1850 17Th Ct Birmingham, AL 35234

Property Details for 1850 17Th Ct

Year built

1960

Lot size

0.52 lot acres

Property size

3,696 SF

Property type

Commercial real estate

APN

22 00 26 1 004 003.000

Description

This exceptional investment opportunity presents Fountain Villa Apartments, a six-unit apartment building located at 1850 17th Ct N, Birmingham, AL 35234. Built in 1960 and renovated in 2023, this Class B property boasts 3,696 square feet situated on a 0.52-acre lot. The property features a single, one-story building with R-3 zoning. Currently operating at 83.3% occupancy, with an expected full occupancy date of October 23, 2024, the property generates a pro-forma NOI of $28,700, resulting in a 6.38% pro-forma cap rate. Each of the six units is priced at $75,000, with a total asking price of $450,000 ($121.75 per square foot). The property is not subject to a ground lease. Located in the desirable Druid Hills neighborhood, this investment benefits from its proximity to downtown Birmingham, major employers such as the University of Alabama Birmingham and St. Vincent's Hospital, and easy access to interstate highways. The surrounding area is experiencing significant growth and redevelopment, making this a compelling opportunity for investors seeking strong returns in a dynamic market. The property's APN is 22 00 26 1 004 003.000. This stabilized investment offers a solid foundation for future growth and income potential.