Renovated Workforce Apartment
1561 Pike Rd Birmingham, AL 35218
1561 Pike Rd, Birmingham, AL, 35218
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For Sale
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Two apartment communities total 146 units, with large-scale renovations including HVAC, roofing, and windows.
Property Size97,160 SF
Price / SF$93.17
Days on Market9
Property Features for 1561 Pike Rd
General Information
- Standard status
- Active
- Size
- 97,160 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1974
Listing Agency
Windy City RE LLC
(747) 271-1834
Listed by
Milan Rubenstein · License #IL 01324137
Source
Crexi
Added: Jul 8 Checked: Jul 16 at 6:57 am
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 Windy City RE LLC
Investment Insights
Based on property information with market context.
A 146-unit, two-asset offering comprising Pointe Arlington (88 units) and Fountain Blue (58 units). Both communities are 1970s-vintage properties that have completed substantial, capital-intensive repositioning. Across the portfolio, more than $4.3 million in capital improvements has been deployed, covering interior renovations, roofing, HVAC, water heaters, windows, and exterior systems. Pointe Arlington shows 93% renovated units, while Fountain Blue is approximately 75% renovated. The heavy structural work is complete, with remaining improvement opportunities focused on routine unit turns rather than further large-scale execution.
The portfolio is located at 1561 Pike Rd in established, infill Birmingham submarkets, available for purchase together or separately. Both assets were renovated with the intent to deliver stabilized operations with the majority of unit upgrades already in place.
The portfolio is located at 1561 Pike Rd in established, infill Birmingham submarkets, available for purchase together or separately. Both assets were renovated with the intent to deliver stabilized operations with the majority of unit upgrades already in place.
Key Highlights
- 146‑unit, two‑asset apartment portfolio: Pointe Arlington (88 units) and Fountain Blue (58 units)
- Both communities were built in 1974 and have undergone substantial capital improvements
- $4.3M+ in capital improvements across the two assets, including interior renovations, roofing, HVAC, water heaters, windows, and exterior systems
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.41M | $14.52 |
| − Vacancy | −$136.8k | −$1.41 |
| EGI | $1.27M | $13.11 |
| − OpEx | −$573.3k | −$5.90 |
| NOI | $700.7k | $7.21 |
97,160 SF · lease $14.52/SF/yr · vacancy 9.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$10.01M
$8.76M – $11.68M
NOI $700,656 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.81M
$19.95M – $26.61M
NOI $1,596,378 @ 7.0% cap · market cap 17.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Fountain Blue Apartments
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Two apartment communities total 146 units, with large-scale renovations including HVAC, roofing, and windows.
Where is this apartment building located?
The property is located at 1561 Pike Rd Birmingham, AL.
What is the asking price?
The asking price for this property is $9,052,000.
What are key features of this property?
This property features: 146‑unit, two‑asset apartment portfolio: Pointe Arlington (88 units) and Fountain Blue (58 units); Both communities were built in 1974 and have undergone substantial capital improvements; $4.3M+ in capital improvements across the two assets, including interior renovations, roofing, HVAC, water heaters, windows, and exterior systems
