Duplex with Two
New
For Sale
$149,900
1201 Grand Avenue NW, Fort Payne, AL 35967
Residential Income, Fort Payne, AL
Property Size1,186 SF
Lot Size0.13 Acres
Price / SF$126.39
Days on Market3
Property Features for 1201 Grand Avenue NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Parking
4
Parking features
Alley, Driveway
Appliances
Oven, Refrigerator
Subdivision
Northern Extension
Elementary school
Ft Payne
Middle school
Ft Payne
High school
Ft Payne
Directions
From Gault Ave: Turn Left On 12th St Nw, Look For For Sale Sign.
Standard status
Active
APN
2303054003050000
Size
1,186 SF
Lot size
0.13 Acres
Utilities
Sewer type
Public Sewer
Heating system
Varies by Unit (Heating)
Water source
Public
Building Details
Floors in Building
1
Number of units
2
Listing Agency:
Alabama Lake Homes
(256) 557-1365
Listed By:
Flavia Parker · License #122654
(256) 717-3191
Added: Aug 21
Last Checked: Aug 23 at 7:06PM
MLS# 21904150
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 duplex contains two apartments within 1,186 square feet. Apartment A provides 2 bedrooms and 1 bath, while Apartment B includes 1 bedroom and 1 bath, creating a defined two-unit configuration. Oven and refrigerator appliances are included, with heating varying by unit.
The property is served by public water and public sewer. Parking access includes a driveway and alley, supporting the existing residential layout. Located in Fort Payne, Alabama, the property offers a compact multifamily configuration with distinct apartment sizes and on-site parking.
The property is served by public water and public sewer. Parking access includes a driveway and alley, supporting the existing residential layout. Located in Fort Payne, Alabama, the property offers a compact multifamily configuration with distinct apartment sizes and on-site parking.
Key Highlights
- Two apartments totaling 1,186 square feet
- Apartment A has 2 bedrooms and 1 bath
- Apartment B has 1 bedroom and 1 bath
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
4.66%
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 4.66%
Second Best
Apartment 5plus
$92.5K
$80.9K – $107.9K
NOI $6,475 @ 7.0% cap · market cap 4.32%
Theoretical Best
Healthcare Medical
$191.1K
$167.2K – $222.9K
NOI $13,375 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with separate one- and two-bedroom layouts, public utilities, and driveway parking.
Where is this duplex located?
The property is located at 1201 Grand Avenue NW Fort Payne, AL.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two apartments totaling 1,186 square feet; Apartment A has 2 bedrooms and 1 bath; Apartment B has 1 bedroom and 1 bath
