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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2409 Kelly SW Ave Decatur, AL 35601-7324

    • Apartment buildings
    • 3,588 SF
    OFF-MARKET
    Last Sale
    Apr 07, 2025
    $210,000
    Value Estimations
    $195,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1754943
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2409 Kelly SW Ave

    Year built
    1986
    Construction
    WOOD
    Property size
    3,588 SF
    Property type
    Apartment buildings
    APN
    03-09-31-3-001-093.000
    APU
    309313001093000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $180,000
      ML approach
      $150,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $242,000
      Market price range: $170k - $339k
      AI Estimate
      $222,000
      Market price range: $140k - $290k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $245,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Morgan
    State
    Alabama
    Longitude
    -86.9978
    Latitude
    34.5651
    CBSA code
    19460
    CBSA name
    DECATUR, AL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,738
    $3,000
    $30,980
    $33,980
    -
    $15,000
    $154,900
    $169,900

    Comparable in this City

    • Value Estimation
      $220,000
      3,552 SF

      213 Bluebird SW Ln

      APARTMENT HOUSE (5+ UNITS) • 3,552 SF
      213 Bluebird SW Ln, Decatur, AL 35601-6447
      View Details
    • Value Estimation
      $215,000
      3,496 SF

      518 Somerville SE Rd

      APARTMENT HOUSE (5+ UNITS) • 3,496 SF
      518 Somerville SE Rd, Decatur, AL 35601-3222
      View Details
    • Value Estimation
      $220,000
      3,552 SF

      211 Bluebird SW Ln

      APARTMENT HOUSE (5+ UNITS) • 3,552 SF
      211 Bluebird SW Ln, Decatur, AL 35601-6454
      View Details
    • Value Estimation
      $220,000
      3,552 SF

      209 Bluebird SW Ln

      APARTMENT HOUSE (5+ UNITS) • 3,552 SF
      209 Bluebird SW Ln, Decatur, AL 35601-6440
      View Details
    • Value Estimation
      $205,000
      2,010 SF

      1314 Bruce SW St

      APARTMENT HOUSE (5+ UNITS) • 2,010 SF
      1314 Bruce SW St, Decatur, AL 35601-5567
      View Details
    • Value Estimation
      $235,000
      3,472 SF

      1323 19th SE Ave

      APARTMENT HOUSE (5+ UNITS) • 3,472 SF
      1323 19th SE Ave, Decatur, AL 35601-4461
      View Details

    Similar Nearby for Sale

    • $700,000

      Decatur Multi-Family Investment Opportunity

      Single-family home and 5-unit apartment building in Decatur, Alabama.
      2005 Morgan Ave SW, Decatur, AL 35601
      View Details
    • $450,000
      0.16 Acres

      Decatur Apartment Building For Sale

      Multifamily property in Decatur, Alabama, ideal for residential income.
      201 Prospect Dr, Decatur, AL 35601
      View Details
    • $2,000,000
      16,354 SF

      Decatur Multifamily Portfolio

      18-Unit Value-Add Opportunity in Alabama
      2005 Morgan Ave, Decatur, AL 35601
      View Details
    • $250,000
      0.16 Acres

      Decatur Multi-Family Portfolio Offering

      Fourteen-unit portfolio for sale in Decatur, Alabama.
      202 Somerville Rd, Decatur, AL 35601
      View Details
    • $350,000
      4.75 Acres

      Decatur Multifamily Development Land

      4.75-acre site, prime Decatur location.
      0 Springview St, Decatur, AL 35601
      View Details
    • $4,390,848
      10.08 Acres

      Decatur Development Land - 10 Acres

      Prime Decatur acreage, ideal for multifamily or retail.
      0 Old Moulton Rd And Beltline Rd, Decatur, AL 35601
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      36,737 SF

      Mallard Village Retail Center

      Decatur, AL Strip Center - 3 Spaces Available
      2914 Mallard Ln, Decatur, AL 35601
      View Details
    • Contact for pricing
      134,006 SF

      Decatur Retail Space For Lease

      High-traffic power center; flexible space.
      1235 Point Mallard Pkwy, Decatur, AL 35601
      View Details
    • $18 SF/Yr
      4,500 SF

      Decatur Medical Office Space For Lease

      Class A, 4,500 SF, Ample Parking
      1117 16Th Ave, Decatur, AL 35601
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space in Power Center

      4,000 SF endcap in Decatur, Alabama shopping center.
      2407 6Th Ave SE, Decatur, AL 35601
      View Details
    • $15 SF/Yr
      3,000 SF

      Downtown Decatur Restaurant Opportunity

      Prime Location, 3,000 SF, Shell Condition
      101 1St Ave, Decatur, AL 35601
      View Details
    • Contact for pricing
      4,440 SF

      Downtown Decatur Retail Space

      Prime Retail, 4,440 SF, New Construction
      101 Moulton St, Decatur, AL 35601
      View Details
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    2409 Kelly SW Ave
    Decatur, AL 35601-7324
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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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