Three-Unit Multifamily
New
For Sale
$295,000
2900 Rhodes S Circle, Birmingham, AL 35205
Two-bedroom and one-bedroom layouts provide varied residential configurations.
Property Size2,256 SF
Price / SF$130.76
Days on Market5
Property Features for 2900 Rhodes S Circle
General Information
Standard status
Active
Size
2,256 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1925
Listing Agency:
eXp Realty, LLC Central
(205) 790-0944
Listed By:
Tim Lantz
(205) 790-0944
Source:
Exitrealty
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 8:25AM
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 eXp Realty, LLC Central
Investment Insights
Based on property information with market context.
Built in 1925, this 2,256-square-foot multifamily property contains three residential units: two apartments with two bedrooms and one bathroom each, plus a one-bedroom, one-bath apartment. The property also includes a covered front porch serving the building’s exterior common area.
Located at 2900 Rhodes S Circle in Birmingham, the property is near downtown Birmingham and its dining, entertainment, and shopping options. The unit mix provides a combination of larger and smaller floor plans within one residential asset.
Located at 2900 Rhodes S Circle in Birmingham, the property is near downtown Birmingham and its dining, entertainment, and shopping options. The unit mix provides a combination of larger and smaller floor plans within one residential asset.
Key Highlights
- Three‑unit configuration with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 2,256 square feet of multifamily space
- Built in 1925
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
$17,377
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
5.89%
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%
$347,540
$347.5K
Cap Rate 7%
$248,243
$248.2K
Cap Rate 9%
$193,078
$193.1K
Market Conditions
NOI Build-Up for 2,256 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
$27.3K $12.12/SF
− Vacancy
−$2.5K −$1.12/SF
EGI
$24.8K $11.00/SF
− OpEx
−$7.4K −$3.30/SF
NOI
$17.4K $7.70/SF
Area
Birmingham, AL
Vacancy
9.21%
Lease Rate
$12.12 /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%
$347,540
Cap Rate 7%
$248,243
Cap Rate 9%
$193,078
Alternative Uses
Best Use
Multifamily LT 5
$248.2K
$217.2K – $289.6K
NOI $17,377 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$232.4K
$203.4K – $271.2K
NOI $16,269 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$529.5K
$463.3K – $617.8K
NOI $37,067 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,821
Businesses Nearby
Explore this area
Business Placement
Demographics for 35205, AL
20,137
Population
11,908
Households
1.7
Avg Household Size
30
Median Age
56%
College-Educated
95%
High-School Grad
3.7 sq mi
ZIP Area
5,442
Density / Sq Mi
$49,194
Median Household Income
$35,230
Median Earnings
$1,005
Median Rent
$292,000
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?
Triplex - Two-bedroom and one-bedroom layouts provide varied residential configurations.
Where is this triplex located?
The property is located at 2900 Rhodes S Circle Birmingham, AL.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Three‑unit configuration with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 2,256 square feet of multifamily space; Built in 1925
