Brick Quadplex With
For Sale
$425,000
1809 Windover Place SW, Decatur, AL 35603
Residential Income, Decatur, AL
Property Size3,448 SF
Lot Size0.29 Acres
Price / SF$123.26
Days on Market50
Property Features for 1809 Windover Place SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Off Street
Patio and Porch features
Porch, Patio
Exterior features
Balcony
Appliances
Oven, Refrigerator, Dishwasher, W/D Hookup
Subdivision
Glenmier
Elementary school
Austinville
Middle school
Austin Middle
High school
Austin
Directions
From 31 Go North On The Beltline And Turn Left On Glenn Street (By Calvery Assembly Church), Go To Windover And Turn Right, Go To End And Building Will Be Straight Ahead.
Standard status
Active
APN
02 07 36 3 000 005.026
Size
3,448 SF
Lot size
0.29 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1985
Number of units
4
Listing Agency:
Gateway Al Realty Group LLC
(256) 509-2078
Listed By:
Len Johnson · License #40398
(256) 429-9360
Added: Jul 15
Changed: Aug 27
Last Checked: Sep 2 at 6:06AM
MLS# 21879319
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Investment Insights
Based on property information with market context.
This 1985 quadplex contains 3,448 square feet on a 0.29-acre parcel. The all-brick building is described as being in good condition with no deferred maintenance. Balconies, a porch, patio, and off-street parking add to the property’s physical features. Public water and public sewer serve the building, with central air conditioning and central electric heat.
The units include ovens, refrigerators, dishwashers, and washer/dryer hookups. Tenants are responsible for electric service, while ownership pays for water and trash. The property is situated near shopping and restaurants in Decatur, Alabama.
The units include ovens, refrigerators, dishwashers, and washer/dryer hookups. Tenants are responsible for electric service, while ownership pays for water and trash. The property is situated near shopping and restaurants in Decatur, Alabama.
Key Highlights
- Quadplex with 3,448 square feet on 0.29 acres
- All‑brick building constructed in 1985
- Balconies, porch, patio, and off‑street parking
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
$28,435
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
6.69%
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%
$568,700
$568.7K
Cap Rate 7%
$406,214
$406.2K
Cap Rate 9%
$315,944
$315.9K
Market Conditions
NOI Build-Up for 3,448 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
$43.4K $12.60/SF
− Vacancy
−$2.8K −$0.82/SF
EGI
$40.6K $11.78/SF
− OpEx
−$12.2K −$3.53/SF
NOI
$28.4K $8.25/SF
Area
Morgan County, AL
Vacancy
6.50%
Lease Rate
$12.60 /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%
$568,700
Cap Rate 7%
$406,214
Cap Rate 9%
$315,944
Alternative Uses
Best Use
Multifamily LT 5
$406.2K
$355.4K – $473.9K
NOI $28,435 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$375.1K
$328.2K – $437.6K
NOI $26,255 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$717.3K
$627.7K – $836.9K
NOI $50,214 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 35603, AL
32,380
Population
14,509
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
71.0 sq mi
ZIP Area
456
Density / Sq Mi
$78,237
Median Household Income
$47,458
Median Earnings
$857
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Multifamily property with public utilities, off-street parking, and a practical tenant expense arrangement.
Where is this quadplex located?
The property is located at 1809 Windover Place SW Decatur, AL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Quadplex with 3,448 square feet on 0.29 acres; All‑brick building constructed in 1985; Balconies, porch, patio, and off‑street parking
