Sign Up Successful!
You now have access to more from Realmo!
    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

    464 Covina Dr SW Decatur, AL 35603

    Sponsored
    For Sale
    $35,000

    LAND - Decatur, AL

    Lot size:
    0.20 Acres
    Days on Market:
    24
    Last Refresh:
    Feb 5 at 10:06 pm

    Property Features for 464 Covina Dr SW

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    12 03 06 1 000 149.001
    Lot size
    0.20 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Julie Perry

    ERA King Real Estate Company (256) 863-3200

    Listing agent Julie Perry (256) 318-2214 License #103405

    Listing date Jan 13, 2026

    MLS# 21881294

    Copyright © 2026 ValleyMLS.Com,Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Residential Lot in Decatur, AL

    This 0.2-acre corner lot is located in Decatur, Alabama. It is situated in a desirable neighborhood and offers the opportunity to build a dream home. The property is conveniently located near essential amenities, schools, parks, and shopping centers. The property is not part of the HOA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Skin Care Clinic Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Morgan
    State
    Alabama
    Longitude
    -86.98966
    Latitude
    34.555426

    Nearby Similar for Sale

    • New
      $1,925,000
      14,976 SF

      Decatur Multifamily Investment Opportunity

      24-unit multifamily property with value-add potential in Decatur, Alabama.
      217 8Th St SW, Decatur, AL 35601
      View Details
    • New
      $400,000
      3,448 SF

      Decatur Multifamily Property For Sale

      Multifamily property in Decatur, Alabama with recent renovations.
      201 8Th Ave SW, Decatur, AL 35601
      View Details
    • New
      $350,000
      2,400 SF

      Decatur Office with Upgrades

      Office building with new roof and upgraded electrical system.
      1803 Somerville Rd SE, Decatur, AL 35601
      View Details
    • $1,349,900
      5,406 SF

      Turnkey Restaurant in Prime Location

      Fully operational restaurant for sale in high-traffic Decatur location.
      2504 Us Highway 31, Decatur, AL 35603
      View Details
    • $700,000
      5,854 SF

      Decatur Multi-Family Investment Opportunity

      Well-maintained property with single-family home and 5-unit apartment building.
      2005 Morgan Ave SW, Decatur, AL 35601
      View Details
    • New
      $970,000
      7,712 SF

      Decatur Multifamily Investment Opportunity

      Twelve-unit apartment buildings with value-add potential in Decatur, Alabama.
      223 8Th St SW, Decatur, AL 35601
      View Details
    • $400,000
      3,448 SF

      Decatur Multifamily Portfolio Opportunity

      14-unit multifamily portfolio in Decatur, Alabama, 100% occupied.
      1816 SW Glenn St, Decatur, AL 35603
      View Details
    • $400,000
      3,448 SF

      Decatur AL Multifamily Portfolio

      Fourteen-unit multifamily portfolio in Decatur, Alabama, for sale.
      1803 Graymont Ln, Decatur, AL 35603
      View Details
    • $400,000
      3,448 SF

      Decatur AL Multifamily Portfolio

      Fourteen-unit multifamily portfolio in Decatur, Alabama, for sale.
      1809 Windover Pl SW, Decatur, AL 35603
      View Details
    • $1,100,000
      0.59 Acres

      Decatur Commercial Building For Sale

      117-unit mini storage facility in Decatur, Alabama.
      1526 4Th Ave SE, Decatur, AL 35601
      View Details
    • $570,000
      4,756 SF

      Decatur Multifamily Property For Sale

      Multifamily property in Decatur, Alabama, featuring 4 units.
      1423 Brookline Ave SW, Decatur, AL 35603
      View Details
    • $250,000
      3,624 SF

      Decatur Multifamily Portfolio Opportunity

      Fourteen-unit multifamily portfolio in Decatur, Alabama, for sale.
      202 Somerville Rd, Decatur, AL 35601
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Corner lot suitable for building a dream home.
    Where is this residential land & home lot located?
    The property is located at 464 Covina Dr SW Decatur, AL.
    What is the asking price?
    The asking price for this property is $35,000.
    What are key features of this property?
    This property features: - Desirable neighborhood location; - Corner lot ideal for a patio home; - No HOA fees
    (256) 863-3200
    Request Owner's contact information
    464 Covina Dr SW Decatur, AL 35603
    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.
    464 Covina Dr SW
    Decatur, AL 35603
    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
    464 Covina Dr SW Decatur, AL 35603
    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

    We can help!
    Listing Contact
    Julie Perry
    (256) 863-3200
    Learn more
    Google sign-in failed. Please try again or use another login method.