Renovated Four-Unit
New
For Sale
$369,000
2116 Clarendon Avenue, Bessemer, AL 35020
Four identical two-bedroom residences offer separately metered utilities and updated interiors in central Bessemer.
Property Size1,224 SF
Price / SF$301.47
Days on Market7
Property Features for 2116 Clarendon Avenue
General Information
Standard status
Active
Size
1,224 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
security system
laundry/dryer units
Building Details
Year Built
1935
Listing Agency:
Keller Williams Realty Hoover
(205) 903-7770
Listed By:
Minnie Rivera · License #140184
(205) 903-7770
Source:
Exitrealty
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 3:58PM
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 Keller Williams Realty Hoover
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains identical 2-bedroom, 1-bath residences measuring 1,224 square feet each. Built in 1935, the building has undergone extensive renovation, including plumbing, electrical, roofing, HVAC systems, tankless water heaters, sheetrock, insulation, windows, fixtures, cabinetry, quartz countertops, and stainless steel appliances. HVAC equipment is mounted on the roof to preserve interior space, while each unit is separately metered for utilities.
Additional property features include a security system and laundry/dryer units. The property is located at 2116 Clarendon Avenue in Bessemer, within the Historic Bessemer area and near planned redevelopment and investment projects.
Additional property features include a security system and laundry/dryer units. The property is located at 2116 Clarendon Avenue in Bessemer, within the Historic Bessemer area and near planned redevelopment and investment projects.
Key Highlights
- Four units, each with 1,224 square feet and an identical 2‑bedroom, 1‑bath layout
- Fully renovated with new plumbing, electrical, roof, HVAC systems, windows, and insulation
- Updated kitchens with cabinetry, quartz countertops, 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
$10,544
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
2.86%
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%
$210,880
$210.9K
Cap Rate 7%
$150,629
$150.6K
Cap Rate 9%
$117,156
$117.2K
Market Conditions
NOI Build-Up for 1,224 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
$17.2K $14.04/SF
− Vacancy
−$2.1K −$1.73/SF
EGI
$15.1K $12.31/SF
− OpEx
−$4.5K −$3.69/SF
NOI
$10.5K $8.61/SF
Area
Jefferson County, AL
Vacancy
12.35%
Lease Rate
$14.04 /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%
$210,880
Cap Rate 7%
$150,629
Cap Rate 9%
$117,156
Alternative Uses
Best Use
Multifamily LT 5
$150.6K
$131.8K – $175.7K
NOI $10,544 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$133.5K
$116.9K – $155.8K
NOI $9,348 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$421.1K
$368.5K – $491.3K
NOI $29,476 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Explore this area
Business Placement
Demographics for 35020, AL
24,213
Population
12,327
Households
2
Avg Household Size
40
Median Age
10%
College-Educated
82%
High-School Grad
16.6 sq mi
ZIP Area
1,459
Density / Sq Mi
$33,247
Median Household Income
$27,762
Median Earnings
$856
Median Rent
$90,900
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?
Quadplex - Four identical two-bedroom residences offer separately metered utilities and updated interiors in central Bessemer.
Where is this quadplex located?
The property is located at 2116 Clarendon Avenue Bessemer, AL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Four units, each with 1,224 square feet and an identical 2‑bedroom, 1‑bath layout; Fully renovated with new plumbing, electrical, roof, HVAC systems, windows, and insulation; Updated kitchens with cabinetry, quartz countertops, and stainless steel appliances
