Tuscaloosa Multifamily Investment
603 Hargrove E Rd Tuscaloosa, AL 35401
603 Hargrove E Rd, Tuscaloosa, AL, 35401
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For Sale
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48-unit apartment community in central Tuscaloosa, fully occupied.
Property Size38,592 SF
Price / SF$90.43
Days on Market618
Property Features for 603 Hargrove E Rd
General Information
- Standard status
- Active
- Size
- 38,592 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing Agency
Harwood Real Estate, LLC
(205) 764-1637
Listed by
Neal DiChiara · License #AL
Source
Crexi
Added: Nov 8, 2024 Checked: Jul 17 at 1:58 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 Harwood Real Estate, LLC
Investment Insights
Based on property information with market context.
Meadowbrook Apartments is a 48-unit apartment community constructed in 1966 and located in Tuscaloosa, Alabama. The property contains units with one bedroom and one bathroom, and two bedrooms and one bathroom. The average unit size is approximately 800 square feet. The property is fully occupied. In 2019, the units were updated with paint, LVT flooring, and new lighting. The property is situated in a central Tuscaloosa location.
Key Highlights
- Fully occupied 48‑unit apartment community.
- Central Tuscaloosa location.
- Updated units with paint, LVT flooring, and new lighting (2019).
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 | $606.7k | $15.72 |
| − Vacancy | −$37.6k | −$0.97 |
| EGI | $569.1k | $14.75 |
| − OpEx | −$256.1k | −$6.64 |
| NOI | $313.0k | $8.11 |
38,592 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.47M
$3.91M – $5.22M
NOI $312,979 @ 7.0% cap · market cap 8.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.27M
$8.11M – $10.82M
NOI $649,179 @ 7.0% cap · market cap 18.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Meadowbrook Apartments
Apartment Complex
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FAQs
What type of property is this?
Apartment building - 48-unit apartment community in central Tuscaloosa, fully occupied.
Where is this apartment building located?
The property is located at 603 Hargrove E Rd Tuscaloosa, AL.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: Fully occupied 48‑unit apartment community.; Central Tuscaloosa location.; Updated units with paint, LVT flooring, and new lighting (2019).
