4-Unit Multifamily
New
For Sale
$399,900
113 North Main Street, Boaz, AL 35957
All residences are occupied, with a mix of one-, two-, and four-bedroom layouts.
Property Size2,614 SF
Price / SF$152.98
Days on Market2
Property Features for 113 North Main Street
General Information
Standard status
Active
Size
2,614 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
4
Listing Agency:
Heritage Properties
(256) 316-0304
Listed By:
Rob Abercrombie · License #78097
(256) 652-9500
Source:
Relocatetohuntsville
Added: Sep 26
Last Checked: Sep 26 at 2:30PM
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 Heritage Properties
Investment Insights
Based on property information with market context.
This four-unit multifamily property in Boaz includes two one-bedroom, one-bath residences, one two-bedroom, one-bath residence, and one four-bedroom, one-bath residence. Each unit is occupied.
Key Highlights
- Four units, all currently occupied
- Unit mix: two 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one 4‑bedroom/1‑bath unit
- Located within Boaz city limits
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
$15,398
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
3.85%
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%
$307,960
$308.0K
Cap Rate 7%
$219,971
$220.0K
Cap Rate 9%
$171,089
$171.1K
Market Conditions
NOI Build-Up for 2,614 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
$23.5K $9.00/SF
− Vacancy
−$1.5K −$0.59/SF
EGI
$22.0K $8.42/SF
− OpEx
−$6.6K −$2.52/SF
NOI
$15.4K $5.89/SF
Area
Marshall County, AL
Vacancy
6.50%
Lease Rate
$9.00 /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%
$307,960
Cap Rate 7%
$219,971
Cap Rate 9%
$171,089
Alternative Uses
Best Use
Multifamily LT 5
$220.0K
$192.5K – $256.6K
NOI $15,398 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$202.1K
$176.9K – $235.8K
NOI $14,150 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$564.2K
$493.7K – $658.2K
NOI $39,494 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 35957, AL
16,849
Population
6,755
Households
2.5
Avg Household Size
36
Median Age
13%
College-Educated
85%
High-School Grad
78.3 sq mi
ZIP Area
215
Density / Sq Mi
$53,859
Median Household Income
$35,277
Median Earnings
$679
Median Rent
$142,500
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
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Frequently Asked Questions
What type of property is this?
Quadplex - All residences are occupied, with a mix of one-, two-, and four-bedroom layouts.
Where is this quadplex located?
The property is located at 113 North Main Street Boaz, AL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four units, all currently occupied; Unit mix: two 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one 4‑bedroom/1‑bath unit; Located within Boaz city limits
