Two-Unit Duplex with New
For Sale
$199,000
Pending
195 County Road 945, Cullman, AL 35057
Single-level duplex with matching floor plans, recent interior paint, and tile-floored kitchens.
Property Size1,700 SF
Days on Market139
Property Features for 195 County Road 945
General Information
Standard status
Pending
Size
1,700 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1999
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
ERA Waldrop Real Estate
(256) 962-1502
Listed By:
Terri McGriff-Waldrop
(256) 962-1502
Source:
Exitrealty
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 30 at 3:19PM
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 ERA Waldrop Real Estate
Investment Insights
Based on property information with market context.
Built in 1999, this duplex contains approximately 1,700 square feet across two matching, single-level residences. Each unit includes 2 bedrooms, 1 full bath, a functional living area, and a kitchen with tile flooring. Fresh paint has been completed throughout, and a new roof was installed in February 2026.
The property is situated in the Water Valley Community within the West Point School District, near Jones Chapel and off 278. Both units are subject to month-to-month rental agreements, while the owner currently pays the water bill. The configuration supports separate occupancy of the two residences, including an arrangement where an owner occupies one unit and leases the other.
The property is situated in the Water Valley Community within the West Point School District, near Jones Chapel and off 278. Both units are subject to month-to-month rental agreements, while the owner currently pays the water bill. The configuration supports separate occupancy of the two residences, including an arrangement where an owner occupies one unit and leases the other.
Key Highlights
- Approximately 1,700 square feet across two duplex units
- Two identical units, each with 2 bedrooms and 1 full bath
- Single‑level layouts with spacious living areas
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
$10,014
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
5.03%
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%
$200,280
$200.3K
Cap Rate 7%
$143,057
$143.1K
Cap Rate 9%
$111,267
$111.3K
Market Conditions
NOI Build-Up for 1,700 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
$15.3K $9.00/SF
− Vacancy
−$995 −$0.59/SF
EGI
$14.3K $8.42/SF
− OpEx
−$4.3K −$2.52/SF
NOI
$10.0K $5.89/SF
Area
Cullman County, AL
Vacancy
6.50%
Lease Rate
$9.00 /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%
$200,280
Cap Rate 7%
$143,057
Cap Rate 9%
$111,267
Alternative Uses
Best Use
Multifamily LT 5
$143.1K
$125.2K – $166.9K
NOI $10,014 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$131.2K
$114.8K – $153.0K
NOI $9,182 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$250.6K
$219.3K – $292.4K
NOI $17,544 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 35057, AL
13,954
Population
6,312
Households
2.2
Avg Household Size
41
Median Age
17%
College-Educated
87%
High-School Grad
127.9 sq mi
ZIP Area
109
Density / Sq Mi
$77,054
Median Household Income
$36,732
Median Earnings
$845
Median Rent
$191,300
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 - Single-level duplex with matching floor plans, recent interior paint, and tile-floored kitchens.
Where is this duplex located?
The property is located at 195 County Road 945 Cullman, AL.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Approximately 1,700 square feet across two duplex units; Two identical units, each with 2 bedrooms and 1 full bath; Single‑level layouts with spacious living areas
