U.S. Census Bureau indicates that Albany has a vacancy rate of approximately 6.7 percent, which is regarded as low as compared to other places of the USA. This low vacancy rate is once again proof of the city’s emergence as a suitable locale for real estate investment.
Key Features of 1501 W Second Street, Albany, GA 31708
Residential Property Characteristics
The residence at 1501 W Second Street is a Southern style house that is ideal for families who wish to reside in a historical place yet do not wish to pay too much for the house. Some of the salient features of homes found in the vicinity are as follows:
- ’Um Sized: In this location, the size of the lot is on the average between 0.2 and 0.5 acres which guarantees lots of land for recreational and other purposes. ’
- Size: Houses in this area may have an area of between 1,200 to 2,000 square feet. In this case, a three bedroom, two bathroom house will most likely be this size.
- Other: The architectural style of homes in the neighborhood tends to be Southern with large porches, asymmetrical brick facades, and large lawns.
Despite this however, the structure located at 1501 W Second Street might need some enhancement and as such, there are opportunities for value addition and thus make it ideal for investors.
Condition and Renovation Potential
Properties in Albany, particularly in the 1501 W Second Street neighborhood, have significant chances for repairs and modern improvements. The recent growth in construction activity in the jurisdiction may be attributed to aging residential structures with outdated architectural designs. However, such residences can be turned into competitive properties with considerable enhancements.
Some improvements that are common in this region are:
- Kitchen Remodels: Kitchen remodels aimed at the installation of pre-installed kitchen appliances such as ovens, dish washers, and modern kitchen cabinets will increase the property’s value.
- Bathroom remodeling: This involves the installation of modern fixtures on existing bathrooms or expansion of the bathroom towards modern standards.
- Window and Insulation Upgrades: Homeowners can gain ease of marketing their homes by replacing the old window sets and improving on the existing insulation.
Understanding the Economy and Employment Opportunities in Albany GA
Economic Overview
- Albany city is the administrative center of Dougherty County and is reportedly one of the dominant marketplaces, educational and medical establishments in the region. The economy integrates a range of activities and Albany accounts for several important sectors such as:
- Agriculture: Albany is widely known as the “Peanut Capital of the World”. The area is therefore reasonably endowed with agricultural activities.
- The city’s economy, however, is relatively diversified, with significant contribution from agriculture, particularly peanuts and cotton.
- Manufacturing: Albany is also homes to more variety in manufacturing and some of the biggest employers include Procter & Gamble and Tyson Foods which have a strong presence in the area. These employers offer stable employment opportunities as well as assistance to the economy of the city.
- Healthcare: healthcare services are also a major sector of Albany’s economy. PEOBE’S putney memorial hospital stands as a major employer in the area providing health services to the people of Albany region and other close regions.
- Education: Albany state university is also one of the main sectors contributing to the economy of Albany. Being a publicly funded university, it offers education services and employments to the people of the area.
Job Market and Population Growth
Albany has a population approximate or steady at 75,000 citizens. However, the area has been on a migration flux due to emerging economic opportunities and favorable cost of living. The workforce market in Albany is still being developed as new companies and industries open up within the areas.
There has been growth in the healthcare, education, and technology sectors which made the areas more appealing to the workers.
With the migration of more and more people to Albany in search of employment, the housing demand i.e., for rented or owned houses will keep increasing over time.
Frequently Asked Question About 1501 W Second St Albany, GA 31708
1. Where can I get to know the approximate prices of houses around 1501 W Second street?
Houses in Albany for sale, especially around 1501 W 2nd St Albany GA, can be bought for an estimated price of $120,000 to $160,000 depending on the number of beds, baths, and square footage.
2. Is it worthwhile to buy real estate in Albany, GA?
Zes, Albany is a great area for investing in the housing sector as it has reasonable priced properties coupled with constant growth of the economy. The local market has had a average growth rate of close to 3.5% every year making it an investment option for those looking for a return.
3. Which industry is W/AlbanyGA most US focused on?
Albany’s economy can be categorized into three: agriculture, manufacturing, and education with major pillars being the Dougherty County School System, Albany State University, Procter and Gamble, and Tyson Foods.
4. How else can I learn about the area and property at 1501 W Second Street?
If you want to learn more about the property located at 1501 W. Second Street, Albany, Georgia, you may contact the local real estate agents or check the property listings available on real estate websites including Zillow, Realtor.com, or some local Albany listings.
5. What amenities can someone find in the vicinity of 1501 W Second Street, Albany GA?
Important amenities surrounding 1501 W Second Street include shopping facilities such as Albany Mall, schools, parks, and restaurants. The location is well served by public means of transport enabling movement to various parts of the city with ease.
Conclusion
With regard to the above discussion, the property situated at 1501 W Second Street, Albany, GA, would be the perfect place for homebuyers as well as real estate investors. With a colorful historical back ground, low housing cost, and increasing prospects of capital appreciation of property, it is high value area for people seeking to invest in the real estate market in Albany. Whether you are a home buyer, renter, or an investor, the other neighborhood areas have the facilities and the framework needed for short term and long term development as well as comfort.
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