Renovated Apartment Income
500 Tuscaloosa Ave Birmingham, AL 35211
500 Tuscaloosa Ave, Birmingham, AL, 35211
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For Sale
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Twenty-unit apartment complex with all 2/1 units and 17 renovated units featuring new HVAC and tankless water heaters.
Property Size18,000 SF
Price / SF$105.56
Days on Market105
Property Features for 500 Tuscaloosa Ave
General Information
- Standard status
- Active
- Size
- 18,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1978
Listing agency
First Class Realty Services, LLC
(205) 225-1239
Listed by
Shayla Dotson · License #AL 105931
Source
Crexi
Added: Apr 9 Updated: Jul 22 at 5:50AM Checked: Jul 22 at 5:50AM
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 First Class Realty Services, LLC
Investment Insights
Based on property information with market context.
500 Tuscaloosa Ave is a 20-unit income-producing apartment complex in Birmingham, with all units configured as 2/1. Seventeen of the units have been fully renovated between 2022 and present, including updated interiors with new flooring, cabinetry, and appliances, as well as major system upgrades.
The renovated units have new HVAC systems and tankless water heaters, and the property includes washer and dryer connections in-unit. Current occupancy is primarily stabilized, with 19 income-producing units and 1 unit ready for lease or renovation completion. Two additional units are positioned for full renovation.
Current rent roll is approximately $16,500 per month, and professional management is in place.
The renovated units have new HVAC systems and tankless water heaters, and the property includes washer and dryer connections in-unit. Current occupancy is primarily stabilized, with 19 income-producing units and 1 unit ready for lease or renovation completion. Two additional units are positioned for full renovation.
Current rent roll is approximately $16,500 per month, and professional management is in place.
Key Highlights
- 20‑unit apartment complex (all 2/1 units) built in 1978 in Birmingham, AL
- 17 units renovated between 2022–present with updated interiors, new flooring, cabinetry, and appliances
- Renovated units include new HVAC systems and tankless water heaters
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 | $261.4k | $14.52 |
| − Vacancy | −$25.4k | −$1.41 |
| EGI | $236.0k | $13.11 |
| − OpEx | −$106.2k | −$5.90 |
| NOI | $129.8k | $7.21 |
18,000 SF · lease $14.52/SF/yr · vacancy 9.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,804 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.22M
$3.70M – $4.93M
NOI $295,747 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Twenty-unit apartment complex with all 2/1 units and 17 renovated units featuring new HVAC and tankless water heaters.
Where is this apartment building located?
The property is located at 500 Tuscaloosa Ave Birmingham, AL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 20‑unit apartment complex (all 2/1 units) built in 1978 in Birmingham, AL; 17 units renovated between 2022–present with updated interiors, new flooring, cabinetry, and appliances; Renovated units include new HVAC systems and tankless water heaters
