Multifamily Property Near Lake
3226 Cathedral Caverns Hwy Grant, AL 35747
3226 Cathedral Caverns Hwy, Grant, AL, 35747
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For Sale
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17 units on 12 acres near Lake Guntersville.
Property Size15,534 SF
Lot Size12.00 Acres
Price / SF$148.06
Days on Market1047
Property Features for 3226 Cathedral Caverns Hwy
General Information
- Standard status
- Active
- Size
- 15,534 SF
- Lot size
- 12.00 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 2003
Listing Agency
Russ Russell Commercial Real Estate
(256) 536-7777
Listed by
Russ Russell · License #AL000025965-1
Source
Crexi
Added: Sep 7, 2023 Checked: Jul 17 at 7:00 am
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 Russ Russell Commercial Real Estate
Investment Insights
Based on property information with market context.
This multifamily property features 17 units situated on 12 acres. The property includes a 1,242-square-foot house with three bedrooms and one bathroom, currently utilized as an office. Located less than four miles from Lake Guntersville and less than one mile from Grant, the property offers a heated and cooled community pavilion for tenants, as well as a fishing pond. The zoning is county. Currently, 12 units are occupied, with four units available. If the office is leased, five units will be available. There are 13 units with two bedrooms, one bathroom, and a single-car garage. Additionally, there are three units with one bedroom and one bathroom. The office unit has three bedrooms and one bathroom. Sixteen units range in size from 843 square feet to 945 square feet. The property also includes a storm shelter. The total leasable space is 15,534 square feet, with extra land available for adding more income units.
Key Highlights
- 17 units on 12 acres with expansion potential.
- Less than 4 miles from Lake Guntersville.
- Heated/cooled community pavilion and fishing pond.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $164.0k | $10.56 |
| − Vacancy | −$11.2k | −$0.72 |
| EGI | $152.9k | $9.84 |
| − OpEx | −$68.8k | −$4.43 |
| NOI | $84.1k | $5.41 |
15,534 SF · lease $10.56/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,086 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,695 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - 17 units on 12 acres near Lake Guntersville.
Where is this apartment building located?
The property is located at 3226 Cathedral Caverns Hwy Grant, AL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 17 units on 12 acres with expansion potential.; Less than 4 miles from Lake Guntersville.; Heated/cooled community pavilion and fishing pond.
