Updated Duplex with Dual
New
For Sale
$399,000
123 Brigade Road, Spanish Fort, AL 36527
Residential Income, Spanish Fort, AL
Property Size3,051 SF
Lot Size0.33 Acres
Price / SF$130.78
Days on Market4
Property Features for 123 Brigade Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 5, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2
Parking features
Carport
Patio and Porch features
Patio
Interior features
Internet, Ceiling Fan(s)
Appliances
Cooktop, Disposal, Dishwasher, Electric Range
Subdivision
Spanish Fort Estates
Lot features
Less Than 1 Acre
Elementary school
Spanish Fort Elementary
Middle school
Spanish Fort Middle
High school
Spanish Fort High
Directions
Main entry of Spanish Fort Estates on Spanish Main, at first all way stop turn right, Brigade Road will be on the left, second house on the left.
Standard status
Active
APN
32-04-19-4-001-024.000
Size
3,051 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
100 X 140 Lot 8 Spanish Fort Estates 8th Add Pb9 Pg32 In T He City Of Spanish Fort Sec 19-T4s-R2e (Wd)
Tax Annual Amount
2367
Legal Description
100 X 140 Lot 8 Spanish Fort Estates 8th Add Pb9 Pg32 In T He City Of Spanish Fort Sec 19-T4s-R2e (Wd)
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Electric, Heat Pump
Building Details
Year built
1977
Floors in Building
1
Roof type
Composition
Architectural style
Other
Listing Agency:
Blackwell Realty, Inc.
Listed By:
David Bossie · License #173513
(251) 626-9570
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 11 at 7:06PM
MLS# 410401
Copyright © 2026 Baldwin REALTORS®. 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 at 123 Brigade Road contains 3051 square feet across two separate units on a 0.326-acre parcel. The unit mix includes one residence with 3 bedrooms and 2 bathrooms and another with 2 bedrooms and 2 bathrooms. Both units are currently occupied. Recent property improvements include a new roof installed this year, vinyl flooring throughout, plumbing replacement in both units in 2020, and a new HVAC system in Unit B installed this year.
Built in 1977, the property includes carport parking and a patio. Interior features include internet capability and ceiling fans, while the kitchens are equipped with cooktops, electric ranges, dishwashers, and disposals. The duplex is located in Spanish Fort, Alabama, within ZIP Code 36527.
Built in 1977, the property includes carport parking and a patio. Interior features include internet capability and ceiling fans, while the kitchens are equipped with cooktops, electric ranges, dishwashers, and disposals. The duplex is located in Spanish Fort, Alabama, within ZIP Code 36527.
Key Highlights
- Two‑unit duplex with both residences currently occupied
- 3‑bedroom, 2‑bath unit plus 2‑bedroom, 2‑bath unit
- 3051 square feet on 0.326 acres
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
$27,940
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
7.00%
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%
$558,800
$558.8K
Cap Rate 7%
$399,143
$399.1K
Cap Rate 9%
$310,444
$310.4K
Market Conditions
NOI Build-Up for 3,051 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
$42.1K $13.80/SF
− Vacancy
−$2.2K −$0.72/SF
EGI
$39.9K $13.08/SF
− OpEx
−$12.0K −$3.92/SF
NOI
$27.9K $9.16/SF
Area
Baldwin County, AL
Vacancy
5.20%
Lease Rate
$13.80 /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%
$558,800
Cap Rate 7%
$399,143
Cap Rate 9%
$310,444
Alternative Uses
Best Use
Multifamily LT 5
$399.1K
$349.3K – $465.7K
NOI $27,940 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$355.3K
$310.9K – $414.5K
NOI $24,869 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$733.7K
$642.0K – $856.0K
NOI $51,359 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 36527, AL
18,034
Population
7,621
Households
2.4
Avg Household Size
39
Median Age
43%
College-Educated
97%
High-School Grad
42.3 sq mi
ZIP Area
426
Density / Sq Mi
$112,672
Median Household Income
$51,337
Median Earnings
$1,373
Median Rent
$348,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences offer distinct bedroom and bath configurations, refreshed flooring, and separate mechanical improvements.
Where is this duplex located?
The property is located at 123 Brigade Road Spanish Fort, AL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently occupied; 3‑bedroom, 2‑bath unit plus 2‑bedroom, 2‑bath unit; 3051 square feet on 0.326 acres
