2711 Gary Fitts St Tuscaloosa, AL 35401
- Office Properties & Spaces
- 4,630 SF
Current Use by Public Records
- Office Properties & Spaces
Property Details for 2711 Gary Fitts St
- Year built
- 1887
- Property size
- 4,630 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a fully renovated, 4,630 square foot, two-story office building in Tuscaloosa, Alabama. Located at 2711 Gary Fitts St, 35401, this 1887 building underwent a complete 2023 renovation, including new windows, HVAC units, water heater, gas lines, and partial flooring restoration. The property boasts a 5-year NNN lease with South Oak Title, a regional credit tenant, commencing August 23, 2024, and expiring August 31, 2029. The lease includes annual rent increases (10% in year two, 3% thereafter) and a single 5-year renewal option. The current NOI is $60,000, with a pro-forma NOI of $66,000, yielding a 5.00% cap rate and a pro-forma cap rate of 5.50%. The property features a metal roof under warranty, ample off-street parking accessible via a private alley, abundant street parking, and a concrete wheelchair ramp. Its convenient location offers proximity to the courthouse, dining, entertainment, and the financial district. The 7,920 square foot lot is zoned BGO. This is a meticulously maintained, historically significant property with no historic restrictions, promising long-term value and strong returns. A lease synopsis, including detailed rent increases, is available upon request with a signed NDA.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tuscaloosa
- County
- Tuscaloosa
- State
- Alabama
- Longitude
- -87.5725
- Latitude
- 33.2076
