Quadplex with Covered Front
New
For Sale
$275,000
2918 Rhodes S Circle, Birmingham, AL 35205
Four-unit residential property with varied floor plans and convenient access to downtown Birmingham amenities.
Property Size2,600 SF
Price / SF$105.77
Days on Market4
Property Features for 2918 Rhodes S Circle
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA, 2 x studio
Multifamily Units
4
Amenities
covered front porch
Building Details
Year Built
1928
Listing Agency:
eXp Realty, LLC Central
(205) 790-0944
Listed By:
Tim Lantz
(205) 790-0944
Source:
Exitrealty
Added: Aug 8
Changed: Aug 10
Last Checked: Aug 10 at 4:21AM
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.
This quadplex contains 2,600 square feet across four residential units: one two-bedroom, two-bath unit, one one-bedroom, one-bath unit, and two studio units. The property was built in 1928, and each residence provides functional living space. A covered front porch serves as a shared exterior feature.
The property is in Birmingham near downtown dining, entertainment, and shopping. Its unit mix provides multiple residential layouts within a single multifamily asset, including larger and studio configurations.
The property is in Birmingham near downtown dining, entertainment, and shopping. Its unit mix provides multiple residential layouts within a single multifamily asset, including larger and studio configurations.
Key Highlights
- Four‑unit quadplex with 2,600 square feet
- Unit mix includes 1 2‑bedroom, 2‑bath unit
- Includes 1 1‑bedroom, 1‑bath unit and 2 studio units
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
$20,027
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
7.28%
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%
$400,540
$400.5K
Cap Rate 7%
$286,100
$286.1K
Cap Rate 9%
$222,522
$222.5K
Market Conditions
NOI Build-Up for 2,600 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
$31.5K $12.12/SF
− Vacancy
−$2.9K −$1.12/SF
EGI
$28.6K $11.00/SF
− OpEx
−$8.6K −$3.30/SF
NOI
$20.0K $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%
$400,540
Cap Rate 7%
$286,100
Cap Rate 9%
$222,522
Alternative Uses
Best Use
Multifamily LT 5
$286.1K
$250.3K – $333.8K
NOI $20,027 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$267.9K
$234.4K – $312.5K
NOI $18,750 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$610.3K
$534.0K – $712.0K
NOI $42,719 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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?
Quadplex - Four-unit residential property with varied floor plans and convenient access to downtown Birmingham amenities.
Where is this quadplex located?
The property is located at 2918 Rhodes S Circle Birmingham, AL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,600 square feet; Unit mix includes 1 2‑bedroom, 2‑bath unit; Includes 1 1‑bedroom, 1‑bath unit and 2 studio units
