Turnkey 8-Home Single-Family
For Sale
$1,500,000
2300 Middleton Road, Dothan, AL 36301
Residential Income, Dothan, AL
Property Size9,928 SF
Lot Size2.77 Acres
Price / SF$151.09
Days on Market92
Property Features for 2300 Middleton Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
24
Bathrooms
18
Full bathrooms
16
Half bathrooms
2
Rooms
Bathroom 4, Bedroom 10, Bathroom 17, Bathroom 15, Bedroom 14, Bedroom 12, Bedroom 22, Bathroom 8, Bathroom 11, Bedroom 3, Bedroom 20, Bathroom 7, Bathroom 3, Bedroom 16, Bedroom 1, Bedroom 24, Bedroom 21, Bedroom 2, Bedroom 19, Bathroom 12, Bathroom 13, Bedroom 6, Bedroom 17, Bedroom 15, Bedroom 5, Bathroom 2, Bathroom 14, Bathroom 16, Bedroom 18, Bathroom 10, Bathroom 1, Bedroom 8, Bedroom 11, Bathroom 18, Bathroom 9, Bathroom 5, Bathroom 6, Bedroom 7, Bedroom 13, Bedroom 9, Bedroom 4, Bedroom 23
Appliances
Dishwasher, Range, Refrigerator
Elementary school
Rehobeth
Middle school
Rehobeth
High school
Rehobeth
Subdivision
9c Houston SE 84 E-231 S
Standard status
Active
APN
17-0725-0-000-016.020-21-22-23
Size
9,928 SF
Lot size
2.77 Acres
Utilities
Sewer type
Septic Tank
Water source
Public
Water front features
Waterfront
Building Details
Year built
2019
Floors in Building
2
Flooring type
Vinyl, Laminate
Listing Agency:
Berkshire Hathaway HomeServices Showcase Properties
(334) 792-7474
Listed By:
Linda Sykes
(334) 210-3303
Added: Jun 3
Changed: Aug 19
Last Checked: Sep 2 at 6:06AM
MLS# 213375
Copyright © 2026 Southeast Alabama 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.
Investment Insights
Based on property information with market context.
This turnkey investment portfolio consists of eight tenant-occupied single-family homes, each situated on its own separate parcel. The mix includes six single-story residences and two two-story homes, providing variety across the portfolio while maintaining a stabilized operating profile. The properties are owner-managed using a digital property management platform, with no traditional management company fees, and the current occupancy reflects a near-zero vacancy history. When units turn, the marketing and application activity is described as producing multiple applications within days.
The portfolio is located just outside the Dothan city limits in Houston County. Buyers benefit from a county-based tax position while tenants maintain access to nearby shopping, dining, medical centers, and major employers, including Ft. Novosel and Southeast Health. The location is positioned to support durable rental demand in the Wiregrass region, and the Houston County market is described as having home values up 8.5% year-over-year.
For serious investors seeking a performing, cash-flow oriented acquisition, this is an established, tenant-occupied package ready to operate from day one. The separate-parcel structure may appeal to buyers looking for maximum flexibility for individual resale or refinancing opportunities within the broader portfolio. Financials, rent rolls, and lease agreements are available upon request to verified buyers, and showings are by appointment only with proof of funds or lender qualification. Do not disturb tenants.
The portfolio is located just outside the Dothan city limits in Houston County. Buyers benefit from a county-based tax position while tenants maintain access to nearby shopping, dining, medical centers, and major employers, including Ft. Novosel and Southeast Health. The location is positioned to support durable rental demand in the Wiregrass region, and the Houston County market is described as having home values up 8.5% year-over-year.
For serious investors seeking a performing, cash-flow oriented acquisition, this is an established, tenant-occupied package ready to operate from day one. The separate-parcel structure may appeal to buyers looking for maximum flexibility for individual resale or refinancing opportunities within the broader portfolio. Financials, rent rolls, and lease agreements are available upon request to verified buyers, and showings are by appointment only with proof of funds or lender qualification. Do not disturb tenants.
Key Highlights
- Portfolio of 8 tenant‑occupied single‑family homes (Houston County, just outside Dothan city limits)
- Property mix includes 6 single‑story homes and 2 two‑story homes
- Each home is on its own separate parcel, allowing flexibility for individual resale or refinancing
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
$54,317
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
3.62%
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%
$1,086,340
$1.1M
Cap Rate 7%
$775,957
$776.0K
Cap Rate 9%
$603,522
$603.5K
Market Conditions
NOI Build-Up for 9,928 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
$104.8K $10.56/SF
− Vacancy
−$6.1K −$0.61/SF
EGI
$98.8K $9.95/SF
− OpEx
−$44.4K −$4.48/SF
NOI
$54.3K $5.47/SF
Area
Houston County, AL
Vacancy
5.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,086,340
Cap Rate 7%
$775,957
Cap Rate 9%
$603,522
Alternative Uses
Best Use
Apartment 5plus
$776.0K
$679.0K – $905.3K
NOI $54,317 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.75M
$1.54M – $2.05M
NOI $122,834 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 36301, AL
38,447
Population
17,872
Households
2.2
Avg Household Size
40
Median Age
18%
College-Educated
85%
High-School Grad
89.2 sq mi
ZIP Area
431
Density / Sq Mi
$49,124
Median Household Income
$35,333
Median Earnings
$886
Median Rent
$156,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Eight tenant-occupied homes on separate parcels offer stabilized income and flexible future resale or refinancing options.
Where is this single family property located?
The property is located at 2300 Middleton Road Dothan, AL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Portfolio of 8 tenant‑occupied single‑family homes (Houston County, just outside Dothan city limits); Property mix includes 6 single‑story homes and 2 two‑story homes; Each home is on its own separate parcel, allowing flexibility for individual resale or refinancing
