Renovated Brick
New
For Sale
$535,000
704 Denson Avenue SW, Cullman, AL 35055
Residential Income, Cullman, AL
Property Size4,187 SF
Lot Size0.35 Acres
Price / SF$127.78
Days on Market1
Property Features for 704 Denson Avenue SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Parking Lot
Patio and Porch features
Patio
Appliances
Oven, Refrigerator, Dishwasher, W/D Hookup, Tankless Water Heater
Subdivision
Musgroves
Elementary school
West Cullman
Middle school
Cullman
High school
Cullman
Directions
From Car: Head Toward 4th St Sw- 0.1 Mi Turn Right Onto 5th St Sw- 0.4 Mi Turn Left Onto Main Ave Sw- 240 Ft Turn Right Onto Logan St Sw-0.4 Mi Turn Left Onto Denson Ave Sw- Destination Will Be On The Left
Standard status
Active
APN
1705164005007.000
Size
4,187 SF
Lot size
0.35 Acres
Utilities
Sewer type
Public Sewer
Heating system
Varies by Unit (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Number of units
4
Listing Agency:
Culpepper Real Estate
(256) 739-1389
Listed By:
Lauren Roden · License #168392
(731) 499-1377
Added: Sep 8
Last Checked: Sep 8 at 3:06PM
MLS# 21928597
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 1986 brick quadplex contains four 2-bedroom, 2-bathroom units within 4,187 square feet on a 0.35-acre parcel. Three residences were renovated within the past three years with new LVP flooring, interior paint, appliances, and water heaters. Two HVAC systems are less than three years old, and the roof was replaced in 2019. Unit heating varies, while central air is provided. The property also includes patios, a parking lot, public water, and public sewer.
Situated at 704 Denson Avenue SW in Cullman, Alabama, the property is currently fully occupied. Appliances include ovens, refrigerators, dishwashers, washer/dryer hookups, and tankless water heaters.
Situated at 704 Denson Avenue SW in Cullman, Alabama, the property is currently fully occupied. Appliances include ovens, refrigerators, dishwashers, washer/dryer hookups, and tankless water heaters.
Key Highlights
- Four 2BR/2BA units totaling 4,187 square feet
- Three of four units renovated within the last three years
- Brick construction completed in 1986
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
$24,664
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
4.61%
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%
$493,280
$493.3K
Cap Rate 7%
$352,343
$352.3K
Cap Rate 9%
$274,044
$274.0K
Market Conditions
NOI Build-Up for 4,187 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
$37.7K $9.00/SF
− Vacancy
−$2.4K −$0.59/SF
EGI
$35.2K $8.42/SF
− OpEx
−$10.6K −$2.52/SF
NOI
$24.7K $5.89/SF
Area
Cullman 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%
$493,280
Cap Rate 7%
$352,343
Cap Rate 9%
$274,044
Alternative Uses
Best Use
Multifamily LT 5
$352.3K
$308.3K – $411.1K
NOI $24,664 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$323.1K
$282.7K – $376.9K
NOI $22,616 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$617.3K
$540.1K – $720.2K
NOI $43,210 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Explore this area
Business Placement
Demographics for 35055, AL
22,299
Population
10,664
Households
2.1
Avg Household Size
39
Median Age
26%
College-Educated
88%
High-School Grad
63.8 sq mi
ZIP Area
350
Density / Sq Mi
$58,488
Median Household Income
$40,079
Median Earnings
$934
Median Rent
$195,400
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 - Four two-bedroom residences with recent updates, central air, public utilities, and on-site parking.
Where is this quadplex located?
The property is located at 704 Denson Avenue SW Cullman, AL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Four 2BR/2BA units totaling 4,187 square feet; Three of four units renovated within the last three years; Brick construction completed in 1986
