Multifamily Property Near Lake
For Sale
Contact for pricing
3226 Cathedral Caverns Hwy, Grant, AL 35747
17 units on 12 acres near Lake Guntersville.
Property Size15,534 SF
Lot Size12.00 Acres
Price / SF$148.06
Days on Market1140
Property Features for 3226 Cathedral Caverns Hwy
General Information
Standard status
Active
Size
15,534 SF
Lot size
12.00 Acres
Property subtype
Multifamily
Zoning
County
Occupancy
70%
Building Details
Year Built
2003
Year Renovated
2008
Buildings
9
Stories
1
Units
17
Listing Agency:
Russ Russell Commercial Real Estate
Listed By:
Russ Russell · License #AL000025965-1
(256) 536-7777
Source:
Crexi
Added: Sep 7, 2023
Changed: Oct 7
Last Checked: Oct 19 at 5:52AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,086
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,681,720
$1.7M
Cap Rate 7%
$1,201,229
$1.2M
Cap Rate 9%
$934,289
$934.3K
Market Conditions
NOI Build-Up for 15,534 SF
Gross rent
$164.0K $10.56/SF
− Vacancy
−$11.2K −$0.72/SF
EGI
$152.9K $9.84/SF
− OpEx
−$68.8K −$4.43/SF
NOI
$84.1K $5.41/SF
Area
Marshall County, AL
Vacancy
6.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,681,720
Cap Rate 7%
$1,201,229
Cap Rate 9%
$934,289
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 authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 35747, AL
6,173
Population
3,402
Households
1.8
Avg Household Size
43
Median Age
30%
College-Educated
89%
High-School Grad
75.3 sq mi
ZIP Area
82
Density / Sq Mi
$78,750
Median Household Income
$48,580
Median Earnings
$663
Median Rent
$219,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
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.
