Current Use by Public Records
- Apartment buildings
Property Details for 1148 Forest St
- Year built
- 1960
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a well-maintained, four-unit apartment building located at 1148 Forest Street in Birmingham, Alabama, 35217. Built in 1960, this single-story brick quadplex boasts a total of 2,900 square feet of net rentable space, currently achieving 100% occupancy. The property features a desirable R-3 zoning designation. Each of the four units benefits from individually metered utilities, enhancing operational efficiency and tenant satisfaction. Recent upgrades include several new water heaters and a replaced HVAC system, minimizing immediate maintenance needs. The property also features a durable metal roof. The strong financial performance is highlighted by a current net operating income (NOI) of $16,000, translating to a compelling 9.14% capitalization rate and a price per square foot of $60.34. The current occupancy is expected to continue through November 20, 2024. This stabilized investment offers significant potential for future value appreciation through rental increases and further property improvements. The property's location in a quiet Birmingham neighborhood adds to its appeal. This is an ideal opportunity for investors seeking a stable, high-performing multifamily asset with a proven track record of full occupancy.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Birmingham
- County
- Jefferson
- State
- Alabama
- Longitude
- -86.7665
- Latitude
- 33.5752
