Historic Tuscaloosa Building For
2711 Gary Fitts St Tuscaloosa, AL 35401
2711 Gary Fitts St, Tuscaloosa, AL, 35401
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For Sale
Contact for pricing
Historic building, credit tenant, renovated, parking, near downtown amenities.
Property Size4,630 SF
Price / SF$259.18
Days on Market666
Property Features for 2711 Gary Fitts St
General Information
- Standard status
- Active
- Size
- 4,630 SF
- Property subtype
- Office
Building Details
- Year Built
- 1887
Listing Agency
Butler Evans Real Estate
(205) 310-3799
Listed by
Denise Evans · License #AL67727
Source
Crexi
Added: Sep 21, 2024 Checked: Jul 17 at 11:26 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 Butler Evans Real Estate
Investment Insights
Based on property information with market context.
This historic building, unrestricted by historic limitations, stands as a signature property. The building is currently leased to South Oak Title, a regional credit tenant, under a 5-year NNN lease that includes annual rent increases and one 5-year renewal option. The lease commenced on August 23, 2024. The property underwent a complete renovation in 2023, featuring new windows, two new A/C units, a new tankless water heater, and new gas lines. The renovation also included some restored flooring and some new flooring. The metal roof is still under warranty. The property provides generous off-street parking at the rear, accessible via a private alley, along with ample free street parking. A maintenance-free concrete wheelchair ramp is located at the front of the building. The location is within walking distance of the courthouse, dining, entertainment venues, and the financial district. The property size is 4,630 square feet.
Key Highlights
- Leased to South Oak Title, a regional credit tenant, under a 5‑year NNN lease with annual rent increases and a 5‑year renewal option, ensuring stable income.
- Completely renovated in 2023 featuring new windows, two new A/C units, new tankless water heater, new gas lines, restored and new flooring, and a metal roof still under warranty.
- Historic building offering flexibility for future use and modifications, with no historic restrictions.
Local Financial Insights For Office B
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 | $91.7k | $19.80 |
| − Vacancy | −$20.2k | −$4.36 |
| EGI | $71.5k | $15.44 |
| − OpEx | −$17.9k | −$3.86 |
| NOI | $53.6k | $11.58 |
4,630 SF · lease $19.80/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$766.1K
$670.4K – $893.8K
NOI $53,629 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$973.6K – $1.30M
NOI $77,884 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Historic building, credit tenant, renovated, parking, near downtown amenities.
Where is this office building located?
The property is located at 2711 Gary Fitts St Tuscaloosa, AL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Leased to South Oak Title, a regional credit tenant, under a 5‑year NNN lease with annual rent increases and a 5‑year renewal option, ensuring stable income.; Completely renovated in 2023 featuring new windows, two new A/C units, new tankless water heater, new gas lines, restored and new flooring, and a metal roof still under warranty.; Historic building offering flexibility for future use and modifications, with no historic restrictions.
