Duplex with Section 8
For Sale
$185,000
420 20th Ave, Phenix City, AL 36869
Two-unit residential property with active leases, including one Section 8 tenancy and a recently replaced HVAC system.
Property Size1,648 SF
Price / SF$112.26
Days on Market131
Property Features for 420 20th Ave
General Information
Standard status
Active
Size
1,648 SF
Property subtype
Residential Income
Financials
Asking Price
$185,000
Gross Income
$14,100
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Keller Williams Realty River Cities
(762) 207-7005
Listed By:
Michael Terrell · License #129247
(762) 207-7005
Source:
Exprealty
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 7:23PM
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 Keller Williams Realty River Cities
Investment Insights
Based on property information with market context.
This 1,648-square-foot duplex contains two leased residential units. Unit A participates in the Section 8 program and has an HVAC system replaced in 2024. Its lease runs through September 2026, while Unit B is leased through April 2026.
The property is located at 420 20th Ave in Phenix City, AL. Both units are occupied, creating an income-producing residential asset with staggered lease expirations. The property may also be acquired as part of a larger portfolio that includes duplexes and quadplexes.
The property is located at 420 20th Ave in Phenix City, AL. Both units are occupied, creating an income-producing residential asset with staggered lease expirations. The property may also be acquired as part of a larger portfolio that includes duplexes and quadplexes.
Key Highlights
- 1,648‑square‑foot duplex with two residential units
- Unit A participates in the Section 8 program
- Unit A HVAC system replaced in 2024
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
$14,085
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
7.61%
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%
$281,700
$281.7K
Cap Rate 7%
$201,214
$201.2K
Cap Rate 9%
$156,500
$156.5K
Market Conditions
NOI Build-Up for 1,648 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
$21.8K $13.20/SF
− Vacancy
−$1.6K −$0.99/SF
EGI
$20.1K $12.21/SF
− OpEx
−$6.0K −$3.66/SF
NOI
$14.1K $8.55/SF
Area
Lee County, AL
Vacancy
7.50%
Lease Rate
$13.20 /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%
$281,700
Cap Rate 7%
$201,214
Cap Rate 9%
$156,500
Alternative Uses
Best Use
Multifamily LT 5
$201.2K
$176.1K – $234.8K
NOI $14,085 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$188.3K
$164.7K – $219.6K
NOI $13,178 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$401.9K
$351.7K – $468.9K
NOI $28,136 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 36869, AL
21,748
Population
10,372
Households
2.1
Avg Household Size
37
Median Age
15%
College-Educated
82%
High-School Grad
76.3 sq mi
ZIP Area
285
Density / Sq Mi
$50,341
Median Household Income
$34,418
Median Earnings
$895
Median Rent
$129,200
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?
Duplex - Two-unit residential property with active leases, including one Section 8 tenancy and a recently replaced HVAC system.
Where is this duplex located?
The property is located at 420 20th Ave Phenix City, AL.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1,648‑square‑foot duplex with two residential units; Unit A participates in the Section 8 program; Unit A HVAC system replaced in 2024
