For Sale
$550,000

705 Knoxville StBirmingham, AL 35224

Value-add multifamily investment opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
114
This 8-unit apartment building in Birmingham, Alabama, presents a compelling value-add investment opportunity. Located just 14 minutes from the city's central business district, the property boasts a total of 5,680 square feet. Each unit offers 710 square feet of living space, featuring two bedrooms and one bathroom with washer/dryer connections. Three units have undergone complete renovations with brand-new finishes and are currently leasing at $1,200 per month. The remaining five units are occupied by month-to-month tenants at below-market rates, offering immediate potential for rental income increases. Recent improvements include a new roof and two new central HVAC units; the remaining units have HVAC systems in good, usable condition (approximately 5-7 years old). The property's history demonstrates strong rental demand and stability, having had only two owners in the past 24 years. This property is priced at $550,000 and offers a significant opportunity for an investor to enhance profitability through lease-up and further renovations. Detailed financial information is available upon request.

Highlights

  • $550,000 asking price for an 8-unit apartment building in Birmingham, AL.
  • All units are 710 sq ft, 2 bed/1 bath with W/D connections. Three units are newly rehabbed and leased at $1,200/month; five units are month-to-month at below-market rates.
  • Recent improvements include a new roof and two HVAC units; remaining units have functional HVAC systems (approx. 5-7 years old).
  • Strong rental history with only two owners in the past 24 years.
  • Located 14 minutes from Birmingham's CBD.

Property Details for 705 Knoxville St

Property type
Apartment buildings
Square Feet
5,680 SF

Location Insight

City
Birmingham
County
Jefferson
State
Alabama
Latitude
33.505664556002
Longitude
-86.92501412932
705 Knoxville St, Birmingham, Alabama

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705 Knoxville St
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