Modern Unit with Garage
For Sale
$280,000
2201 5TH AVENUE S #405, Birmingham, AL 35233
Top floor unit near UAB with premium garage parking.
Property Size974 SF
Price / SF$287.47
Days on Market438
Property Features for 2201 5TH AVENUE S #405
General Information
Standard status
Active
Size
974 SF
Property subtype
Condominium
Amenities
Cooling: Central (COOL), Dual Systems (COOL), Electric (COOL)
Heating: Central (HEAT), Electric (HEAT)
Dishwasher Built-In, Oven-Electric, Refrigerator, Some Stainless Appl, Stove-Electric
Building Details
Building Size
974 SF
Year Built
1920
Listing Agency:
Keller Williams Realty Vestavia
(908) 319-8499
Listed By:
Ken Grodner · License #AR0134276
(908) 319-8499
Source:
Kw
Added: Jun 1, 2025
Changed: Aug 8
Last Checked: May 19 at 9:34PM
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 Keller Williams Realty Vestavia
Investment Insights
Based on property information with market context.
This modern, owner-occupied unit is located on the 4th floor. The property features large windows, polished concrete floors, exposed ductwork, and high ceilings. A premium deeded garage parking space is included, featuring a dedicated electric car charging circuit (50A NEMA 14-50). The unit is equipped with dual A/C units with Nest thermostats. The kitchen includes granite countertops, a tile backsplash, under cabinet lighting, and stainless appliances, including a new LG refrigerator. The large bedroom features a walk-in closet with custom built-in shelving and drawers. A dedicated laundry closet contains additional storage and includes a low cycle LG washer/dryer unit with full-size capacity. The bathroom contains a vanity with additional cabinetry and a large walk-in shower. A large, secure, climate-controlled storage room is located down the hall from the unit. The property is located directly across the street from the UAB campus. The property size is 974 square feet.
Key Highlights
- Premium deeded GARAGE parking space with dedicated electric car charging circuit (50A NEMA 14‑50).
- Directly across the street from the UAB campus.
- Large, secure, climate controlled storage room down the hall from the unit.
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
$9,519
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
3.40%
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%
$190,380
$190.4K
Cap Rate 7%
$135,986
$136.0K
Cap Rate 9%
$105,767
$105.8K
Market Conditions
NOI Build-Up for 974 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
$15.2K $15.60/SF
− Vacancy
−$1.6K −$1.64/SF
EGI
$13.6K $13.96/SF
− OpEx
−$4.1K −$4.19/SF
NOI
$9.5K $9.77/SF
Area
Birmingham, AL
Vacancy
10.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$190,380
Cap Rate 7%
$135,986
Cap Rate 9%
$105,767
Alternative Uses
Best Use
Retail
$136.0K
$119.0K – $158.7K
NOI $9,519 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$100.3K
$87.8K – $117.1K
NOI $7,024 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$228.6K
$200.0K – $266.7K
NOI $16,003 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 35233, AL
2,588
Population
2,710
Households
1
Avg Household Size
27
Median Age
90%
College-Educated
99%
High-School Grad
1.5 sq mi
ZIP Area
1,725
Density / Sq Mi
$52,207
Median Household Income
$48,750
Median Earnings
$1,526
Median Rent
$332,100
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 - Top floor unit near UAB with premium garage parking.
Where is this apartment building located?
The property is located at 2201 5TH AVENUE S #405 Birmingham, AL.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Premium deeded GARAGE parking space with dedicated electric car charging circuit (50A NEMA 14‑50).; Directly across the street from the UAB campus.; Large, secure, climate controlled storage room down the hall from the unit.
