Tuscaloosa Triplex: Investment
623 38th Street Tuscaloosa, AL 35405
623 38th Street, Tuscaloosa, AL, 35405
$219,900
For Sale
$219,900
Fully occupied triplex in Tuscaloosa with income potential.
Property Size2,482 SF
Price / SF$88.60
Days on Market298
Property Features for 623 38th Street
General Information
- Standard status
- Active
- Size
- 2,482 SF
- Property subtype
- Multi Family
Listing Agency
Harwood Real Estate LLC
(205) 394-8484
Listed by
Bernard Harwood
(205) 394-8484
Source
Exitrealty
Added: Sep 23, 2025 Checked: Jul 17 at 5:21 am
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 Harwood Real Estate LLC
Investment Insights
Based on property information with market context.
This is an investment opportunity featuring a 100% occupied triplex. The property consists of three units, each with two bedrooms and one bathroom, totaling six bedrooms and three bathrooms. Leases are currently in place for all three units. The westernmost unit has been recently remodeled with granite countertops. New refrigerators and stoves have been recently purchased for all units. Each unit includes two dedicated off-street parking spaces. The total gross rents are $1850 per month, amounting to $22,200 annually. The property has a size of 2482 square feet.
Key Highlights
- 100% Occupied Triplex: Provides immediate rental income.
- Strong Income Potential: Generates $22,200 annually with a 7% Cap Rate.
- Three 2‑Bedroom Units: Offers a desirable unit configuration.
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 | $39.0k | $15.72 |
| − Vacancy | −$2.4k | −$0.97 |
| EGI | $36.6k | $14.75 |
| − OpEx | −$16.5k | −$6.64 |
| NOI | $20.1k | $8.11 |
2,482 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$320.3K
$280.2K – $373.6K
NOI $22,418 @ 7.0% cap · market cap 10.19%
Second Best
Apartment 5plus
$287.6K
$251.6K – $335.5K
NOI $20,129 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$596.4K
$521.9K – $695.9K
NOI $41,751 @ 7.0% cap · market cap 18.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Fully occupied triplex in Tuscaloosa with income potential.
Where is this triplex located?
The property is located at 623 38th Street Tuscaloosa, AL.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 100% Occupied Triplex: Provides immediate rental income.; Strong Income Potential: Generates $22,200 annually with a 7% Cap Rate.; Three 2‑Bedroom Units: Offers a desirable unit configuration.
