Tuscaloosa Multifamily Investment
For Sale
$3,490,000
Pending
603 Hargrove Road E, Tuscaloosa, AL 35401
MULTI_FAMILY - Tuscaloosa, AL
Property Size38,592 SF
Lot Size1.52 Acres
Days on Market486
Property Features for 603 Hargrove Road E
General Information
Property type
Residential Multi Family
Property subtype
Other
Directions
From I20/59, turn onto McFarland Blvd. Turn left onto Hargrove RD and the property is located on the left.
Subdivision
(02) Central Tuscaloosa City
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
Legal 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
Building Details
Number of units
48
Listing Agency:
Harwood Real Estate LLC
(205) 764-1637
Listed By:
Richard Harwood
(205) 799-2210
Added: Apr 2, 2025
Changed: Jun 9
Last Checked: Jul 31 at 9:06PM
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)
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 35401, AL
41,852
Population
19,517
Households
2.1
Avg Household Size
26
Median Age
27%
College-Educated
85%
High-School Grad
40.1 sq mi
ZIP Area
1,044
Density / Sq Mi
$30,031
Median Household Income
$13,041
Median Earnings
$911
Median Rent
$141,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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)
