For Sale
$450,000

1850 17Th CtBirmingham, AL 35234

Birmingham, AL Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents Fountain Villa Apartments, a six-unit apartment building located at 1850 17th Ct N, Birmingham, AL 35234. Built in 1960 and renovated in 2023, this Class B property boasts 3,696 square feet situated on a 0.52-acre lot. The property features a single, one-story building with R-3 zoning. Currently operating at 83.3% occupancy, with an expected full occupancy date of October 23, 2024, the property generates a pro-forma NOI of $28,700, resulting in a 6.38% pro-forma cap rate. Each of the six units is priced at $75,000, with a total asking price of $450,000 ($121.75 per square foot). The property is not subject to a ground lease. Located in the desirable Druid Hills neighborhood, this investment benefits from its proximity to downtown Birmingham, major employers such as the University of Alabama Birmingham and St. Vincent's Hospital, and easy access to interstate highways. The surrounding area is experiencing significant growth and redevelopment, making this a compelling opportunity for investors seeking strong returns in a dynamic market. The property's APN is 22 00 26 1 004 003.000. This stabilized investment offers a solid foundation for future growth and income potential.

Highlights

  • Six-unit apartment building in Birmingham, AL, totaling 3,696 square feet on a 0.52-acre lot.
  • Recently renovated (2023) Class B property with R-3 zoning.
  • Currently 83.3% occupied, projecting full occupancy by October 23, 2024, generating a $28,700 pro-forma NOI and a 6.38% pro-forma cap rate.
  • Asking price: $450,000 ($121.75/SF), with each unit priced at $75,000.
  • Located in the Druid Hills neighborhood, near UAB, St. Vincent's Hospital, and major interstates. APN: 22 00 26 1 004 003.000.

Property Details for 1850 17Th Ct

Property type
Apartment buildings
Square Feet
3,696 SF
Class
B
Year Built/Renovated
1960/2023
Buildings
1
Stories
1
Lot Size (sq. ft)
22,651 SF
Units
6

Location Insight

City
Birmingham
County
Jefferson
State
Alabama
Latitude
33.534548509889
Longitude
-86.820151878746
1850 17Th Ct, Birmingham, Alabama

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1850 17Th Ct
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