Tuscaloosa Multifamily Investment
603 Hargrove Road E Tuscaloosa, AL 35401
603 Hargrove Road E, Tuscaloosa, AL, 35401
$3,490,000
Pending
For Sale
$3,490,000
Pending
MULTI_FAMILY - Tuscaloosa, AL
Property Size38,592 SF
Lot Size1.52 Acres
Days on Market473
Property Features for 603 Hargrove Road E
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Pending
- 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
Listing Agency
Harwood Real Estate LLC
(205) 764-1637
550 Greensboro Ave Unit 101, Tuscaloosa, AL
Listed by
Richard Harwood
(205) 799-2210
Added: Apr 2, 2025 Checked: Jul 18 at 3:06 pm
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Central Tuscaloosa location
- 48‑unit apartment community
- Updated units with paint, LVT flooring, and new lighting (2019)
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
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
NOI $649,179 @ 7.0% cap · market cap 18.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Meadowbrook Apartments
Student Housing Center
Similar For Sale Nearby
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)
