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Building Details

Year Built 1900

Listing Agency: Happy Homes Real Estate

Listed By: Crystal Parker · License #117120 Show Phone

Source: Exitrealty

Added: Sep 14, 2025 Changed: Sep 2 Last Checked: Sep 15 at 5:12AM

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Investment Insights

Based on property information with market context.

This 9-unit apartment property includes four two-bedroom, one-bath apartments and five one-bedroom, one-bath apartments. Most units have received updates, including new HVAC units, decks, and interior improvements, while the property also benefits from a new roof. A basement laundry area serves residents, with additional storage and space for more washers and dryers.

The garage area includes an office and half bath and could be converted into a 10th unit. The property was built in 1900 and is located at 27 Hwy 278 near Lake Catoma in Cullman, Alabama. Utilities are provided through Cullman Power Board and Cullman City Water and Waste Management.

Key Highlights

• 9 total units: 4 two‑bedroom, one‑bath apartments and 5 one‑bedroom, one‑bath apartments
• Fully rented apartment property near Lake Catoma
• New roof, HVAC units, decks, and interior updates on most units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,940

Cap Rate

6.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$898,800 $898.8K

Cap Rate 7%

$642,000 $642.0K

Cap Rate 9%

$499,333 $499.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,320 SF

Gross rent

$87.9K $10.56/SF

− Vacancy

−$6.2K −$0.74/SF

EGI

$81.7K $9.82/SF

− OpEx

−$36.8K −$4.42/SF

NOI

$44.9K $5.40/SF

Area

Cullman County, AL

Vacancy

7.00%

Lease Rate

$10.56 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$898,800

Cap Rate 7%

$642,000

Cap Rate 9%

$499,333

Alternative Uses

Best Use

Apartment 5plus

$642.0K

$561.8K – $749.0K (±1% cap)

NOI $44,940 @ 7.0% cap · market cap 6.07%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.23M

$1.07M – $1.43M (±1% cap)

NOI $85,862 @ 7.0% cap · market cap 11.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Auto Repair Shop Building Supply HVAC Service Big Box & Wholesale Store Electrical Service Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

92

Businesses Nearby

Explore this area Business Placement

Demographics for 35055, AL

22,299

Population

10,664

Households

2.1

Avg Household Size

39

Median Age

26%

College-Educated

88%

High-School Grad

63.8 sq mi

ZIP Area

350

Density / Sq Mi

$58,488

Median Household Income

$40,079

Median Earnings

$934

Median Rent

$195,400

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied property offers one- and two-bedroom apartments with shared laundry and basement storage.

Where is this apartment building located?

The property is located at 27 Hwy 278 Cullman, AL.

What is the asking price?

The asking price for this property is $739,900.

What are key features of this property?

This property features: 9 total units: 4 two‑bedroom, one‑bath apartments and 5 one‑bedroom, one‑bath apartments; Fully rented apartment property near Lake Catoma; New roof, HVAC units, decks, and interior updates on most units