Renovated Three-Unit
For Sale
$239,000
2121 WINONA Avenue, Montgomery, AL 36107
ResidentialIncome, Montgomery, AL
Property Size2,484 SF
Price / SF$96.22
Days on Market10
Property Features for 2121 WINONA Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 3
Interior features
BreakfastArea, LivingDiningRoom
Appliances
GasRange, GasWaterHeater, Refrigerator
Subdivision
Capitol Heights
Middle school
,
Directions
Federal Drive to Winona Ave
Standard status
Active
APN
10-03-08-1-027-015.000
Taxes and HOA fees
Tax Description
CAPITOL HGTS PLAT BK 2 PAGE 34 LOT 16 & E 1FT LOT 17 BLK 29 CAPITOL HGTS MONMAP BK 2 P 34
Legal Description
CAPITOL HGTS PLAT BK 2 PAGE 34 LOT 16 & E 1FT LOT 17 BLK 29 CAPITOL HGTS MONMAP BK 2 P 34
Utilities
Sewer type
Public Sewer
Heating system
Space Heater
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Flooring type
Wood, Carpet
Building materials
Brick, Stucco
Listing Agency:
eXp Realty, LLC.
(888) 923-5547
Listed By:
Nicholas A. Armistead · License #0116812
(855) 450-0442
Added: Sep 17
Changed: Sep 25
Last Checked: Sep 26 at 5:06AM
MLS# 590611
Copyright © 2026 Montgomery Area Association of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property at 2121 Winona Avenue contains approximately 2,484 square feet and was built in 1930. The unit mix includes a two-bedroom, one-bath residence, a one-bedroom unit with one and a half baths, and a one-bedroom, one-bath residence. Renovations were completed before the current owner acquired the property approximately five years ago.
Interior features include breakfast areas and living-dining rooms, with a combination of carpet and wood flooring. The property has gas ranges, gas water heaters, refrigerators, window units, ceiling fans, and space-heater service. Brick and stucco construction, public water, and public sewer are also in place. Professional management is provided by River Region Rentals.
Interior features include breakfast areas and living-dining rooms, with a combination of carpet and wood flooring. The property has gas ranges, gas water heaters, refrigerators, window units, ceiling fans, and space-heater service. Brick and stucco construction, public water, and public sewer are also in place. Professional management is provided by River Region Rentals.
Key Highlights
- Three‑unit property totaling approximately 2,484 square feet
- Unit mix includes 2‑bedroom, 1‑bath; 1‑bedroom, 1.5‑bath; and 1‑bedroom, 1‑bath residences
- Built in 1930 with renovations completed approximately five years ago
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
$21,469
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
8.98%
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%
$429,380
$429.4K
Cap Rate 7%
$306,700
$306.7K
Cap Rate 9%
$238,544
$238.5K
Market Conditions
NOI Build-Up for 2,484 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
$32.8K $13.20/SF
− Vacancy
−$2.1K −$0.85/SF
EGI
$30.7K $12.35/SF
− OpEx
−$9.2K −$3.70/SF
NOI
$21.5K $8.64/SF
Area
Montgomery, AL
Vacancy
6.46%
Lease Rate
$13.20 /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%
$429,380
Cap Rate 7%
$306,700
Cap Rate 9%
$238,544
Alternative Uses
Best Use
Multifamily LT 5
$306.7K
$268.4K – $357.8K
NOI $21,469 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$283.8K
$248.3K – $331.1K
NOI $19,863 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$515.1K
$450.7K – $600.9K
NOI $36,056 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 36107, AL
8,418
Population
3,995
Households
2.1
Avg Household Size
35
Median Age
17%
College-Educated
84%
High-School Grad
3.2 sq mi
ZIP Area
2,631
Density / Sq Mi
$31,895
Median Household Income
$27,173
Median Earnings
$883
Median Rent
$69,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Brick-and-stucco residential property with three distinct units, public utilities, and professional management in Montgomery.
Where is this triplex located?
The property is located at 2121 WINONA Avenue Montgomery, AL.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Three‑unit property totaling approximately 2,484 square feet; Unit mix includes 2‑bedroom, 1‑bath; 1‑bedroom, 1.5‑bath; and 1‑bedroom, 1‑bath residences; Built in 1930 with renovations completed approximately five years ago
