Brick Duplex with New
For Sale
$165,000
1524 18th St, Columbus, GA 31901
Tenant-occupied income property with updated HVAC systems and a two-bedroom, one-bedroom unit mix.
Property Size1,408 SF
Price / SF$117.19
Days on Market9
Property Features for 1524 18th St
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$20,520
Building Details
Construction
brick
Tenancy
Multi
Listing Agency:
Normand Real Estate, LLC
(706) 662-9128
Listed By:
Dana Carfrey
(706) 662-9128
Source:
Exprealty
Added: Aug 3
Changed: Aug 6
Last Checked: Aug 11 at 12:38PM
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 Normand Real Estate, LLC
Investment Insights
Based on property information with market context.
This 1,408-square-foot brick duplex contains two separately configured units: one offers 2 BR and 1 BA, while the other includes 1 BR and 1 BA. Both residences are occupied by established tenants, with tenancies of 20 years and 18 years. Recent property improvements include new HVAC systems serving both units and a new roof.
The property is located at 1524 18th St in Columbus, GA, within the Midtown area and a short distance from Lakebottom Park. Water service is provided by the landlord subject to a monthly allowance. The duplex may also be acquired with nearby rental properties at 1025 17th St, 1028 17th St, and 1102 17th St. Tenant privacy should be respected; do not disturb occupants.
The property is located at 1524 18th St in Columbus, GA, within the Midtown area and a short distance from Lakebottom Park. Water service is provided by the landlord subject to a monthly allowance. The duplex may also be acquired with nearby rental properties at 1025 17th St, 1028 17th St, and 1102 17th St. Tenant privacy should be respected; do not disturb occupants.
Key Highlights
- 1,408 SF brick duplex with a new roof
- Unit A: 2 BR, 1 BA; Unit B: 1 BR, 1 BA
- New HVAC systems in both units
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
$12,762
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
7.73%
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%
$255,240
$255.2K
Cap Rate 7%
$182,314
$182.3K
Cap Rate 9%
$141,800
$141.8K
Market Conditions
NOI Build-Up for 1,408 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
$19.4K $13.80/SF
− Vacancy
−$1.2K −$0.85/SF
EGI
$18.2K $12.95/SF
− OpEx
−$5.5K −$3.88/SF
NOI
$12.8K $9.06/SF
Area
Columbus, GA
Vacancy
6.17%
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%
$255,240
Cap Rate 7%
$182,314
Cap Rate 9%
$141,800
Alternative Uses
Best Use
Multifamily LT 5
$182.3K
$159.5K – $212.7K
NOI $12,762 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$161.4K
$141.2K – $188.3K
NOI $11,295 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$315.0K
$275.7K – $367.6K
NOI $22,053 @ 7.0% cap · market cap 13.37%
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
Location Intelligence
Trade Area within ½ mile
1,971
Businesses Nearby
Explore this area
Business Placement
Demographics for 31901, GA
7,126
Population
3,971
Households
1.8
Avg Household Size
36
Median Age
35%
College-Educated
82%
High-School Grad
4.4 sq mi
ZIP Area
1,620
Density / Sq Mi
$47,316
Median Household Income
$35,062
Median Earnings
$893
Median Rent
$208,800
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 - Tenant-occupied income property with updated HVAC systems and a two-bedroom, one-bedroom unit mix.
Where is this duplex located?
The property is located at 1524 18th St Columbus, GA.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 1,408 SF brick duplex with a new roof; Unit A: 2 BR, 1 BA; Unit B: 1 BR, 1 BA; New HVAC systems in both units
