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    2300 4Th Ave Phenix City, AL 36867

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    2300 4Th Ave Phenix City, AL 36867

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    • Apartment buildings
    • 60,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Quennai's Body Nails / Spa & Massage Center
    • 4th Avenue Apartments / Apartment Building

    Property Details for 2300 4Th Ave

    Year built
    1950
    Property size
    60,000 SF
    Property type
    Apartment buildings

    Description

    This 52-unit apartment building, located at 2300 4th Ave, Phenix City, AL 36867, presents a compelling value-add investment opportunity. The property, built in 1950 and extensively renovated in 2022, boasts 60,000 square feet and is currently operating at 51% occupancy. The asking price is $2,750,000, translating to $45.83 per square foot and $52,884.62 per unit. A pro-forma NOI of $276,011 projects a 10.04% cap rate. Significant renovations have already been completed on 31 units, including new HVAC systems, roof replacement, kitchen and bathroom remodels, and upgrades to paint, plumbing, electrical, flooring, and landscaping. However, approximately 22 units remain to be renovated, offering a substantial opportunity for value creation through increased occupancy and rental income. The property benefits from its strategic location in Phenix City, close to the Chattahoochee River and the larger Columbus, GA MSA, providing access to major employment centers and retail amenities. With a population of over 132,000 residents within a 5-mile radius, this property offers significant potential for growth and strong rental demand. This is an ideal opportunity for an investor to capitalize on the existing renovations, complete the remaining upgrades, and maximize the property's operational efficiency to achieve its full potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Phenix City
    County
    Russell
    State
    Alabama
    Longitude
    -84.9987
    Latitude
    32.4838

    Comparable in this City

    • Value Estimation by Request
      1,520 SF

      1618 7th Ave

      APARTMENT HOUSE (5+ UNITS) • 1,520 SF
      1618 7th Ave, Phenix City, AL 36867-4991
      View Details
    • Value Estimation by Request
      7,074 SF

      909 9th Ave

      APARTMENT HOUSE (5+ UNITS) • 7,074 SF
      909 9th Ave, Phenix City, AL 36867-6301
      View Details
    • Value Estimation by Request
      4,380 SF

      Tillery Ln

      APARTMENT HOUSE (5+ UNITS) • 4,380 SF
      Tillery Ln, Phenix City, AL 36867
      View Details
    • Value Estimation by Request
      9,392 SF

      624 8th Pl

      APARTMENT HOUSE (5+ UNITS) • 9,392 SF
      624 8th Pl, Phenix City, AL 36867-6703
      View Details
    • Value Estimation by Request
      3,328 SF

      7th Ave Ws

      APARTMENT HOUSE (5+ UNITS) • 3,328 SF
      7th Ave Ws, Phenix City, AL 36867
      View Details
    • Value Estimation
      $570,000
      9,506 SF

      1701 37th St

      APARTMENT HOUSE (5+ UNITS) • 9,506 SF
      1701 37th St, Phenix City, AL 36867-2513
      View Details

    Similar Nearby for Sale

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      Well-maintained duplex with long-term leases and recent updates.
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      Phenix City Duplex Investment Opportunity

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      Phenix City Duplexes For Sale

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      Phenix City Quadplex Investment Opportunity

      Value-add quadplex with strong rental demand and income potential.
      2608 Tillery Ln, Phenix City, AL 36867
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    • $180,000
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      Duplex with Long-Term Leases

      Well-maintained duplex with stable income and portfolio expansion potential.
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      Phenix City Duplex: Investment Opportunity

      Updated duplex in Phenix City with strong cash flow.
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    Similar Nearby for Lease

    • Contact for pricing
      2 SF

      Pad-Ready Retail Sites Available

      Highly visible retail sites in a strong, anchored center.
      5412 Summerville Rd, Phenix City, AL 36867
      View Details
    • $3,650 /Mo
      5,227 SF

      Renovated Office Space Available

      Move-in ready office space with modern amenities and ample parking.
      3701 18Th Ave, Phenix City, AL 36867
      View Details
    • Contact for pricing

      Phenix City Office Building

      Well-maintained office building with convenient access and ample parking.
      5009 River Chase Dr, Phenix City, AL 36867
      View Details
    • $1,100 /Mo
      14,810 SF

      Phenix City Office Unit Rental

      Office unit with three offices, lobby, and bathroom.
      3703 Summerville Rd, Phenix City, AL 36867
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    • Contact for pricing

      Adaptable Commercial Space for Rent

      High-traffic Phenix City location near Synovus Bank and Fort Moore.
      910 13Th St, Phenix City, AL 36867
      View Details
    • Contact for pricing

      Phenix City Office Suites Available

      Office suites available in Phenix City, near Columbus, GA.
      806 13Th St, Phenix City, AL 36867
      View Details
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    Phenix City, AL 36867
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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