Triplex with Three 2-Bed
For Sale
$219,900
Pending
623 38th Street, Tuscaloosa, AL 35405
MULTI_FAMILY - Tuscaloosa, AL
Property Size2,482 SF
Days on Market1916
Property Features for 623 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
J Herbert Moore
Elementary school
Skyland
Middle school
Eastwood
High school
Bryant
Directions
Take Greensboro Ave., South past James Harrison Pkwy. - look for Tractor & Equipment Company on right. Entrance to 38th St. is on your left just across from Tractor & Equipment Company. Proceed on 38th St two blocks and the triplex is on your right.
Standard status
Pending
APN
31-07-35-4-007-008.000
Size
2,482 SF
Utilities
Heating system
Central, Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Building Details
Building materials
Block, Masonry
Roof type
Shingle, Composition
Listing Agency:
Harwood Real Estate
(205) 752-8484
Listed By:
Bernard Harwood
(205) 394-8484
Added: May 11, 2021
Changed: Aug 5
Last Checked: Aug 8 at 9:06PM
MLS# 143893
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.
This triplex features three separate 2-bedroom, 1-bath units under one roof, for a total of six bedrooms and three bathrooms. The property is 100% occupied, with leases in place for all three units. Each unit has two dedicated off-street parking spaces.
The building totals 2,482 square feet and features block and masonry construction with a composition shingle roof. Heating is electric with heat pump and central systems, and cooling is provided by central air.
The westerly most unit was recently completely remodeled, including granite countertops. In addition, new refrigerators and stoves were purchased for all units.
The building totals 2,482 square feet and features block and masonry construction with a composition shingle roof. Heating is electric with heat pump and central systems, and cooling is provided by central air.
The westerly most unit was recently completely remodeled, including granite countertops. In addition, new refrigerators and stoves were purchased for all units.
Key Highlights
- Three separate 2‑bedroom, 1‑bath units under one roof
- Total of six bedrooms and three bathrooms
- 2,482 square feet triplex with block and masonry construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,129
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$402,580
$402.6K
Cap Rate 7%
$287,557
$287.6K
Cap Rate 9%
$223,656
$223.7K
Market Conditions
NOI Build-Up for 2,482 SF
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.
Gross rent
$39.0K $15.72/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$36.6K $14.75/SF
− OpEx
−$16.5K −$6.64/SF
NOI
$20.1K $8.11/SF
Area
Tuscaloosa, AL
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$402,580
Cap Rate 7%
$287,557
Cap Rate 9%
$223,656
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
Business Placement
Demographics for 35405, AL
45,155
Population
22,260
Households
2
Avg Household Size
34
Median Age
31%
College-Educated
94%
High-School Grad
52.9 sq mi
ZIP Area
854
Density / Sq Mi
$61,371
Median Household Income
$39,077
Median Earnings
$1,057
Median Rent
$224,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied triplex with three two-bedroom, one-bath units and leases in place, plus dedicated off-street parking for each unit.
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: Three separate 2‑bedroom, 1‑bath units under one roof; Total of six bedrooms and three bathrooms; 2,482 square feet triplex with block and masonry construction
