2-Unit
For Sale
$155,000
1201 Grand Avenue NW #2, Fort Payne, AL 35967
Duplex configuration includes two separate apartments with practical one- and two-bedroom layouts.
Property Size1,186 SF
Price / SF$130.69
Days on Market285
Property Features for 1201 Grand Avenue NW #2
General Information
Standard status
Active
Size
1,186 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Building Size
1,186 SF
Buildings
2
Stories
1
Units
2
Listing Agency:
Alabama Lake Homes
(256) 557-1365
Listed By:
Flavia Parker · License #122654
Source:
Alabamaland
Added: Nov 18, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:26PM
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 Alabama Lake Homes
Investment Insights
Based on property information with market context.
This 1,186-square-foot duplex contains two separate apartments. Apartment A provides two bedrooms and one bathroom, while Apartment B includes one bedroom and one bathroom, creating a straightforward two-unit residential income configuration.
The property is located at 1201 Grand Avenue NW #2 in Fort Payne, Alabama, within ZIP code 35967. The distinct apartment layouts offer a clear unit mix for evaluating the property as a small multifamily asset.
The property is located at 1201 Grand Avenue NW #2 in Fort Payne, Alabama, within ZIP code 35967. The distinct apartment layouts offer a clear unit mix for evaluating the property as a small multifamily asset.
Key Highlights
- Two‑unit duplex configuration
- 1,186 square feet
- Apartment A: 2 bedrooms and 1 bathroom
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
$6,986
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
4.51%
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%
$139,720
$139.7K
Cap Rate 7%
$99,800
$99.8K
Cap Rate 9%
$77,622
$77.6K
Market Conditions
NOI Build-Up for 1,186 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
$10.7K $9.00/SF
− Vacancy
−$694 −$0.59/SF
EGI
$10.0K $8.42/SF
− OpEx
−$3.0K −$2.52/SF
NOI
$7.0K $5.89/SF
Area
DeKalb 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%
$139,720
Cap Rate 7%
$99,800
Cap Rate 9%
$77,622
Alternative Uses
Best Use
Multifamily LT 5
$99.8K
$87.3K – $116.4K
NOI $6,986 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$92.5K
$80.9K – $107.9K
NOI $6,475 @ 7.0% cap · market cap 4.18%
Theoretical Best
Healthcare Medical
$191.1K
$167.2K – $222.9K
NOI $13,375 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 35967, AL
17,233
Population
7,825
Households
2.2
Avg Household Size
37
Median Age
16%
College-Educated
81%
High-School Grad
127.0 sq mi
ZIP Area
136
Density / Sq Mi
$48,125
Median Household Income
$32,051
Median Earnings
$678
Median Rent
$155,700
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?
Duplex - Duplex configuration includes two separate apartments with practical one- and two-bedroom layouts.
Where is this duplex located?
The property is located at 1201 Grand Avenue NW #2 Fort Payne, AL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,186 square feet; Apartment A: 2 bedrooms and 1 bathroom
