Cottage Condos at Eagle
For Sale
$2,000,000
Lee Rd 2149, Auburn, AL 36832
Eleven condos and seven lots in Auburn, Alabama.
Property Size11,560 SF
Price / SF$173.01
Days on Market261
Property Features for Lee Rd 2149
General Information
Standard status
Active
Size
11,560 SF
Property subtype
Multifamily
Building Details
Building Size
11,560 SF
Listing Agency:
SVN | AVAT Realty, LLC
(256) 476-0134
Listed By:
Richard (Rick) Chenault Sr. · License #000124758
(256) 476-0134
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Jul 16 at 5:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | AVAT Realty, LLC
Investment Insights
Based on property information with market context.
Cottage Condos at Eagle Farms features 11 condos and 7 lots ready for construction. The property is located in Auburn, Alabama, approximately 6.6 miles from Auburn University, a drive of about 13 minutes. Auburn, situated in eastern Alabama, had a population of 65,508 in 2020, with a median household income of $49,028. The property size is 11,560 square feet.
Key Highlights
- Located only 13 minutes (6.6 miles) from Auburn University.
- Consists of 11 condos.
- Includes 7 lots ready to build on.
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
$92,440
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
4.62%
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%
$1,848,800
$1.8M
Cap Rate 7%
$1,320,571
$1.3M
Cap Rate 9%
$1,027,111
$1.0M
Market Conditions
NOI Build-Up for 11,560 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
$180.3K $15.60/SF
− Vacancy
−$12.3K −$1.06/SF
EGI
$168.1K $14.54/SF
− OpEx
−$75.6K −$6.54/SF
NOI
$92.4K $8.00/SF
Area
Lee County, AL
Vacancy
6.80%
Lease Rate
$15.60 /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%
$1,848,800
Cap Rate 7%
$1,320,571
Cap Rate 9%
$1,027,111
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,440 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,360 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 36832, AL
29,349
Population
14,136
Households
2.1
Avg Household Size
26
Median Age
50%
College-Educated
95%
High-School Grad
68.1 sq mi
ZIP Area
431
Density / Sq Mi
$34,957
Median Household Income
$23,874
Median Earnings
$1,018
Median Rent
$222,900
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?
Apartment building - Eleven condos and seven lots in Auburn, Alabama.
Where is this apartment building located?
The property is located at Lee Rd 2149 Auburn, AL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Located only 13 minutes (6.6 miles) from Auburn University.; Consists of 11 condos.; Includes 7 lots ready to build on.
