For Sale
$1,300,000

618 4Th StTuscaloosa, AL 35404

8 Houses, Redevelopment Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents eight single-family rental houses totaling 9,061 square feet on a 1.5-acre lot in Tuscaloosa, Alabama. Currently 63% occupied, this Class C property offers immediate cash flow with significant upside potential. Located less than a quarter-mile from the University of Alabama, the property benefits from high traffic counts on nearby McFarland Boulevard (46,632 AADT) and Jack Warner Parkway (22,548 AADT). The existing structures, built in 1945, are situated on a contiguous 1.23 acres (seven of eight houses) and are zoned R-4, permitting up to 15 units per acre. However, surrounding properties zoned RMF-1 boast much higher density, presenting a compelling opportunity for rezoning and redevelopment into a higher-density multifamily or student housing project. The asking price is $1,300,000, representing $143.47 per square foot and $162,500 per unit. The land alone is valued at $1,000,000 per acre. This property's location within an Opportunity Zone further enhances its investment appeal, offering potential tax advantages. The current owner has not actively pursued leasing the vacant units, leaving considerable room for increased occupancy and rental income. This presents a unique chance to acquire a cash-flowing asset with substantial growth potential through either improved management or strategic redevelopment.

Highlights

  • Less than 0.25 miles from the University of Alabama.
  • Located in an Opportunity Zone.
  • High traffic counts on McFarland Blvd. (46,632 AADT) and Jack Warner Pkwy. (22,548 AADT).
  • Surrounded by multifamily and student housing.
  • Significant upside potential through lease-up and rent increases.
  • Rezoning potential for higher-density multifamily or student housing development.

Property Details for 618 4Th St

Property type
Residential income homes
Square Feet
9,061 SF
Class
C
Year Built
1945
Buildings
8
Stories
1
Lot Size (sq. ft)
65,340 SF
Units
8

Location Insight

City
Tuscaloosa
County
Tuscaloosa
State
Alabama
Latitude
33.2201877
Longitude
-87.5289922
618 4Th St, Tuscaloosa, Alabama

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618 4Th St
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