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Apartment Investment

501 Tuscaloosa Avenue SW,
Birmingham, AL 35211

$260,000
  • Tuscaloosa Manor Apartments Investment Opportunity

Property Information

INVESTMENT SUMMARY

  • Price/Unit: $32,500
  • Price/SqFt: $50.46
  • Year Built: 1966
  • # of Units: 8
  • Net Rentable SqFt (est): 5,153
  • Avg Unit Size SqFt (est): 644

RENTAL INFORMATION

  • Avg Rent/Unit $458
  • Avg Rent/SF: $0.71
  • Avg Rent/Unit – ProForma: $500
  • Avg Rent/SF – ProForma: $0.78
  • Occupancy 2/28/2021: 75%

INVESTMENT HIGHLIGHTS

  • Property Description – The apartment complex consists of 8 – 1 BR 1BA units. Each unit is approximately 644 square feet in size. Units have split system CH&A and washer dryer connections. The property has parking in front and side lot with ample spaces to serve the complex.
  • Excellent Location/Access – The complex is located two blocks off of Lomb Avenue, in an area West of downtown Birmingham, within walking distance of Princeton Baptist Medical Center. Each year roughly 53,000 people turn to Princeton for primary and emergency care. Both I-65 and I-20 are easily accessible from the property.
  • Operating History – The property is managed by a third-party property manager. Current leases range from $410 to $500 per month. All new leases at $500 per month. The complex maintains a high occupancy level while maintaining good cash flow from operations. More attention to occupancy can significantly increase cash flow.

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Steve Lazarus - Associate Broker at Southpace Properties

Contact:

Steve Lazarus
slazarus@southpace.com
205-271-7233