Five-Unit Apartment
For Sale
$489,900
907 Stevens Court NE, Huntsville, AL 35801
Residential Income, Huntsville, AL
Property Size2,900 SF
Lot Size0.36 Acres
Price / SF$168.93
Days on Market48
Property Features for 907 Stevens Court NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi Family
Parking
6
Parking features
Driveway
Appliances
Oven, Refrigerator
Subdivision
Stevens Court
Elementary school
Blossomwood
Middle school
Chapman
High school
Lee High School
Directions
From Memorial Pkwy, East On Oakwood Ave, Right On Maysville Rd, Left On Stevens, 1st Left On Stevens Court
Standard status
Active
APN
1309304002071000
Size
2,900 SF
Lot size
0.36 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1969
Number of units
5
Listing Agency:
Legend Realty
(256) 428-3780
Listed By:
Larry Barkley · License #96155
(256) 694-5944
Added: Aug 3
Changed: Aug 20
Last Checked: Sep 19 at 12:06PM
MLS# 21896992
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Investment Insights
Based on property information with market context.
This five-unit apartment property contains a mix of one- and two-bedroom residences within approximately 2,900 square feet. The building dates to 1969 and includes central heating and central air, public water and sewer, driveway parking, ovens, and refrigerators. One apartment has recently been refreshed and is ready for leasing. The property is being sold strictly as-is, where-is.
Positioned near Five Points, the property provides access to downtown Huntsville, the medical district, and major employers. Significant 2022 work included an architectural roof, exterior painting, and structural improvements, with a transferable lifetime warranty associated with that work. Professional management is in place, and 2024 and 2025 T12 financials are available upon request.
Positioned near Five Points, the property provides access to downtown Huntsville, the medical district, and major employers. Significant 2022 work included an architectural roof, exterior painting, and structural improvements, with a transferable lifetime warranty associated with that work. Professional management is in place, and 2024 and 2025 T12 financials are available upon request.
Key Highlights
- Five‑unit apartment property with one- and two‑bedroom units
- 2,900 square feet on a 0.36‑acre lot
- 2022 architectural roof, exterior paint, and structural improvements
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
$18,318
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
3.74%
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%
$366,360
$366.4K
Cap Rate 7%
$261,686
$261.7K
Cap Rate 9%
$203,533
$203.5K
Market Conditions
NOI Build-Up for 2,900 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
$40.7K $14.04/SF
− Vacancy
−$7.4K −$2.56/SF
EGI
$33.3K $11.48/SF
− OpEx
−$15.0K −$5.17/SF
NOI
$18.3K $6.32/SF
Area
Huntsville, AL
Vacancy
18.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
45.00%
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%
$366,360
Cap Rate 7%
$261,686
Cap Rate 9%
$203,533
Alternative Uses
Best Use
Apartment 5plus
$261.7K
$229.0K – $305.3K
NOI $18,318 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$755.2K
$660.8K – $881.0K
NOI $52,861 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Explore this area
Business Placement
Demographics for 35801, AL
22,539
Population
11,225
Households
2
Avg Household Size
43
Median Age
55%
College-Educated
90%
High-School Grad
13.8 sq mi
ZIP Area
1,633
Density / Sq Mi
$103,125
Median Household Income
$60,370
Median Earnings
$1,130
Median Rent
$399,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Established rental property with mixed one- and two-bedroom units, on-site parking, and central HVAC systems.
Where is this apartment building located?
The property is located at 907 Stevens Court NE Huntsville, AL.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Five‑unit apartment property with one- and two‑bedroom units; 2,900 square feet on a 0.36‑acre lot; 2022 architectural roof, exterior paint, and structural improvements
