Four-Unit Apartment
For Sale
$369,000
2223 Jonathan Drive, Huntsville, AL 35810
Residential Income, Huntsville, AL
Property Size3,498 SF
Lot Size0.50 Acres
Price / SF$105.49
Days on Market51
Property Features for 2223 Jonathan Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Parking features
Parking Lot
Subdivision
Lakewood Park
Elementary school
Lakewood
Middle school
Mcnair
High school
Jemison
Directions
North Pkwy And Make A U-Turn On Mastin Lake Road, Then Turn Right On Jonathan Drive.
Standard status
Active
Size
3,498 SF
Lot size
0.50 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Number of units
4
Listing Agency:
Heritage Properties
(256) 316-0304
Listed By:
Donald Steelman · License #78884
(256) 316-0456
Added: Jul 20
Changed: Sep 2
Last Checked: Sep 8 at 7:06AM
MLS# 21924281
Copyright © 2026 ValleyMLS.Com,Inc. 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 3,498-square-foot quadplex sits on 0.5 acres and contains four apartments, each configured with two bedrooms and two bathrooms. Interior layouts include a living room, eat-in kitchen, and large closets, while private parking serves the units. Three apartments are leased, and the fourth is currently available for rent.
Residents pay all utilities other than trash and lawn care. The property is connected to public water and public sewer systems, with a parking lot on site. Located in Huntsville, the property is served by the 35810 postal area.
Residents pay all utilities other than trash and lawn care. The property is connected to public water and public sewer systems, with a parking lot on site. Located in Huntsville, the property is served by the 35810 postal area.
Key Highlights
- Four 2‑bedroom, 2‑bath units
- 3 of 4 units are leased; Unit D is available for rent
- 3,498 square feet on 0.5 acres
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
$25,518
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
6.92%
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%
$510,360
$510.4K
Cap Rate 7%
$364,543
$364.5K
Cap Rate 9%
$283,533
$283.5K
Market Conditions
NOI Build-Up for 3,498 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
$44.1K $12.60/SF
− Vacancy
−$7.6K −$2.18/SF
EGI
$36.5K $10.42/SF
− OpEx
−$10.9K −$3.13/SF
NOI
$25.5K $7.30/SF
Area
Huntsville, AL
Vacancy
17.29%
Lease Rate
$12.60 /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%
$510,360
Cap Rate 7%
$364,543
Cap Rate 9%
$283,533
Alternative Uses
Best Use
Multifamily LT 5
$364.5K
$319.0K – $425.3K
NOI $25,518 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$315.6K
$276.2K – $368.3K
NOI $22,095 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$910.9K
$797.0K – $1.06M
NOI $63,762 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
512
Businesses Nearby
Explore this area
Business Placement
Demographics for 35810, AL
29,976
Population
13,283
Households
2.3
Avg Household Size
38
Median Age
24%
College-Educated
85%
High-School Grad
28.1 sq mi
ZIP Area
1,067
Density / Sq Mi
$46,963
Median Household Income
$31,080
Median Earnings
$1,097
Median Rent
$126,100
Median Home Value
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?
Quadplex - Four two-bedroom apartments with private parking, individual living areas, eat-in kitchens, and large closets.
Where is this quadplex located?
The property is located at 2223 Jonathan Drive Huntsville, 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 2‑bedroom, 2‑bath units; 3 of 4 units are leased; Unit D is available for rent; 3,498 square feet on 0.5 acres
