8-Unit Apartment
New
For Sale
$625,000
2704 Lantern Walk SE, Huntsville, AL 35803
Residential Income, Huntsville, AL
Property Size4,630 SF
Lot Size0.38 Acres
Price / SF$134.99
Days on Market1
Property Features for 2704 Lantern Walk SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Parking Lot
Subdivision
Sugar Mill
Elementary school
Challenger
Middle school
Challenger
High school
Grissom High School
Directions
South Parkway, Left Hobbs Road, Right Chaney Thompson, Right Lantern Walk.
Standard status
Active
APN
2303083002013.000
Size
4,630 SF
Lot size
0.38 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1984
Number of units
8
Listing Agency:
Empire Property Management
(256) 507-7368
Listed By:
Julie Orth · License #100095
(256) 452-5170
Added: Oct 22
Last Checked: Oct 22 at 9:06AM
MLS# 21918776
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.
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Investment Insights
Based on property information with market context.
This 8-unit apartment building contains four studios and four one-bedroom, one-bath units. The 4,630-square-foot building was constructed in 1984 and has central heating and air conditioning. Three units are occupied, and separate meters allow tenants to pay their own utilities.
The property occupies 0.3845 acres in Huntsville, Alabama. Public water and sewer serve the site, and a parking lot provides on-site parking.
The property occupies 0.3845 acres in Huntsville, Alabama. Public water and sewer serve the site, and a parking lot provides on-site parking.
Key Highlights
- Eight apartments: four studios and four one‑bedroom, one‑bath units
- 4,630 square feet on 0.3845 acres
- Three units currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,246
Cap Rate
4.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$584,920
$584.9K
Cap Rate 7%
$417,800
$417.8K
Cap Rate 9%
$324,956
$325.0K
Market Conditions
NOI Build-Up for 4,630 SF
Gross rent
$65.0K $14.04/SF
− Vacancy
−$11.8K −$2.56/SF
EGI
$53.2K $11.48/SF
− OpEx
−$23.9K −$5.17/SF
NOI
$29.2K $6.32/SF
Area
Huntsville, AL
Vacancy
18.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$584,920
Cap Rate 7%
$417,800
Cap Rate 9%
$324,956
Alternative Uses
Best Use
Apartment 5plus
$417.8K
$365.6K – $487.4K
NOI $29,246 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.05M – $1.41M
NOI $84,396 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Explore this area
Business Placement
Demographics for 35803, AL
29,001
Population
13,272
Households
2.2
Avg Household Size
43
Median Age
54%
College-Educated
96%
High-School Grad
49.2 sq mi
ZIP Area
589
Density / Sq Mi
$95,182
Median Household Income
$53,416
Median Earnings
$1,221
Median Rent
$259,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - A mix of studio and one-bedroom apartments offers varied unit configurations, with tenants responsible for utilities.
Where is this apartment building located?
The property is located at 2704 Lantern Walk SE Huntsville, AL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Eight apartments: four studios and four one‑bedroom, one‑bath units; 4,630 square feet on 0.3845 acres; Three units currently occupied
