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748 Nellie Ave Florence, AL 35630

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For Sale
$18,000,000

Stabilized, master-leased student housing portfolio adjacent to the University of North Alabama.

Type:Multifamily
Lot size:
5.70 Acres
Added:
Feb 11, 2026
Days on Market:
48
Last Refresh:
Mar 17 at 1:15 pm

Property Features for 748 Nellie Ave

General Information

Standard status
Active
Lot size
5.70 Acres
Property subtype
Multifamily

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Listing Contact
Jay Klos
Jay Klos

Listing agent Jay Klos License #AL 000108184

Listing office Keller Williams Realty Madison

Listing date Feb 11, 2026

Source Crexi

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 Keller Williams Realty Madison


Overview

University-Leased Student Housing Portfolio

This offering presents an opportunity to acquire a stabilized, master-leased student housing portfolio adjacent to the University of North Alabama in Florence, AL. The portfolio consists of Grandview Campus and Nobles Crossing, both operated under a Master Lease with the University, which manages the communities as university housing. This arrangement reduces traditional student leasing risk and provides predictable institutional-style income. Grandview Campus, located at 1247 Graham Ave, spans 4.1 acres and features 56 units with 120 bedrooms. The units are fully furnished and equipped with Apogee WiFi. The property provides 80 parking spaces and was renovated in 2023/24. It is situated 6 blocks from campus. Nobles Crossing, located at 748 Nellie Ave, covers 1.6 acres and includes 32 units with 48 bedrooms. These units are also fully furnished and offer Apogee WiFi. Renovated in 2022/23, Nobles Crossing is adjacent to campus. The portfolio is 100% occupied and generates $1,200,000 NOI with a 6.66% going-in cap rate. Structured financing is available, including a senior loan from a local credit union for $10.8MM with a 5-year term, 25-year amortization, and a 6.50% fixed interest rate, with an interest-only option for the first 2 years. Seller financing is also available for $3.6MM with a 5-year term and interest rates of 4.12% for years 1-3 and Prime +1% for years 4-5, also interest-only. Total leverage is 80%.
Location Intelligence

Current Use by Public Records

Regency Arms Apartments Apartment Building

Suggested Use

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

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

Location Insight

  • Map
  • Local Demand
City
Florence
County
Lauderdale
State
Alabama
Longitude
-87.6764645
Latitude
34.8101302

FAQs

What type of property is this?
Apartment building - Stabilized, master-leased student housing portfolio adjacent to the University of North Alabama.
Where is this apartment building located?
The property is located at 748 Nellie Ave Florence, AL.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: 100% Occupied with Master Lease from the University of North Alabama (UNA); $1.2MM Net Operating Income (NOI) and a 6.66% Going‑In Cap Rate; 80% Leverage Available through structured financing
More about this property
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