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    1300 Cloverdale Rd Selma, AL 36703

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    For Sale
    $5,375,000

    120-unit apartment community in Selma, Alabama, with value-add potential.

    Property size:
    133,710 SF

    Property Features for 1300 Cloverdale Rd

    General Information

    Size
    133,710 SF

    Source: Andrew Agee Agent Andrew Agee

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Selma Multifamily Investment Opportunity

    Addison Way Apartments, located at 1300 Cloverdale Road in Selma, Alabama, is a 120-unit, two-story townhome-style community. Constructed in 1970 and fully renovated in 2009, the property presents a value-add opportunity for investors due to the difference between current and potential rents. The complex offers spacious, unfurnished units and is known for its commitment to resident satisfaction, fostering a welcoming atmosphere. The property is well-maintained and has high occupancy rates. The 133,710 square foot building is positioned in a market with a solid industrial base, making it suitable for workforce housing. Investors can capitalize on operational improvements and rental growth in a stable market. Charging the maximum rents for units at Addison Way would result in a 40% increase to the current gross potential income, highlighting the asset’s strong rent growth potential. Selma is undergoing a period of reinvestment and renewal, supported by recent public and private investments. Over $700 million in industrial investment and the development of four new industrial parks have created thousands of jobs in the region. City-led initiatives focused on downtown revitalization and the expansion of housing options are making Selma an increasingly attractive market for multifamily investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Addison Way Apartments Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Gym & Fitness Clothing Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Selma
    County
    Dallas
    State
    Alabama
    Longitude
    -87.019429
    Latitude
    32.437329

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    FAQs

    What type of property is this?
    Apartment building - 120-unit apartment community in Selma, Alabama, with value-add potential.
    Where is this apartment building located?
    The property is located at 1300 Cloverdale Rd Selma, AL.
    What is the asking price?
    The asking price for this property is $5,375,000.
    What are key features of this property?
    This property features: - Significant rent growth potential: Max rents could increase GPI by 40%.; - Value-add opportunity due to the gap between effective and asking rents.; - Well-maintained, renovated LIHTC asset offering both immediate upside and long-term value.
    (256) 653-0065
    Request Owner's contact information
    1300 Cloverdale Rd Selma, AL 36703
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    Selma, AL 36703
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1300 Cloverdale Rd Selma, AL 36703
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