Duplex with Redevelopment
For Sale
$300,000
907 OLD MILL Road, Auburn, AL 36830
MULTI_FAMILY - AUBURN, AL
Property Size2,864 SF
Lot Size0.49 Acres
Price / SF$104.75
Days on Market254
Property Features for 907 OLD MILL Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R
Parking features
Open
Subdivision
EAST PARK
Elementary school
DEAN ROAD/WRIGHTS MILL ROAD
Standard status
Active
Size
2,864 SF
Lot size
0.49 Acres
Utilities
Utilities
Cable Available
Heating system
Electric (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
1946
Floors in Building
1
Number of units
2
Flooring type
Tile, Wood
Listing Agency:
REAL ESTATE 3:20
(706) 501-8099
Listed By:
TRACI TRAN · License #108827
(706) 501-8099
Added: Dec 2, 2025
Changed: Aug 3
Last Checked: Aug 13 at 5:06AM
MLS# 177814
Copyright © 2026 Lee County 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 2,864-square-foot duplex property was built in 1946 and occupies 0.49 acres in Auburn. The duplex is leased month-to-month, while a separate vacant home on the site requires demolition. Existing interiors include tile and wood flooring, with electric heating and central air conditioning. The roof and HVAC were replaced in 2019, and open parking is available.
The property is located at 907 Old Mill Road, approximately 1.7 miles from Samford Hall on Auburn University's campus. R zoning applies to the parcel, and cable service is available. The combination of an operating duplex and an additional structure needing removal creates a property with both existing residential use and a documented site-reconfiguration component.
The property is located at 907 Old Mill Road, approximately 1.7 miles from Samford Hall on Auburn University's campus. R zoning applies to the parcel, and cable service is available. The combination of an operating duplex and an additional structure needing removal creates a property with both existing residential use and a documented site-reconfiguration component.
Key Highlights
- 0.49‑acre R‑zoned parcel at 907 Old Mill Road
- 2,864‑square‑foot duplex property built in 1946
- Duplex leased month‑to‑month; additional vacant home requires demolition
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
$24,479
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
8.16%
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%
$489,580
$489.6K
Cap Rate 7%
$349,700
$349.7K
Cap Rate 9%
$271,989
$272.0K
Market Conditions
NOI Build-Up for 2,864 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
$37.8K $13.20/SF
− Vacancy
−$2.8K −$0.99/SF
EGI
$35.0K $12.21/SF
− OpEx
−$10.5K −$3.66/SF
NOI
$24.5K $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%
$489,580
Cap Rate 7%
$349,700
Cap Rate 9%
$271,989
Alternative Uses
Best Use
Multifamily LT 5
$349.7K
$306.0K – $408.0K
NOI $24,479 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$327.2K
$286.3K – $381.7K
NOI $22,902 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$698.5K
$611.2K – $814.9K
NOI $48,896 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 36830, AL
47,543
Population
23,146
Households
2.1
Avg Household Size
30
Median Age
63%
College-Educated
96%
High-School Grad
109.5 sq mi
ZIP Area
434
Density / Sq Mi
$63,761
Median Household Income
$37,414
Median Earnings
$1,033
Median Rent
$346,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with a second vacant home requiring removal on an R-zoned parcel near Auburn University.
Where is this duplex located?
The property is located at 907 OLD MILL Road Auburn, AL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 0.49‑acre R‑zoned parcel at 907 Old Mill Road; 2,864‑square‑foot duplex property built in 1946; Duplex leased month‑to‑month; additional vacant home requires demolition
