Remodeled Four-Unit Apartment
New
For Sale
$430,000
3606 McVay Street SW, Huntsville, AL 35805
Residential Income, Huntsville, AL
Property Size3,360 SF
Lot Size0.25 Acres
Price / SF$127.98
Days on Market6
Property Features for 3606 McVay Street SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Parking features
Off Street
Subdivision
Ridgecrest Estates
Elementary school
Ridgecrest
Middle school
Morris
High school
Columbia High
Directions
From I565 East To Jordan Lane, Exit To Go South. Jordan Lane Turns Into Patton Rd. Remain On Patton Rd To Freemont Ave. - Turn Left. Proceed To Ashland Drive - Turn Right. Ashland Dr. Turns Into Mcvay - Address Is On The Right.
Standard status
Active
Size
3,360 SF
Lot size
0.25 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Number of units
4
Listing Agency:
Property Management Inc
(615) 330-2615
Listed By:
Libby Estes · License #164403
(256) 714-6843
Added: Aug 27
Last Checked: Sep 1 at 4:06PM
MLS# 21917032
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.
Investment Insights
Based on property information with market context.
This 3,360-square-foot quadplex contains four 2-bedroom, 1-bath apartments that have been remodeled with updated kitchens, bathrooms, flooring, lighting, ceiling fans, and fixtures. Kitchen improvements include granite countertops, stainless steel appliances, and new cabinetry. Each apartment has its own mini-split heating and cooling system.
The property also includes a new roof, gutters, downspouts, electrical work, and plumbing. Off-street parking is provided, with public water and public sewer serving the site. The 0.25-acre property is tenant occupied and positioned near Redstone Arsenal with access to area highways.
The property also includes a new roof, gutters, downspouts, electrical work, and plumbing. Off-street parking is provided, with public water and public sewer serving the site. The 0.25-acre property is tenant occupied and positioned near Redstone Arsenal with access to area highways.
Key Highlights
- Four 2‑bedroom, 1‑bath apartments in a 3,360‑square‑foot quadplex
- Remodeled kitchens with granite countertops, stainless appliances, and new cabinets
- New LVP flooring, bathrooms, lighting, ceiling fans, and fixtures
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
$24,511
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
5.70%
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%
$490,220
$490.2K
Cap Rate 7%
$350,157
$350.2K
Cap Rate 9%
$272,344
$272.3K
Market Conditions
NOI Build-Up for 3,360 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
$42.3K $12.60/SF
− Vacancy
−$7.3K −$2.18/SF
EGI
$35.0K $10.42/SF
− OpEx
−$10.5K −$3.13/SF
NOI
$24.5K $7.30/SF
Area
Huntsville, AL
Vacancy
17.29%
Lease Rate
$12.60 /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%
$490,220
Cap Rate 7%
$350,157
Cap Rate 9%
$272,344
Alternative Uses
Best Use
Multifamily LT 5
$350.2K
$306.4K – $408.5K
NOI $24,511 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$303.2K
$265.3K – $353.7K
NOI $21,224 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$874.9K
$765.6K – $1.02M
NOI $61,246 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 35805, AL
23,189
Population
10,618
Households
2.2
Avg Household Size
31
Median Age
18%
College-Educated
78%
High-School Grad
9.2 sq mi
ZIP Area
2,521
Density / Sq Mi
$31,247
Median Household Income
$26,824
Median Earnings
$800
Median Rent
$108,200
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 - Tenant-occupied quadplex with renovated interiors, individual mini-split systems, off-street parking, and public utilities.
Where is this quadplex located?
The property is located at 3606 McVay Street SW Huntsville, AL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath apartments in a 3,360‑square‑foot quadplex; Remodeled kitchens with granite countertops, stainless appliances, and new cabinets; New LVP flooring, bathrooms, lighting, ceiling fans, and fixtures
