Instant Income-Producing Investment Opportunity! Seize this exceptional opportunity to own a 38-unit apartment complex providing historical occupancy and rental income from day one. This well-maintained property features a desirable unit mix of 31 two-bedroom units with 1½ bath and 7 one-bedroom units with 1 bath appealing to a broad range of tenants. Located in Rainbow City, an economical and residential bright spot within the Gadsden and Etowah County area just minutes from shopping, schools and major interstate access. This apartment complex presents an outstanding opportunity with long-term growth potential.
For sale
$2,105,000
107 Bailey St, Rainbow City, AL 35906
--beds
--baths
28,000sqft
Apartment
Built in 1976
-- sqft lot
$-- Zestimate®
$75/sqft
$-- HOA
What's special
- 45 days
- 308
- 13
Zillow last checked:
Listing updated:
Listed by:
Shasta Quick 256-339-5857,
ERA King Real Estate
Source: ValleyMLS,MLS#: 21923737
Facts & features
Interior
Heating
- Central
Cooling
- Central Air
Appliances
- Included: Oven, Refrigerator, W/D Hookup
Features
- Has basement: No
Interior area
- Total structure area: 28,000
- Total interior livable area: 28,000 sqft
Property
Parking
- Total spaces: 42
- Parking features: Private, Lighted, Parking Lot
Features
- Patio & porch: Patio
- Exterior features: Curb/Gutters
- Fencing: Privacy
Lot
- Size: 1.83 Acres
Details
- Parcel number: 1509291000012.000
- Zoning description: Multi Family
Construction
Type & style
- Home type: Apartment
- Property subtype: Apartment
Condition
- New construction: No
- Year built: 1976
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Natural Gas Not Available
Community & HOA
Community
- Security: Smoke Detector(s)
- Subdivision: J. Lowery Rogers
Location
- Region: Rainbow City
Financial & listing details
- Price per square foot: $75/sqft
- Tax assessed value: $1,058,400
- Annual tax amount: $8,679
- Date on market: 7/14/2026
Estimated market value
Not available
Estimated sales range
Not available
$1,591/mo
Price history
| Date | Event | Price |
|---|---|---|
| 7/14/2026 | Listed for sale | $2,105,000$75/sqft |
Source:  ValleyMLS #21923737 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $8,679 | $211,680 |
| 2024 | $8,679 -18.7% | $211,680 -18.7% |
| 2023 | $10,671 +22.9% | $260,260 +22.9% |
| 2022 | $8,679 +27.1% | $211,680 +27.1% |
| 2021 | $6,829 | $166,560 |
| 2020 | $6,829 | $166,560 0% |
| 2019 | $6,829 0% | $166,600 +8.3% |
| 2017 | $6,831 +8.3% | $153,780 |
| 2016 | $6,305 | $153,780 |
| 2015 | $6,305 | $153,780 +13.1% |
| 2013 | $6,305 | $135,980 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: 35906
Nearby schools
Schools provided by the listing agent
- Elementary: John S Jones Elementary
- Middle: Rainbow
- High: Southside High School
Source: ValleyMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
