Hoover Condo with Community
For Sale
$210,000
1935 WATERFORD PLACE #1935, Hoover, AL 35244
Charming 2BR/2.5BA condo in Waterford, close to amenities.
Property Size1,344 SF
Price / SF$156.25
Days on Market438
Property Features for 1935 WATERFORD PLACE #1935
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Condominium
Amenities
Fireplace
Cooling: Central (COOL), Electric (COOL)
Heating: Electric (HEAT)
Deck, Pool, Dishwasher Built-In, Disposal, Microwave Built-In, Oven-Electric, Refrigerator, Stove-Electric
Building Details
Building Size
1,344 SF
Year Built
1984
Listing Agency:
Premier Vestavia, LLC
(205) 368-5995
Listed By:
Mike Brown · License #127994
(205) 368-5995
Source:
Kw
Added: Jun 20, 2025
Changed: Aug 27
Last Checked: Aug 31 at 12:40AM
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 Premier Vestavia, LLC
Investment Insights
Based on property information with market context.
Located in Hoover, this condo in Waterford features 2 bedrooms and 2.5 bathrooms. The property offers an open floor plan with a brick fireplace and natural light, along with access to a private patio. The kitchen connects to the living area and includes laundry space. The primary suite upstairs has a walk-in closet and standing shower, while the second bedroom includes a full bath with a tub/shower combo. Additional features include a one-car garage, assigned parking, and access to a community pool. The property has a brick exterior and is situated in a walkable setting. The property size is 1344 square feet.
Key Highlights
- Prime Hoover location: Minutes from shopping, dining, and top‑rated schools.
- Resort‑style community pool: Perfect for relaxation.
- Spacious primary suite: Includes a walk‑in closet and standing shower.
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
$10,264
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
4.89%
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%
$205,280
$205.3K
Cap Rate 7%
$146,629
$146.6K
Cap Rate 9%
$114,044
$114.0K
Market Conditions
NOI Build-Up for 1,344 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
$21.5K $15.96/SF
− Vacancy
−$2.8K −$2.07/SF
EGI
$18.7K $13.89/SF
− OpEx
−$8.4K −$6.25/SF
NOI
$10.3K $7.64/SF
Area
Jefferson County, AL
Vacancy
13.00%
Lease Rate
$15.96 /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%
$205,280
Cap Rate 7%
$146,629
Cap Rate 9%
$114,044
Alternative Uses
Best Use
Apartment 5plus
$146.6K
$128.3K – $171.1K
NOI $10,264 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$462.4K
$404.6K – $539.4K
NOI $32,365 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,773
Businesses Nearby
Explore this area
Business Placement
Demographics for 35244, AL
37,448
Population
15,189
Households
2.5
Avg Household Size
39
Median Age
60%
College-Educated
97%
High-School Grad
23.9 sq mi
ZIP Area
1,567
Density / Sq Mi
$114,172
Median Household Income
$61,660
Median Earnings
$1,413
Median Rent
$390,900
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?
Apartment building - Charming 2BR/2.5BA condo in Waterford, close to amenities.
Where is this apartment building located?
The property is located at 1935 WATERFORD PLACE #1935 Hoover, AL.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Prime Hoover location: Minutes from shopping, dining, and top‑rated schools.; Resort‑style community pool: Perfect for relaxation.; Spacious primary suite: Includes a walk‑in closet and standing shower.
