Updated Quadplex with Central
For Sale
$400,000
609 Adelle Street, Hartselle, AL 35640
Residential Income, Hartselle, AL
Property Size3,000 SF
Lot Size0.32 Acres
Price / SF$133.33
Days on Market42
Property Features for 609 Adelle Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Parking Lot
Exterior features
Sidewalks
Appliances
Oven, Refrigerator, Dishwasher, W/D Hookup, Electric Water Heater, Tankless Water Heater
Subdivision
Orr Place
Elementary school
Crestline
Middle school
Hartselle Junior High
High school
Hartselle
Directions
West On Main Street, Left Onto Corsbie St, Right Onto Limestone St, Right Onto Adelle St Sw, Property Is On The Left
Standard status
Active
APN
15 05 15 1 014 006.000
Size
3,000 SF
Lot size
0.32 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1992
Number of units
4
Listing Agency:
Gateway Al Realty Group LLC
(256) 509-2078
Listed By:
Len Johnson · License #40398
(256) 509-2078
Added: Jul 22
Changed: Aug 26
Last Checked: Sep 1 at 12:06PM
MLS# 21924485
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.
Investment Insights
Based on property information with market context.
This 3,000-square-foot quadplex was built in 1992 and is fully occupied. The property sits on 0.32 acres and includes central heating and central air, a parking lot, sidewalks, and public water and sewer service. Appliances include ovens, refrigerators, dishwashers, washer and dryer hookups, electric water heaters, and tankless water heaters in units A and B.
Recent work completed in 2025 includes water heaters, appliances, flooring, interior paint, and decorative improvements. A renovation completed in 2018 and 2019 included a new roof, windows, flooring, bathrooms, HVAC units, kitchen improvements in three units, exterior paint, unit doors, sidewalks, and landscaping. The property is located at 609 Adelle Street in Hartselle, Alabama.
Recent work completed in 2025 includes water heaters, appliances, flooring, interior paint, and decorative improvements. A renovation completed in 2018 and 2019 included a new roof, windows, flooring, bathrooms, HVAC units, kitchen improvements in three units, exterior paint, unit doors, sidewalks, and landscaping. The property is located at 609 Adelle Street in Hartselle, Alabama.
Key Highlights
- 3,000‑square‑foot quadplex on 0.32 acres
- Fully occupied four‑unit property
- 2025 updates include water heaters, appliances, flooring, and interior paint
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
$24,740
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
6.19%
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%
$494,800
$494.8K
Cap Rate 7%
$353,429
$353.4K
Cap Rate 9%
$274,889
$274.9K
Market Conditions
NOI Build-Up for 3,000 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
$37.8K $12.60/SF
− Vacancy
−$2.5K −$0.82/SF
EGI
$35.3K $11.78/SF
− OpEx
−$10.6K −$3.53/SF
NOI
$24.7K $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%
$494,800
Cap Rate 7%
$353,429
Cap Rate 9%
$274,889
Alternative Uses
Best Use
Multifamily LT 5
$353.4K
$309.3K – $412.3K
NOI $24,740 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$326.3K
$285.6K – $380.7K
NOI $22,844 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$624.1K
$546.1K – $728.2K
NOI $43,690 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
747
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit property with public water and sewer connections.
Where is this quadplex located?
The property is located at 609 Adelle Street Hartselle, AL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 3,000‑square‑foot quadplex on 0.32 acres; Fully occupied four‑unit property; 2025 updates include water heaters, appliances, flooring, and interior paint
