Renovated Duplex with Two Bedrooms
For Sale
$225,000
Pending
1501 18th Avenue, Phenix City, AL 36867
MULTI_FAMILY - Phenix City, AL
Property Size1,976 SF
Lot Size0.58 Acres
Days on Market44
Property Features for 1501 18th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 1
Parking features
Driveway
Interior features
Walk-In Closet(s)
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
No Subdivision
Lot features
1/2 to 3/4 Acre, Level
Directions
Head West On 13th St/Crawford Road (Hwy 80). Turn Right Onto 17th Ave. Turn Left Onto 15th St. Property Will Be Straight Ahead.
Standard status
Pending
Size
1,976 SF
Lot size
0.58 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Number of units
2
Flooring type
Laminate
Listing Agency:
eXp Realty LLC
(888) 959-9461
Listed By:
Danielle Hinson Moore · License #76396
(706) 593-4675
Added: Jul 11
Changed: Aug 10
Last Checked: Aug 23 at 2:06PM
MLS# 232242
Copyright © 2026 Columbus Board of Realtors (GA). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This completely renovated duplex was built in 1973 and offers two bedrooms and two bathrooms in each unit. Both sides include a living room and dining area with an eat-in kitchen layout, and the home features laminate flooring with no carpet. Kitchens are updated with all-new cabinets, counters, and stainless steel appliances, and each unit has a new washer and dryer. Additional upgrades include a new water heater and new heating and AC systems in each unit. Walk-in closet(s) are also included, and the property has public water and public sewer.
The duplex is centrally located in Phenix City, directly behind the Library, with a driveway for parking. It is positioned for convenience to schools, shopping, dining, and major highways for commuting.
The flexible setup allows an owner-occupant to reside in one unit while generating income from the other unit, with a move-in ready condition designed for immediate occupancy.
The duplex is centrally located in Phenix City, directly behind the Library, with a driveway for parking. It is positioned for convenience to schools, shopping, dining, and major highways for commuting.
The flexible setup allows an owner-occupant to reside in one unit while generating income from the other unit, with a move-in ready condition designed for immediate occupancy.
Key Highlights
- Completely renovated duplex in Phenix City, directly behind the Library
- Two bedrooms and two bathrooms in each unit
- All‑new kitchens with stainless steel appliances, plus new washer and dryer in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,889
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$337,780
$337.8K
Cap Rate 7%
$241,271
$241.3K
Cap Rate 9%
$187,656
$187.7K
Market Conditions
NOI Build-Up for 1,976 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$26.1K $13.20/SF
− Vacancy
−$2.0K −$0.99/SF
EGI
$24.1K $12.21/SF
− OpEx
−$7.2K −$3.66/SF
NOI
$16.9K $8.55/SF
Area
Lee County, AL
Vacancy
7.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$337,780
Cap Rate 7%
$241,271
Cap Rate 9%
$187,656
Alternative Uses
Best Use
Multifamily LT 5
$241.3K
$211.1K – $281.5K
NOI $16,889 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$225.7K
$197.5K – $263.4K
NOI $15,801 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$481.9K
$421.7K – $562.3K
NOI $33,736 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 36867, AL
22,505
Population
10,782
Households
2.1
Avg Household Size
37
Median Age
28%
College-Educated
90%
High-School Grad
12.6 sq mi
ZIP Area
1,786
Density / Sq Mi
$46,847
Median Household Income
$36,035
Median Earnings
$963
Median Rent
$188,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Completely renovated duplex with two bedrooms and two bathrooms in each unit, plus new heating and AC systems.
Where is this duplex located?
The property is located at 1501 18th Avenue Phenix City, AL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Completely renovated duplex in Phenix City, directly behind the Library; Two bedrooms and two bathrooms in each unit; All‑new kitchens with stainless steel appliances, plus new washer and dryer in each unit
