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    Historic Multifamily Bank Conversion Title is generated by Realmo AI

    11281 CRAGFORD ROAD, Cragford, AL 36255

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    For Sale
    $210,000

    MULTI_FAMILY - CRAGFORD, AL

    Added:
    Jan 16, 2026
    Days on Market:
    140
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 11281 CRAGFORD ROAD

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    On Street
    Standard status
    Active
    APN
    171007250000021.000

    Taxes and HOA fees

    Tax Description
    75 X 150 LOT: BEG @ NW COR LOT 2 BLK D CRAGFORD S D TH NW 50 (S) TH NE 50 (S) TH SE 50 (S) TH SW 50 (S) TO P.O.B. ALSO LOTS 1 THRU 3 BLK D CRAGFORD S25 T20S R9E DEED REF: 435 216 435 286 453 306

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1913
    Number of units
    6
    Building materials
    Brick

    We can help!

    Listing Contact
    Amanda Taylor

    Listing agent Amanda Taylor License #130633

    Listing office Avast Realty- Birmingham 5336 Stadium Trace Parkway Suite 106, Irondale, AL

    Listing date Jan 16, 2026

    MLS# 21441014 Listing URL

    Copyright © 2026 Greater Alabama MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic 1913 Cragford Bank Building & General Store built in 1913 with original red brick exterior
    • Main building converted into 3 separate living quarters (each with living area, bedroom(s), kitchen, and bathroom)
    • Currently operating as a proven vacation rental; updates include electrical, plumbing, and appliances
    • Separate Cragford Bait & Tackle store building with 3 vending machines plus ice‑making equipment, coolers/freezers, and pizza oven
    • Store includes refrigerated condiment dispenser and display cases serving visitors to Lake Wedowee
    • Detached two‑car garage and workshop with roughed‑in plumbing, offering expansion potential for additional living or workspace

    Overview

    This 1913 Cragford Bank building has been converted into three separate living quarters, each with a living area, bedroom(s), kitchen, and bathroom. The property retains original red brick walls and features concrete floors, soaring ceilings, and tall doors and windows. Electrical, plumbing, and appliances have been updated, and the quarters are currently used as a vacation rental.

    A separate store building, known as Cragford Bait & Tackle, provides additional space and includes multiple food-and-beverage and display components. The store has 3 vending machines, an ice-making machine, ice freezer, a 2-door cooler, 1-door freezer, a refrigerated condiment dispenser, a pizza oven, and display cases. The remarks note the store serves visitors to Lake Wedowee. The property also includes a detached two-car garage and workshop with roughed-in plumbing.

    The combination of three rental-ready living quarters and an operating-use store building makes this a practical fit for an owner-operator or investor seeking a multi-use setup with room to adapt the detached garage and workshop into additional living space, a studio, a Maker’s Space, or a workspace for larger equipment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cragford Bait & Tackle (Bike/Boat/Book/etc) Store

    Suggested Use

    Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Cragford
    County
    Clay
    State
    Alabama
    Longitude
    -85.6585544
    Latitude
    33.2552825

    FAQs

    What type of property is this?
    Short term rental property - Converted 1913 bank building with three living quarters, plus a separate bait and tackle store building.
    Where is this short term rental property located?
    The property is located at 11281 CRAGFORD ROAD Cragford, AL.
    What is the asking price?
    The asking price for this property is $210,000.
    What are key features of this property?
    This property features: Historic 1913 Cragford Bank Building & General Store built in 1913 with original red brick exterior; Main building converted into 3 separate living quarters (each with living area, bedroom(s), kitchen, and bathroom); Currently operating as a proven vacation rental; updates include electrical, plumbing, and appliances
    (256) 276-6393
    We can help!
    Listing Contact
    Amanda Taylor
    Real Estate License ID: 130633
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    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.

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