Multifamily Property with Patio and Balcony
For Sale
$385,000
1502 Medland Road, Huntsville, AL 35816
Residents have access to patio and/or balcony areas, with microwaves and cabinetry among the in-unit features.
Property Size4,074 SF
Price / SF$94.50
Days on Market99
Property Features for 1502 Medland Road
General Information
Standard status
Active
Size
4,074 SF
Property subtype
Multi Family
Additional Details
Tenant in Place
Yes
Amenities
upscale cabinetry
large patio area
balcony
installed microwaves
Building Details
Building Size
4,074 SF
Year Built
1984
Listing Agency:
Gateway Al Realty Group LLC
Listed By:
Len Johnson · License #40398
(256) 509-2078
Source:
Intownpartners
Added: Jul 22
Changed: Oct 26
Last Checked: Oct 26 at 4:09PM
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 Gateway Al Realty Group LLC
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Investment Insights
Based on property information with market context.
This 4,074-square-foot multifamily property in Huntsville was built in 1984. Units feature cabinetry and installed microwaves, with a large patio area and/or balcony. The roof was replaced in 2024, and some appliances, including water heaters, were replaced in 2025 and 2026.
The property is near the Research Park district, the University of Alabama campus, and Redstone Arsenal.
The property is near the Research Park district, the University of Alabama campus, and Redstone Arsenal.
Key Highlights
- 4,074 square feet; built in 1984
- Roof replaced in 2024
- Some appliances, including water heaters, replaced in 2025 and 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,734
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$514,680
$514.7K
Cap Rate 7%
$367,629
$367.6K
Cap Rate 9%
$285,933
$285.9K
Market Conditions
NOI Build-Up for 4,074 SF
Gross rent
$57.2K $14.04/SF
− Vacancy
−$10.4K −$2.56/SF
EGI
$46.8K $11.48/SF
− OpEx
−$21.1K −$5.17/SF
NOI
$25.7K $6.32/SF
Area
Huntsville, AL
Vacancy
18.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$514,680
Cap Rate 7%
$367,629
Cap Rate 9%
$285,933
Alternative Uses
Best Use
Apartment 5plus
$367.6K
$321.7K – $428.9K
NOI $25,734 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$928.3K – $1.24M
NOI $74,261 @ 7.0% cap · market cap 19.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
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Business Placement
Demographics for 35816, AL
15,035
Population
7,972
Households
1.9
Avg Household Size
28
Median Age
27%
College-Educated
88%
High-School Grad
5.1 sq mi
ZIP Area
2,948
Density / Sq Mi
$38,947
Median Household Income
$28,060
Median Earnings
$875
Median Rent
$114,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Residents have access to patio and/or balcony areas, with microwaves and cabinetry among the in-unit features.
Where is this multifamily property located?
The property is located at 1502 Medland Road Huntsville, AL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 4,074 square feet; built in 1984; Roof replaced in 2024; Some appliances, including water heaters, replaced in 2025 and 2026
