Two-Unit Residential Income
For Sale
$549,900
2215 Forest Lake Drive, Tuscaloosa, AL 35401
Duplex-style income property with two 3-bedroom, 2-bath units and laminate and ceramic tile finishes.
Property Size2,380 SF
Price / SF$231.05
Days on Market3108
Property Features for 2215 Forest Lake Drive
General Information
Standard status
Active
Size
2,380 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
Window/Wall Unit, Ceiling Fan(s)
Alarm -Smoke/Fire
Refrigerator
3
Cable Available
Composition, Shingle
Wood
Balcony, Covered
Fenced Yard.
Vinyl
Level
Paved Road, Level.
Building Details
Year Built
2008
Stories
2
Tenancy
Multi
Listing Agency:
HAMNER REAL ESTATE
(205) 345-0654
Listed By:
Hunter Spidle
(205) 499-6104
Source:
Xome
Added: Mar 5, 2018
Changed: Sep 2
Last Checked: Sep 7 at 6:05AM
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 HAMNER REAL ESTATE
Investment Insights
Based on property information with market context.
This two-unit residential income property features a duplex-style layout with two separate units. Each unit includes three bedrooms and two bathrooms. Interior finishes noted include laminate flooring in common areas and bedrooms, with ceramic tile in the kitchen and bathrooms, along with additional flooring detail referenced in the listing remarks.
The property is located in the Forest Lake Subdivision and is described as being near campus, Legacy Park, Interstate 20/59, and Midtown Village, supporting convenient access to area destinations.
From a practical leasing and management perspective, the consistent unit configuration—each with 3 bedrooms and 2 bathrooms—can simplify planning for showings, maintenance scheduling, and tenant onboarding while maintaining a uniform interior finish package across the two units.
The property is located in the Forest Lake Subdivision and is described as being near campus, Legacy Park, Interstate 20/59, and Midtown Village, supporting convenient access to area destinations.
From a practical leasing and management perspective, the consistent unit configuration—each with 3 bedrooms and 2 bathrooms—can simplify planning for showings, maintenance scheduling, and tenant onboarding while maintaining a uniform interior finish package across the two units.
Key Highlights
- Duplex‑style income property with two units, each featuring 3 bedrooms and 2 bathrooms
- Built in 2008 with laminate flooring in common areas and bedrooms, and ceramic tile in the kitchen and bathrooms
- Window/wall unit A/C with ceiling fans, plus smoke/fire alarm system
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
$21,496
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
3.91%
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%
$429,920
$429.9K
Cap Rate 7%
$307,086
$307.1K
Cap Rate 9%
$238,844
$238.8K
Market Conditions
NOI Build-Up for 2,380 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 $13.80/SF
− Vacancy
−$2.1K −$0.90/SF
EGI
$30.7K $12.90/SF
− OpEx
−$9.2K −$3.87/SF
NOI
$21.5K $9.03/SF
Area
Tuscaloosa, AL
Vacancy
6.50%
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%
$429,920
Cap Rate 7%
$307,086
Cap Rate 9%
$238,844
Alternative Uses
Best Use
Multifamily LT 5
$307.1K
$268.7K – $358.3K
NOI $21,496 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$275.7K
$241.3K – $321.7K
NOI $19,302 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$571.9K
$500.4K – $667.3K
NOI $40,035 @ 7.0% cap · market cap 7.28%
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
821
Businesses Nearby
Explore this area
Business Placement
Demographics for 35401, AL
41,852
Population
19,517
Households
2.1
Avg Household Size
26
Median Age
27%
College-Educated
85%
High-School Grad
40.1 sq mi
ZIP Area
1,044
Density / Sq Mi
$30,031
Median Household Income
$13,041
Median Earnings
$911
Median Rent
$141,100
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 - Duplex-style income property with two 3-bedroom, 2-bath units and laminate and ceramic tile finishes.
Where is this duplex located?
The property is located at 2215 Forest Lake Drive Tuscaloosa, AL.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Duplex‑style income property with two units, each featuring 3 bedrooms and 2 bathrooms; Built in 2008 with laminate flooring in common areas and bedrooms, and ceramic tile in the kitchen and bathrooms; Window/wall unit A/C with ceiling fans, plus smoke/fire alarm system
