503 Kornegay St 6 Unit Apartment Building $775,000 ($129,167/Unit) 9.68% Cap Rate Dothan, AL 36301

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.