Hoover Multifamily Investment
3252 and 3246 Warringwood Dr, Hoover, AL 35216
Well-maintained, renovated 8-unit multifamily property in desirable Hoover, AL.
Type:Multifamily
Property size:
10,176 SFPrice / SF:
$108/SF- Added:
- Nov 21, 2025
- Days on Market:
- 176
- Last Refresh:
- Apr 6 at 12:12 am
Property Features for 3252 and 3246 Warringwood Dr
General Information
- Standard status
- Active
- Size
- 10,176 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1970
Listing agent Richard McDonald (256) 726-4096
Listing office (256) 726-4096
Listing date Nov 21, 2025
Source Svn
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 Richard McDonald
HighLights
- 100% Occupancy provides a strong and reliable income stream.
- Located in desirable Hoover, AL, a high‑demand rental market.
- Significant Upside: Rent comparables are higher, presenting an opportunity to raise rents.
- Recently renovated units with stainless steel appliances and LVP flooring.
- Convenient access to Riverchase Galleria, Stadium Trace Village, The Summit, and other retail/dining options.
- Low‑risk asset in a well‑established area, ideal for long‑term growth.
Overview
Warringwood Apartments presents an investment opportunity in Hoover, AL. This multifamily property, constructed in 1970, contains 8 units within its 12,000 square feet. Recent renovations include stainless steel appliances and LVP flooring. The property is currently 100% occupied, providing a reliable income stream. Located in a desirable suburban submarket of Birmingham, this garden-style apartment community is suited for investors seeking stability and long-term growth in a high-demand rental market. The location in Hoover provides residents with access to schools, major employers, and retail and dining options. The property is located minutes from the Riverchase Galleria, Stadium Trace Village, and other commercial hubs. Hoover is a sought-after location for multifamily investment due to its proximity to major transportation routes and reputation for quality living. The location offers access to amenities and attractions, including shopping and dining at The Summit and Riverchase Galleria, and outdoor activities at Moss Rock Preserve and Aldridge Gardens. This location is near major employment centers and has potential for sustained growth and tenant demand.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$863.5K
NOI $77,713 @ 9.00% cap · cautious / downside scenario
Moderate
$1.11M
NOI $77,713 @ 7.00% cap · market / base-case scenario
Aggressive
$1.55M
NOI $77,713 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $162.4k | $15.96 |
| − Vacancy | −$21.1k | −$2.07 |
| EGI | $141.3k | $13.89 |
| − OpEx | −$63.6k | −$6.25 |
| NOI | $77.7k | $7.64 |
10,176 SF · lease $15.96/SF/yr · vacancy 13.00% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.11M
$971.4K – $1.30M
NOI $77,713 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $245,052 @ 7.0% cap · market cap 22.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Hoover
- County
- Jefferson
- State
- Alabama
- Longitude
- -86.7942
- Latitude
- 33.4014
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained, renovated 8-unit multifamily property in desirable Hoover, AL.
Where is this apartment building located?
The property is located at 3252 and 3246 Warringwood Dr Hoover, AL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 100% Occupancy provides a strong and reliable income stream.; Located in desirable Hoover, AL, a high‑demand rental market.; Significant Upside: Rent comparables are higher, presenting an opportunity to raise rents.
