Eight-Unit Apartment
7721 1st Avenue North Birmingham, AL 35206
7721 1st Avenue North, Birmingham, AL, 35206
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For Sale
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Renovated eight-unit, all three-bedroom configuration offered as-is with current occupancy and immediate lease-up potential.
Property Size7,567 SF
Price / SF$91.85
Days on Market18
Property Features for 7721 1st Avenue North
General Information
- Standard status
- Active
- Size
- 7,567 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1988
Listing Agency
Watts Realty Company
(205) 251-1267
Listed by
Chip Watts · License #AL 62851
Source
Crexi
Added: Jul 1 Checked: Jul 17 at 2:15 pm
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 Watts Realty Company
Investment Insights
Based on property information with market context.
This is an eight-unit apartment building offered for sale as-is. All units are configured as 3BR/1BA. According to the seller, the majority of units were renovated during 2024–2025.
Five of the eight units are currently occupied, and three units are vacant and described as ready for immediate lease-up. The property is being marketed with the remaining units and condition handled on an as-is basis.
For buyers and operators, the building’s uniform 3BR/1BA layout can simplify underwriting and leasing across the portfolio. With several units already vacant and ready to rent, there is an opportunity to stabilize operations while maintaining a consistent unit mix. Renovation work completed in 2024–2025 may reduce near-term interior turnover needs relative to non-updated configurations, subject to inspection and due diligence.
Five of the eight units are currently occupied, and three units are vacant and described as ready for immediate lease-up. The property is being marketed with the remaining units and condition handled on an as-is basis.
For buyers and operators, the building’s uniform 3BR/1BA layout can simplify underwriting and leasing across the portfolio. With several units already vacant and ready to rent, there is an opportunity to stabilize operations while maintaining a consistent unit mix. Renovation work completed in 2024–2025 may reduce near-term interior turnover needs relative to non-updated configurations, subject to inspection and due diligence.
Key Highlights
- Eight‑unit multifamily built in 1988, all units configured as 3BR/1BA
- Majority of units renovated in 2024‑25
- Current occupancy: five of eight units occupied
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 | $109.9k | $14.52 |
| − Vacancy | −$10.7k | −$1.41 |
| EGI | $99.2k | $13.11 |
| − OpEx | −$44.6k | −$5.90 |
| NOI | $54.6k | $7.21 |
7,567 SF · lease $14.52/SF/yr · vacancy 9.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$779.5K
$682.1K – $909.5K
NOI $54,568 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,329 @ 7.0% cap · market cap 17.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated eight-unit, all three-bedroom configuration offered as-is with current occupancy and immediate lease-up potential.
Where is this apartment building located?
The property is located at 7721 1st Avenue North Birmingham, AL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Eight‑unit multifamily built in 1988, all units configured as 3BR/1BA; Majority of units renovated in 2024‑25; Current occupancy: five of eight units occupied
