Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Tuscaloosa Multifamily Investment Opportunity Title is generated by Realmo AI

    603 Hargrove Road E, Tuscaloosa, AL 35401

    View on Map
    Claim this Listing
    For Sale
    $3,490,000

    MULTI_FAMILY - Tuscaloosa, AL

    Property size:
    38,592 SF
    Lot size:
    1.52 Acres
    Price / SF:
    $90/SF
    Added:
    Apr 2, 2025
    Days on Market:
    428
    Last Refresh:
    Jun 3 at 10:06 am

    Property Features for 603 Hargrove Road E

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    31-07-25-4-007-005.000
    Size
    38,592 SF
    Lot size
    1.52 Acres

    Taxes and HOA fees

    Tax Description
    Lot Pt. 8 In Blk G In Resurv Of Rose Pl. Subd Desc. As: Beg. Ne Cor Lot 8 Rose Place 4/80 Facing Hargrove Rd. Th. Nw With Rd 200' Th. Se 355' (S) 333.7' (D) Th. Se 196.3', Creek; Nw-370(S) Alg Creek To Pob In Sec4 T20s R9w
    Tax Annual Amount
    25707

    Building Details

    Number of units
    48

    We can help!

    Listing Contact
    Richard Harwood

    Listing agent Richard Harwood

    Listing office Harwood Real Estate LLC 550 Greensboro Ave Unit 101, Tuscaloosa, AL

    Listing date Apr 2, 2025

    MLS# 167975

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

    HighLights

    • Central Tuscaloosa location
    • 48‑unit apartment community
    • Updated units with paint, LVT flooring, and new lighting (2019)
    • Two floor plans (1 bed/1 bath and 2 bed/1 bath)
    • Average unit size of approximately 800 square feet
    • Attracts working class residents with affordable pricing

    Overview

    Meadowbrook Apartments is a 48-unit apartment community built in 1966. The property features two floor plans, with units ranging from 1 bedroom 1 bath to 2 bedrooms 1 bath. The average unit size is approximately 800 square feet. Units were updated in 2019 with paint, LVT flooring, and new lighting. The property is located in central Tuscaloosa and has attracted working class residents. The property size is 38592 square feet and the lot size is 1.52 acres.

    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 $606.7k $15.72
    − Vacancy −$37.6k −$0.97
    EGI $569.1k $14.75
    − OpEx −$256.1k −$6.64
    NOI $313.0k $8.11
    38,592 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $4.47M
    $3.91M – $5.22M (±1% cap)
    NOI $312,979 @ 7.0% cap · market cap 8.97%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $9.27M
    $8.11M – $10.82M (±1% cap)
    NOI $649,179 @ 7.0% cap · market cap 18.60%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Meadowbrook Apartments Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Building Supply Nail Salon Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Tuscaloosa
    County
    Tuscaloosa
    State
    Alabama
    Longitude
    -87.527646
    Latitude
    33.186901

    Nearby Similar for Sale

    • $600,000
      4,641 SF

      Tuscaloosa Office Opportunity For Sale

      Versatile 4,600+ SF office space in desirable Palisades office park.
      3093 Palisades Drive, Tuscaloosa, AL 35405
      View Details
    • $859,000
      3,230 SF

      Charming Commercial Office in Tuscaloosa

      Commercial office with parking, character, and rental potential.
      2902 7th Street, Tuscaloosa, AL 35401
      View Details
    • $625,000
      8,000 SF

      Tuscaloosa Mixed-Use Investment Opportunity

      Mixed-use property with warehouse near University of Alabama.
      3325 UNIVERSITY BOULEVARD, TUSCALOOSA, AL 35404
      View Details
    • $1,670,000
      10,279 SF

      Tuscaloosa Multi-Family Investment Opportunity

      Portfolio of six single-family homes near University of Alabama.
      1628 5th Avenue, Tuscaloosa, AL 35401
      View Details
    • $1,460,000
      4,801 SF

      Freestanding Commercial Building For Sale

      Versatile commercial space with drive-thru in Tuscaloosa, Alabama.
      8710 Highway 69 South, Tuscaloosa, AL 35405
      View Details
    • $850,000
      11,528 SF

      Tuscaloosa Warehouse with High Visibility

      11,500+ SF warehouse on 1.37 acres in Tuscaloosa.
      4201 Veterans Memorial Parkway, Tuscaloosa, AL 35404
      View Details
    • $284,900
      2,590 SF

      Versatile Property with Income Potential

      Duplex and home with rental income and recent updates.
      4010 16th Street NE, Tuscaloosa, AL 35404
      View Details
    • $2,000,000
      8,284 SF

      Furnished Multi-Family Homes near University

      Four furnished homes near University Blvd, suitable for rentals.
      925 17th Avenue E, Tuscaloosa, AL 35404
      View Details
    • $250,000
      1,100 SF

      Tuscaloosa Multifamily Investment Opportunity

      Value-add multifamily property near the University of Alabama campus.
      603 18th Street, Tuscaloosa, AL 35401
      View Details
    • $2,150,000
      5,772 SF

      Tuscaloosa Triplex Near Stadium

      12-bedroom triplex near Bryant-Denny Stadium with high rental potential.
      1305 14th Avenue, Tuscaloosa, AL 35401
      View Details
    • $489,900
      1,615 SF

      Retail and Office Space Available

      Retail and office space with original features and modern upgrades.
      2910 7th Street, Tuscaloosa, AL 35401
      View Details
    • $299,900

      Retail Location in Tuscaloosa

      High-traffic shopping center location in fast-growing south Tuscaloosa.
      Southview Lane, Tuscaloosa, AL 35405
      View Details

    FAQs

    What type of property is this?
    Apartment building - 48-unit apartment community in central Tuscaloosa.
    Where is this apartment building located?
    The property is located at 603 Hargrove Road E Tuscaloosa, AL.
    What is the asking price?
    The asking price for this property is $3,490,000.
    What are key features of this property?
    This property features: Central Tuscaloosa location; 48‑unit apartment community; Updated units with paint, LVT flooring, and new lighting (2019)
    (205) 799-2210
    We can help!
    Listing Contact
    Richard Harwood
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    603 Hargrove Road E, Tuscaloosa, AL 35401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!