Current Use by Public Records
- Dormitories
Property Details for 311 Nesbit St
- Lot size
- 3.70 lot acres
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional redevelopment opportunity presents a prime investment in Jacksonville, Alabama's thriving student housing market. Located directly across from Jacksonville State University's main campus, this 3.7-acre property currently boasts 14 units in 8 buildings, all 100% occupied, generating a net operating income (NOI) of $87,456 and a 2.57% cap rate. The property, currently zoned B2, was previously damaged by a tornado but has existing architectural, engineering, and site plans in place for a significant expansion. The current plan envisions 85 units, though the potential exists to increase this number with the acquisition of adjacent properties. This fee-simple ownership offers a unique chance to capitalize on Jacksonville State University's continued growth, fueled by increased student enrollment and its recent move to Conference USA, bringing more events and people to the campus. The asking price is $3,400,000, representing a price per unit of $242,857.14. This is a rare chance to acquire a well-located, income-producing asset with substantial upside potential in a dynamic college town. The property consists of single-story buildings.
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
- Jacksonville
- County
- Calhoun
- State
- Alabama
- Longitude
- -85.7686
- Latitude
- 33.8258
