Multifamily Income
For Sale
$810,000
603 Sparkman Street SW, Hartselle, AL 35640
Residential Income, Hartselle, AL
Property Size4,225 SF
Lot Size0.82 Acres
Price / SF$191.72
Days on Market78
Property Features for 603 Sparkman Street SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
1
Parking features
Parking Lot
Subdivision
Hartselle Heights
Elementary school
Crestline
Middle school
Hartselle Junior High
High school
Hartselle
Directions
Off Of Sparkman St Sw
Standard status
Active
APN
1505151010011.000
Size
4,225 SF
Lot size
0.82 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Number of units
9
Listing Agency:
Avar Realty, LLC
(256) 457-2277
Listed By:
Neil Victor · License #80571
(256) 726-9096
Added: Jun 18
Changed: Aug 20
Last Checked: Sep 3 at 11:06AM
MLS# 21920972
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Investment Insights
Based on property information with market context.
This for-sale multifamily income property is listed as an apartment building, multifamily property, and residential income property. The offering is situated on a 0.82-acre lot and includes a total building size of 4,225 square feet.
Located at 603 Sparkman Street SW in Hartselle, Alabama 35640, within Morgan County, the property’s address provides straightforward, local access for tenants, property management, and service providers. The site is presented as a dedicated parcel and is configured for residential occupancy as a multifamily asset.
For buyers or operators seeking a small-footprint residential income building, this property offers a straightforward multifamily format under a for-sale presentation. It may fit investors looking for hands-on residential management, or buyers who want to evaluate an apartment-style asset based on its existing building size and lot location. As with any income-oriented purchase, prospective buyers should review the unit configuration and operating details during due diligence to confirm fit with their leasing goals and budget.
Located at 603 Sparkman Street SW in Hartselle, Alabama 35640, within Morgan County, the property’s address provides straightforward, local access for tenants, property management, and service providers. The site is presented as a dedicated parcel and is configured for residential occupancy as a multifamily asset.
For buyers or operators seeking a small-footprint residential income building, this property offers a straightforward multifamily format under a for-sale presentation. It may fit investors looking for hands-on residential management, or buyers who want to evaluate an apartment-style asset based on its existing building size and lot location. As with any income-oriented purchase, prospective buyers should review the unit configuration and operating details during due diligence to confirm fit with their leasing goals and budget.
Key Highlights
- On‑site parking lot
- Public water and public sewer available
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
$32,172
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
3.97%
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%
$643,440
$643.4K
Cap Rate 7%
$459,600
$459.6K
Cap Rate 9%
$357,467
$357.5K
Market Conditions
NOI Build-Up for 4,225 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
$62.4K $14.76/SF
− Vacancy
−$3.9K −$0.92/SF
EGI
$58.5K $13.84/SF
− OpEx
−$26.3K −$6.23/SF
NOI
$32.2K $7.61/SF
Area
Morgan County, AL
Vacancy
6.20%
Lease Rate
$14.76 /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%
$643,440
Cap Rate 7%
$459,600
Cap Rate 9%
$357,467
Alternative Uses
Best Use
Apartment 5plus
$459.6K
$402.2K – $536.2K
NOI $32,172 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$879.0K
$769.1K – $1.03M
NOI $61,530 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 35640, AL
25,913
Population
11,023
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
106.9 sq mi
ZIP Area
242
Density / Sq Mi
$69,686
Median Household Income
$43,844
Median Earnings
$767
Median Rent
$196,600
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?
Apartment building - For-sale multifamily building on Sparkman Street SW in Hartselle, suited for residential rental operations.
Where is this apartment building located?
The property is located at 603 Sparkman Street SW Hartselle, AL.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: On‑site parking lot; Public water and public sewer available
