1300 Cloverdale Rd Selma, AL 36703
120-unit apartment community in Selma, Alabama, with value-add potential.
Source:
Svn
Listing 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
Location Insight
- Map
- Local Demand
- City
- Selma
- County
- Dallas
- State
- Alabama
- Longitude
- -87.019429
- Latitude
- 32.437329
Nearby Similar for Sale
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.
