Renovated Two-Unit
For Sale
$225,000
1501 18th Ave, Phenix City, AL 36867
Each residence includes two bedrooms, two bathrooms, and an updated kitchen with stainless steel appliances.
Property Size1,976 SF
Price / SF$113.87
Days on Market69
Property Features for 1501 18th Ave
General Information
Standard status
Active
Size
1,976 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
washer/dryer
Building Details
Buildings
1
Listing Agency:
eXp Realty LLC
(706) 593-4675
Listed By:
Danielle Hinson Moore · License #76396
(706) 593-4675
Source:
Exprealty
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 11 at 12:35PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This renovated duplex contains 1,976 square feet and offers two separate residences, each with two bedrooms and two bathrooms. Both units include a living room, dining area, and kitchen equipped with new cabinetry, countertops, and stainless steel appliances. New washers and dryers, water heaters, and heating and AC systems serve each unit. The interiors have no carpet.
The property is positioned directly behind the Library in Phenix City, with schools, shopping, dining, and major highways identified nearby. The two-unit configuration supports separate residential occupancy within one income-producing property.
The property is positioned directly behind the Library in Phenix City, with schools, shopping, dining, and major highways identified nearby. The two-unit configuration supports separate residential occupancy within one income-producing property.
Key Highlights
- 1,976‑square‑foot duplex with two separate residential units
- Each unit has 2 bedrooms and 2 bathrooms
- Updated kitchens feature new cabinets, counters, and stainless steel appliances
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
$16,889
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
7.51%
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%
$337,780
$337.8K
Cap Rate 7%
$241,271
$241.3K
Cap Rate 9%
$187,656
$187.7K
Market Conditions
NOI Build-Up for 1,976 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
$26.1K $13.20/SF
− Vacancy
−$2.0K −$0.99/SF
EGI
$24.1K $12.21/SF
− OpEx
−$7.2K −$3.66/SF
NOI
$16.9K $8.55/SF
Area
Lee County, AL
Vacancy
7.50%
Lease Rate
$13.20 /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%
$337,780
Cap Rate 7%
$241,271
Cap Rate 9%
$187,656
Alternative Uses
Best Use
Multifamily LT 5
$241.3K
$211.1K – $281.5K
NOI $16,889 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$225.7K
$197.5K – $263.4K
NOI $15,801 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$481.9K
$421.7K – $562.3K
NOI $33,736 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
Explore this area
Business Placement
Demographics for 36867, AL
22,505
Population
10,782
Households
2.1
Avg Household Size
37
Median Age
28%
College-Educated
90%
High-School Grad
12.6 sq mi
ZIP Area
1,786
Density / Sq Mi
$46,847
Median Household Income
$36,035
Median Earnings
$963
Median Rent
$188,000
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?
Duplex - Each residence includes two bedrooms, two bathrooms, and an updated kitchen with stainless steel appliances.
Where is this duplex located?
The property is located at 1501 18th Ave Phenix City, AL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,976‑square‑foot duplex with two separate residential units; Each unit has 2 bedrooms and 2 bathrooms; Updated kitchens feature new cabinets, counters, and stainless steel appliances
