Vacant Fourplex Investment
For Sale
$299,000
606 HARTSFIELD DRIVE, Mount Olive, AL 35117
MULTI_FAMILY - MOUNT OLIVE, AL
Property Size2,800 SF
Price / SF$106.79
Days on Market48
Property Features for 606 HARTSFIELD DRIVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
GARDENDALE HOMESTEAD
Elementary school
MT OLIVE
Middle school
BRAGG
High school
GARDENDALE
Directions
Follow US-31 N and Mt Olive Blvd to Sutherland Rd in Mount Olive Turn left onto Mt Olive Blvd Continue on Sutherland Rd. Drive to Hartsfield Dr Turn left onto Sutherland Rd Turn left onto Hartsfield Dr
Standard status
Active
APN
14-00-04-4-003-007.001
Taxes and HOA fees
Tax Description
COM AT SE COR OF SW 1/4 OF SE 1/4 TH W 209 FT TH N 60.4 FT TO POB TH NW 121.8 FT TH N 177.5 FT TH SE 121.8 FT TH S 182 FT TO POB
Legal Description
COM AT SE COR OF SW 1/4 OF SE 1/4 TH W 209 FT TH N 60.4 FT TO POB TH NW 121.8 FT TH N 177.5 FT TH SE 121.8 FT TH S 182 FT TO POB
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Number of units
4
Flooring type
Carpet - Full, Vinyl
Building materials
Siding
Listing Agency:
RE/MAX Advantage · RE/MAX International
(205) 991-1500
Listed By:
Cassie Carter · License #102067
(205) 540-4214
Added: Jun 27
Changed: Jul 10
Last Checked: Aug 13 at 3:06AM
MLS# 21457479
Copyright © 2026 Greater Alabama MLS. 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 vacant fourplex consists of three approximately 700 sq. ft. 1-bedroom, 1-bath units and one approximately 700 sq. ft. 2-bedroom, 1-bath unit. Interiors have been updated with LVP flooring, fresh paint, updated lighting, and neutral finishes. Convenient parking is located directly in front of the building, supporting day-to-day tenant access.
The property is located in Mount Olive, Alabama, in Jefferson County, and is described as being just minutes from I-65 as well as shopping and dining. Birmingham is also referenced as nearby. The offering indicates there is no HOA.
For investors or owner-operators seeking a small residential income building, this setup provides a mix of unit types within the same property. With the property vacant and ready for immediate lease-up, the buyer can move forward with leasing each unit under new ownership. Buyer is advised to verify all information important to them, including rental income potential.
The property is located in Mount Olive, Alabama, in Jefferson County, and is described as being just minutes from I-65 as well as shopping and dining. Birmingham is also referenced as nearby. The offering indicates there is no HOA.
For investors or owner-operators seeking a small residential income building, this setup provides a mix of unit types within the same property. With the property vacant and ready for immediate lease-up, the buyer can move forward with leasing each unit under new ownership. Buyer is advised to verify all information important to them, including rental income potential.
Key Highlights
- Vacant fourplex with immediate lease‑up; no HOA
- Unit mix: three approx. 700 SF 1‑bedroom/1‑bath units and one approx. 700 SF 2‑bedroom/1‑bath unit
- Interiors updated with LVP flooring, fresh paint, updated lighting, and neutral finishes
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
$24,120
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
8.07%
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%
$482,400
$482.4K
Cap Rate 7%
$344,571
$344.6K
Cap Rate 9%
$268,000
$268.0K
Market Conditions
NOI Build-Up for 2,800 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
$39.3K $14.04/SF
− Vacancy
−$4.9K −$1.73/SF
EGI
$34.5K $12.31/SF
− OpEx
−$10.3K −$3.69/SF
NOI
$24.1K $8.61/SF
Area
Jefferson County, AL
Vacancy
12.35%
Lease Rate
$14.04 /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%
$482,400
Cap Rate 7%
$344,571
Cap Rate 9%
$268,000
Alternative Uses
Best Use
Multifamily LT 5
$344.6K
$301.5K – $402.0K
NOI $24,120 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$305.5K
$267.3K – $356.4K
NOI $21,383 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$963.3K
$842.9K – $1.12M
NOI $67,428 @ 7.0% cap · market cap 22.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
84
Businesses Nearby
Explore this area
Business Placement
Demographics for 35117, AL
6,407
Population
2,399
Households
2.7
Avg Household Size
43
Median Age
25%
College-Educated
91%
High-School Grad
29.1 sq mi
ZIP Area
220
Density / Sq Mi
$87,923
Median Household Income
$54,188
Median Earnings
$1,081
Median Rent
$195,300
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 - Vacant fourplex with three 1-bedroom and one 2-bedroom unit, ready for immediate ownership and leasing.
Where is this quadplex located?
The property is located at 606 HARTSFIELD DRIVE Mount Olive, AL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Vacant fourplex with immediate lease‑up; no HOA; Unit mix: three approx. 700 SF 1‑bedroom/1‑bath units and one approx. 700 SF 2‑bedroom/1‑bath unit; Interiors updated with LVP flooring, fresh paint, updated lighting, and neutral finishes
