Waterfront Duplex with Fenced
For Sale
$339,000
503 S State Hwy 109, Dothan, AL 36301
Residential Income, Dothan, AL
Property Size2,400 SF
Lot Size0.50 Acres
Price / SF$141.25
Days on Market84
Property Features for 503 S State Hwy 109
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Appliances
Dishwasher, Microwave, Oven, Range, Range Hood, Refrigerator
Elementary school
Rehobeth
Middle school
Rehobeth
High school
Rehobeth
Subdivision
9d Houston SW 231 S-84 W
Standard status
Active
APN
17-07-35-0-002-031.000
Size
2,400 SF
Lot size
0.50 Acres
Utilities
Sewer type
Septic Tank
Water source
Public
Water front features
Waterfront
Amenities
fenced in back yard
pet friendly
Building Details
Year built
2025
Floors in Building
1
Flooring type
Laminate
Listing Agency:
Weichert Realtors JBR Legacy Group
(334) 794-7211
Listed By:
Emma Dean · License #143652
(334) 791-5609
Added: Jun 1
Changed: Aug 20
Last Checked: Aug 23 at 9:06PM
MLS# 213355
Copyright © 2026 Southeast Alabama Association of REALTORS®. 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 duplex contains two matching residences, each arranged with three bedrooms and two bathrooms. The combined property measures 2,400 square feet on a 0.5-acre parcel. Interior finishes include LVP flooring and granite countertops, with each side equipped with a dishwasher, microwave, oven, range, range hood, and refrigerator. A fenced backyard provides private exterior space, and the property is identified as pet friendly.
The property is located at 503 S State Hwy 109 in Dothan, Alabama, within ZIP Code 36301. It includes waterfront features, public water service, and a septic tank sewer system. The two-unit configuration offers a straightforward residential income property format with separately mirrored living spaces and three-bedroom layouts on both sides.
The property is located at 503 S State Hwy 109 in Dothan, Alabama, within ZIP Code 36301. It includes waterfront features, public water service, and a septic tank sewer system. The two-unit configuration offers a straightforward residential income property format with separately mirrored living spaces and three-bedroom layouts on both sides.
Key Highlights
- Duplex with two mirrored 3‑bedroom, 2‑bathroom residences
- 2,400 square feet on 0.5 acres
- LVP flooring and granite countertops
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
$14,137
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
4.17%
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%
$282,740
$282.7K
Cap Rate 7%
$201,957
$202.0K
Cap Rate 9%
$157,078
$157.1K
Market Conditions
NOI Build-Up for 2,400 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
$21.6K $9.00/SF
− Vacancy
−$1.4K −$0.59/SF
EGI
$20.2K $8.42/SF
− OpEx
−$6.1K −$2.52/SF
NOI
$14.1K $5.89/SF
Area
Houston County, AL
Vacancy
6.50%
Lease Rate
$9.00 /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%
$282,740
Cap Rate 7%
$201,957
Cap Rate 9%
$157,078
Alternative Uses
Best Use
Multifamily LT 5
$202.0K
$176.7K – $235.6K
NOI $14,137 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$187.6K
$164.1K – $218.9K
NOI $13,131 @ 7.0% cap · market cap 3.87%
Theoretical Best
Healthcare Medical
$424.2K
$371.2K – $494.9K
NOI $29,694 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 36301, AL
38,447
Population
17,872
Households
2.2
Avg Household Size
40
Median Age
18%
College-Educated
85%
High-School Grad
89.2 sq mi
ZIP Area
431
Density / Sq Mi
$49,124
Median Household Income
$35,333
Median Earnings
$886
Median Rent
$156,100
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 mirrored residences combine updated finishes, private outdoor space, and a practical income-property layout.
Where is this duplex located?
The property is located at 503 S State Hwy 109 Dothan, AL.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Duplex with two mirrored 3‑bedroom, 2‑bathroom residences; 2,400 square feet on 0.5 acres; LVP flooring and granite countertops
