Historic Apartment
For Sale
Contact for pricing
12 E Jefferson St, Montgomery, AL 36104
Three adaptive-reuse multifamily communities combine historic architectural details with updated residential interiors.
Property Size29,365 SF
Price / SF$148.14
Days on Market17
Property Features for 12 E Jefferson St
General Information
Standard status
Active
Size
29,365 SF
Class
A
Property subtype
Multifamily, Retail
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$335,425
Building Details
Buildings
3
Units
32
Tenancy
Multi
Listing Agency:
Moore Company Realty
(334) 657-7257
Listed By:
Gene Cody, CCIM, SIOR · License #AL 000084543
Source:
Crexi
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 11 at 1:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Moore Company Realty
Investment Insights
Based on property information with market context.
This apartment portfolio includes three multifamily communities housed in historic adaptive-reuse properties: Adams Avenue Flats and The Alps Lofts, which includes Icehouse Lofts and The Gun Store Lofts. The combined property size is 29,365 square feet. Interior features include exposed brick, hardwood flooring, oversized windows, high ceilings, and updated finishes, creating distinct residential environments within repurposed buildings.
The properties are located at 12 E Jefferson St in Montgomery, Alabama, and sit within approximately one mile of one another. Their downtown setting places the communities near restaurants, entertainment venues, parks, government offices, and major employers. The portfolio also provides in-place cash flow through established operations across a concentrated group of assets.
The properties are located at 12 E Jefferson St in Montgomery, Alabama, and sit within approximately one mile of one another. Their downtown setting places the communities near restaurants, entertainment venues, parks, government offices, and major employers. The portfolio also provides in-place cash flow through established operations across a concentrated group of assets.
Key Highlights
- Three multifamily communities totaling 29,365 square feet
- Historic adaptive‑reuse apartment properties with distinct architectural character
- Adams Avenue Flats and The Alps Lofts portfolio, including Icehouse Lofts and The Gun Store Lofts
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$234,819
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,696,380
$4.7M
Cap Rate 7%
$3,354,557
$3.4M
Cap Rate 9%
$2,609,100
$2.6M
Market Conditions
NOI Build-Up for 29,365 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$458.1K $15.60/SF
− Vacancy
−$31.2K −$1.06/SF
EGI
$426.9K $14.54/SF
− OpEx
−$192.1K −$6.54/SF
NOI
$234.8K $8.00/SF
Area
Montgomery, AL
Vacancy
6.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,696,380
Cap Rate 7%
$3,354,557
Cap Rate 9%
$2,609,100
Alternative Uses
Best Use
Apartment 5plus
$3.35M
$2.94M – $3.91M
NOI $234,819 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.09M
$5.33M – $7.10M
NOI $426,239 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,271
Businesses Nearby
Explore this area
Business Placement
Demographics for 36104, AL
9,021
Population
5,265
Households
1.7
Avg Household Size
31
Median Age
26%
College-Educated
76%
High-School Grad
10.5 sq mi
ZIP Area
859
Density / Sq Mi
$34,975
Median Household Income
$21,668
Median Earnings
$787
Median Rent
$121,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three adaptive-reuse multifamily communities combine historic architectural details with updated residential interiors.
Where is this apartment building located?
The property is located at 12 E Jefferson St Montgomery, AL.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Three multifamily communities totaling 29,365 square feet; Historic adaptive‑reuse apartment properties with distinct architectural character; Adams Avenue Flats and The Alps Lofts portfolio, including Icehouse Lofts and The Gun Store Lofts
