Anniston Condo Rental
For Sale
$349,000
1415 Christine Ave Unit 3/8/9/12/16/17, Anniston, AL 36207
Anniston Condo Rental Portfolio
Property Size6,000 SF
Price / SF$58.17
Days on Market140
Property Features for 1415 Christine Ave Unit 3/8/9/12/16/17
General Information
Standard status
Active
Property type
Multifamily properties, Residential income properties
Size
6,000 SF
Net Rentable
6,000 SF
Class
C
Total Parking Spaces
8
Elevators
No
Occupancy
84%
Sale Condition
1031 Exchange
Investment Type
Owner User
Net Operating Income
$40,000
Building Details
Year Built
1970
Year Renovated
2024
Buildings
1
Stories
2
Units
6
Listed By:
James Blair
(678) 332-7023
Added: Apr 16
Investment Insights
Based on property information with market context.
This offering comprises a portfolio of six condominium units situated within a single, well-maintained brick building. The unit mix includes three one-bedroom, one-bath units, one two-bedroom, one-bath unit, and two three-bedroom, two-bath units. Each condo has been updated with new appliances and flooring, and some feature granite countertops. On-site amenities include coin laundry facilities and ample parking. A property manager is currently in place, and maintenance vendors are established. The property is located in Anniston, Alabama.
Key Highlights
- Each condo has been refreshed with new appliances and flooring. Some have granite counter tops.
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
$31,640
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
9.07%
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%
$632,800
$632.8K
Cap Rate 7%
$452,000
$452.0K
Cap Rate 9%
$351,556
$351.6K
Market Conditions
NOI Build-Up for 6,000 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
$61.2K $10.20/SF
− Vacancy
−$3.7K −$0.61/SF
EGI
$57.5K $9.59/SF
− OpEx
−$25.9K −$4.31/SF
NOI
$31.6K $5.27/SF
Area
Calhoun County, AL
Vacancy
6.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
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%
$632,800
Cap Rate 7%
$452,000
Cap Rate 9%
$351,556
Alternative Uses
Best Use
Apartment 5plus
$452.0K
$395.5K – $527.3K
NOI $31,640 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$922.4K
$807.1K – $1.08M
NOI $64,569 @ 7.0% cap · market cap 18.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 36207, AL
19,553
Population
9,260
Households
2.1
Avg Household Size
44
Median Age
32%
College-Educated
90%
High-School Grad
74.8 sq mi
ZIP Area
261
Density / Sq Mi
$70,090
Median Household Income
$39,898
Median Earnings
$890
Median Rent
$195,000
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?
Multifamily property - Anniston Condo Rental Portfolio
Where is this multifamily property located?
The property is located at 1415 Christine Ave Unit 3/8/9/12/16/17 Anniston, AL.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Each condo has been refreshed with new appliances and flooring. Some have granite counter tops.
