503 Kornegay St - Apartments FOR SALE


Dothan, AL 36301
$900,000 USD
334-805-8938

NO PHOTO

$900,000 USD
Apartments - FOR SALE
null | 6.54% Cap Rate

503 Kornegay St
Dothan, AL 36301


HIGHLIGHTS

  • Newly built duplex community with modern interiors
  • Strong occupancy and proven rental demand
  • Expansion potential on 3.4-acre site
  • Attractive current and pro forma cap rates
  • Located in a growing Southeast Alabama market

OVERVIEW

This newly constructed 6-unit multifamily property in Dothan, Alabama, offers investors a rare opportunity to acquire a stabilized asset with strong upside potential. Built in 2022, the property consists of three spacious duplexes, each featuring four bedrooms and two baths, modern finishes, and in-unit washer/dryer connections. With five units currently leased and one recently vacated, the property is generating solid income with room for growth—market research indicates rents could increase to $1,500–$1,600 per unit. Situated on 3.4 acres, the site provides expansion possibilities for additional units, making it ideal for investors seeking scale in a high-demand rental market. Located in Houston County, the property benefits from proximity to major employers, retail centers, and transportation corridors, ensuring consistent tenant demand. Current financials reflect a 6.54% cap rate, with pro forma projections reaching 8.14%, delivering an attractive return profile. This is a turnkey investment in a growing Southeast market with strong demographics and a median household income exceeding $55,000 within a five-mile radius.

FOR SALE DETAILS

PRICE

$900,000 USD

PRICE/SF

$112 USD /SF

# OF UNITS

6

PRICE/UNIT

$150,000

CAP RATE

6.54%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2022

PARKING SPACES

16

LAND DETAILS

LAND ACRES

3.4 AC

LAND SF

148,104 SF

ZONING

-

APN/PARCEL ID

09-07-25-1-005-003-000,09-07-25-1-005-003-001,09-07-25-1-005-003-002,09-07-25-1-005-003-003,09-07-25-1-005-003-004,09-07-25-1-005-003-005

ASK ABOUT THIS PROPERTY

Michael PrangeKW CommercialMore Info
334-805-8938

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Michael PrangeKW CommercialMore Info
334-805-8938

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