Add Listing
    For Sale
    • 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

    115 W DRAKE AVENUE Auburn, AL 36830

    View on Map
    For Sale
    $625,000

    Multi-Family (2-4 Units) - AUBURN, AL

    Property size:
    1,012 SF
    Lot size:
    0.11 Acres
    Added:
    Aug 12, 2025
    Days on Market:
    233
    Last Refresh:
    Apr 1 at 4:06 pm

    Property Features for 115 W DRAKE AVENUE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Open
    Standard status
    Active
    Size
    1,012 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    1955
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile, Tile - Ceramic
    Building materials
    Block, Stone, Stucco
    Architectural style
    Other

    We can help!

    Listing Contact
    HAYLEY REAL ESTATE TEAM

    Listing agent HAYLEY REAL ESTATE TEAM

    Listing office HAYLEY ENTERPRISES 930 AVENUE A, Auburn, AL

    Listing date Aug 12, 2025

    MLS# 172236 Listing URL

    Copyright © 2026 Lee County Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Renovated Duplex Near Toomer's Corner

    This meticulously renovated duplex, located approximately a half mile from Toomer's Corner in Auburn, Alabama, presents a rare investment opportunity. The property was completely renovated in 2020, including a new roof, plumbing, exterior, interior, and electrical systems. The duplex features two units, each with one bedroom and one bathroom. The units are designed for comfort and style, featuring updated tiled bathrooms and kitchens with granite countertops and stainless steel appliances. There is no carpet throughout the property, which allows for easy maintenance. The property includes private parking for both units. The lot size is 0.11 acres and the property size is 1012 square feet. This property is suitable for students, young professionals, or investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Auburn
    County
    Lee
    State
    Alabama
    Longitude
    -85.483281
    Latitude
    32.613847

    Nearby Similar for Sale

    • $800,000
      4,876 SF

      Auburn Retail/Flex Space Opportunity

      Prime retail/flex space in a rapidly growing Auburn market.
      1848 OPELIKA ROAD, AUBURN, AL 36830
      View Details
    • $899,000
      2,640 SF

      Commercial Property in Growing Auburn

      High-visibility commercial property in a rapidly growing Auburn area.
      1319 OPELIKA ROAD, AUBURN, AL 36830
      View Details
    • $300,000
      2,864 SF

      Auburn Multifamily Investment Opportunity

      Investment property near Auburn University with redevelopment potential.
      907 OLD MILL ROAD, AUBURN, AL 36830
      View Details
    • $2,300,000
      8,108 SF

      Auburn Multifamily Investment Opportunity

      Well-maintained 8-unit apartment complex near Auburn University.
      1500 E GLENN AVENUE, AUBURN, AL 36830
      View Details
    • $775,000
      4,360 SF

      Versatile Auburn Office Building

      Multi-use office building with residential and commercial spaces.
      525 AIRPORT ROAD, AUBURN, AL 36830
      View Details
    • $650,000
      3,654 SF

      Auburn Triplex Near University

      Well-maintained triplex near Auburn University with long-term leases.
      910-912-914 HARVARD PLACE, AUBURN, AL 36830
      View Details
    • $125,000

      Deeded RV Lots Near Campus

      RV resort lots near Auburn campus with game day amenities.
      41 LEE ROAD 51, AUBURN, AL 36832
      View Details
    • $1,973,000

      AUBURN Farm with Scenic Creek

      50-acre farm property featuring pastures, woods, and a creek.
      8182 COUNTY ROAD 53, AUBURN, AL 36832
      View Details
    • $2,928,571
      6,278 SF

      Main Street Auto Auburn, AL

      NNN leased auto property with long-term tenant in place.
      459 Opelika Rd, Auburn, AL 36830
      View Details
    • $800,000
      4,876 SF

      Retail/Flex Space in Auburn, AL

      Highly visible retail/flex space in a rapidly growing market.
      1848 Opelika Rd, Auburn, AL 36830
      View Details
    • $2,200,000

      Freestanding Building on University Drive

      One-story building with frontage on University Blvd in Auburn, AL.
      2085 E University Dr, Auburn, AL 36830
      View Details
    • $3,400,000
      33,254 SF

      Auburn Assisted Living Facility For Sale

      Assisted Living Facility in Auburn, Alabama near Auburn University.
      871 Twin Forks Ave, Auburn, AL 36830
      View Details

    FAQs

    What type of property is this?
    Duplex - Rare, renovated duplex near downtown Auburn, ideal for investors.
    Where is this duplex located?
    The property is located at 115 W DRAKE AVENUE Auburn, AL.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: Prime location: Just a half mile from Toomer's Corner in downtown AU.; Completely renovated in 2020: Featuring a new roof, plumbing, exterior, interior, and electrical system.; Two units: Each unit includes 1 bedroom and 1 bathroom.
    (334) 750-4839
    We can help!
    Listing Contact
    HAYLEY REAL ESTATE TEAM
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!