University-Leased Student Housing
748 Nellie Ave, Florence, AL 35630
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:
- 111
- 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
Listing agent Jay Klos License #AL 000108184
Listing office Keller Williams Realty Madison
Listing date Feb 11, 2026
Source Crexi
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HighLights
- 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
- Recently Renovated in 2022/23 and 2023/24
- Prime Locations: Grandview Campus is 6 blocks from campus, and Nobles Crossing is adjacent to campus
- Fully Furnished units with Apogee WiFi
Overview
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%.
Property Profile
Location Intelligence
Current Use by Public Records
Regency Arms Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Florence
- County
- Lauderdale
- State
- Alabama
- Longitude
- -87.6764645
- Latitude
- 34.8101302
Nearby Similar for Sale
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
