Duplex with Fenced
New
For Sale
$309,900
1112/1114 Old Mill Rd, Auburn, AL 36830
Two leased residences offer a straightforward multifamily configuration with established occupancy.
Property Size2,048 SF
Price / SF$151.32
Days on Market2
Property Features for 1112/1114 Old Mill Rd
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,200
Amenities
fenced backyard
Building Details
Year Built
1967
Buildings
1
Tenancy
Multi
Listing Agency:
Porch Light Real Estate LLC
(334) 742-8050
Listed By:
Kelly Woods
(334) 329-2302
Source:
Villagerealtyauburnopelika
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 16 at 4:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Porch Light Real Estate LLC
Investment Insights
Based on property information with market context.
Located at 1112/1114 Old Mill Rd in Auburn, this 2,048-square-foot duplex contains two spacious two-bedroom, one-bathroom residences. The property includes a fenced backyard and was built in 1967. Both units are currently leased, with Unit #1112 committed through 8/31/2027 and Unit #1114 through 6/30/2027.
Recent property updates include a roof installed in 2024 and HVAC replacements completed in May 2026. Unit #1112 has a water heater and stove that are approximately 3 years old, while Unit #1114 has an HVAC system and water heater that are about 2 years old. The property has no HOA fees.
Recent property updates include a roof installed in 2024 and HVAC replacements completed in May 2026. Unit #1112 has a water heater and stove that are approximately 3 years old, while Unit #1114 has an HVAC system and water heater that are about 2 years old. The property has no HOA fees.
Key Highlights
- Two 2BR/1BA units within a 2,048‑square‑foot duplex
- Unit #1112 leased through 8/31/2027
- Unit #1114 leased through 6/30/2027
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
$17,504
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
5.65%
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%
$350,080
$350.1K
Cap Rate 7%
$250,057
$250.1K
Cap Rate 9%
$194,489
$194.5K
Market Conditions
NOI Build-Up for 2,048 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
$27.0K $13.20/SF
− Vacancy
−$2.0K −$0.99/SF
EGI
$25.0K $12.21/SF
− OpEx
−$7.5K −$3.66/SF
NOI
$17.5K $8.55/SF
Area
Lee County, AL
Vacancy
7.50%
Lease Rate
$13.20 /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%
$350,080
Cap Rate 7%
$250,057
Cap Rate 9%
$194,489
Alternative Uses
Best Use
Multifamily LT 5
$250.1K
$218.8K – $291.7K
NOI $17,504 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$234.0K
$204.7K – $273.0K
NOI $16,377 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$499.5K
$437.1K – $582.8K
NOI $34,965 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 36830, AL
47,543
Population
23,146
Households
2.1
Avg Household Size
30
Median Age
63%
College-Educated
96%
High-School Grad
109.5 sq mi
ZIP Area
434
Density / Sq Mi
$63,761
Median Household Income
$37,414
Median Earnings
$1,033
Median Rent
$346,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Two leased residences offer a straightforward multifamily configuration with established occupancy.
Where is this duplex located?
The property is located at 1112/1114 Old Mill Rd Auburn, AL.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Two 2BR/1BA units within a 2,048‑square‑foot duplex; Unit #1112 leased through 8/31/2027; Unit #1114 leased through 6/30/2027
