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    Renovated 7-Unit Multifamily Complex Title is generated by Realmo AI

    3500 12TH AVENUE, Birmingham, AL 35234

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    For Sale
    $425,000

    MULTI_FAMILY - BIRMINGHAM, AL

    Type:Apartment
    Added:
    Jul 11, 2024
    Days on Market:
    694
    Last Refresh:
    Jun 4 at 12:06 am

    Property Features for 3500 12TH AVENUE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Parking features
    On Street
    Standard status
    Active
    APN
    23-00-19-3-013-002.000

    Taxes and HOA fees

    Tax Description
    LOT 11-A BHAM RLTY COS 4TH ADD RESUR OF LOTS 11-12-13 & PT LOT 14 BLK 2 LESS PT IN I-59 R/W

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1955
    Number of units
    7
    Flooring type
    Vinyl, Carpet - Full
    Building materials
    Brick and Frame

    We can help!

    Listing Contact
    Jeremy Galloway
    Jeremy Galloway

    Listing agent Jeremy Galloway License #119764

    Listing office eXp Realty, LLC Central 100 Chase Park S #128, Hoover, AL

    Listing date Jul 11, 2024

    MLS# 21391447 Listing URL

    Copyright © 2026 Greater Alabama MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 7‑unit multifamily property built in 1955, with 6 units offering 1 bed/1 bath and 1 unit offering 2 bed/1 bath
    • Currently used as a short‑term rental and registered with the city with an STR certificate
    • Trailing 12 months of gross revenue ending Oct. '24 is $89,860
    • Furniture included in the sale
    • Construction materials are brick and frame; electric heating and electric cooling
    • Public water; on‑street parking

    Overview

    This renovated multifamily complex consists of seven units total: six units with one bedroom and one bathroom, plus one unit with two bedrooms and one bathroom. The property is currently operated as a short-term rental, with the STR setup in place and a city STR certificate registered. The sale includes furniture, providing an immediate turnkey option for continued short-term rental use.

    The property is located at 3500 12TH AVENUE in Birmingham, Alabama 35234, in Jefferson County. The listing notes that the complex offers quick access to major attractions and amenities, supporting convenient day-to-day operation for STR guests.

    For buyers and operators, the unit mix can support either ongoing short-term rental operations or conversion to conventional rentals, depending on the buyer’s preference. The listing also references STR activity within the trailing twelve months ending October 2024, with gross revenue of $89,860, and indicates there may be additional STR properties available as part of a portfolio discussion. Creative financing offers are noted as not reviewed.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Shelby
    State
    Alabama
    Longitude
    -86.792649
    Latitude
    33.537713

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    FAQs

    What type of property is this?
    Apartment building - Renovated 7-unit property with a 1/1 mix plus one larger 2/1 unit, currently set up for short-term rentals.
    Where is this apartment building located?
    The property is located at 3500 12TH AVENUE Birmingham, AL.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: 7‑unit multifamily property built in 1955, with 6 units offering 1 bed/1 bath and 1 unit offering 2 bed/1 bath; Currently used as a short‑term rental and registered with the city with an STR certificate; Trailing 12 months of gross revenue ending Oct. '24 is $89,860
    (205) 605-9432
    We can help!
    Listing Contact
    Jeremy Galloway
    Jeremy Galloway
    Real Estate License ID: 119764
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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