Turnkey Duplex Income
For Sale
$210,000
Pending
1222 10th N Avenue, Birmingham, AL 35203
Renovated Birmingham duplex with two occupied units, each with dedicated laundry, offering turnkey income for investors.
Property Size1,220 SF
Days on Market101
Property Features for 1222 10th N Avenue
General Information
Standard status
Pending
Size
1,220 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Keller Williams Pell City
(205) 965-1434
Listed By:
Corey Curtin
(205) 965-1434
Source:
Exitrealty
Added: May 23
Changed: Aug 8
Last Checked: Jul 23 at 6:16AM
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 Keller Williams Pell City
Investment Insights
Based on property information with market context.
This turnkey duplex is configured as two spacious, single-family-style residences, with both sides currently occupied by Section 8-supported tenants. Each unit includes dedicated laundry areas and has been extensively renovated with major updates throughout, including plumbing, electrical, roof, HVAC systems, water heaters, flooring, kitchens, bathrooms, and fixtures. The result is a low-maintenance setup designed for day-to-day operating reliability.
Located in central Birmingham, the property offers convenient access to Downtown Birmingham and quick connections to I-65, I-20, and I-59 for commuting across the metro area.
For investors seeking a renovated residential income asset with tenants already in place, this duplex provides a straightforward, turnkey option. The unit-by-unit improvements and dedicated laundry areas support functional, tenant-friendly living, while the existing occupancy by Section 8-supported residents may help simplify initial rent-collection logistics.
Located in central Birmingham, the property offers convenient access to Downtown Birmingham and quick connections to I-65, I-20, and I-59 for commuting across the metro area.
For investors seeking a renovated residential income asset with tenants already in place, this duplex provides a straightforward, turnkey option. The unit-by-unit improvements and dedicated laundry areas support functional, tenant-friendly living, while the existing occupancy by Section 8-supported residents may help simplify initial rent-collection logistics.
Key Highlights
- Turnkey duplex in Birmingham built in 1930 with two occupied units
- Each unit offers over 1,200 sq ft and includes a dedicated laundry area
- Extensive renovations include plumbing, electrical, roof, HVAC, water heaters, flooring, kitchens, bathrooms, and fixtures
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
$9,397
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
4.47%
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%
$187,940
$187.9K
Cap Rate 7%
$134,243
$134.2K
Cap Rate 9%
$104,411
$104.4K
Market Conditions
NOI Build-Up for 1,220 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
$14.8K $12.12/SF
− Vacancy
−$1.4K −$1.12/SF
EGI
$13.4K $11.00/SF
− OpEx
−$4.0K −$3.30/SF
NOI
$9.4K $7.70/SF
Area
Birmingham, AL
Vacancy
9.21%
Lease Rate
$12.12 /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%
$187,940
Cap Rate 7%
$134,243
Cap Rate 9%
$104,411
Alternative Uses
Best Use
Multifamily LT 5
$134.2K
$117.5K – $156.6K
NOI $9,397 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$125.7K
$110.0K – $146.6K
NOI $8,798 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$286.4K
$250.6K – $334.1K
NOI $20,045 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Explore this area
Business Placement
Demographics for 35203, AL
3,595
Population
2,114
Households
1.7
Avg Household Size
37
Median Age
41%
College-Educated
83%
High-School Grad
2.1 sq mi
ZIP Area
1,712
Density / Sq Mi
$46,829
Median Household Income
$51,183
Median Earnings
$954
Median Rent
$288,600
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 - Renovated Birmingham duplex with two occupied units, each with dedicated laundry, offering turnkey income for investors.
Where is this duplex located?
The property is located at 1222 10th N Avenue Birmingham, 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: Turnkey duplex in Birmingham built in 1930 with two occupied units; Each unit offers over 1,200 sq ft and includes a dedicated laundry area; Extensive renovations include plumbing, electrical, roof, HVAC, water heaters, flooring, kitchens, bathrooms, and fixtures
