100 Carmine Cir Madison, AL 35758

Property Details for 100 Carmine Cir

Year built

1985

Property size

27,080 SF

Property type

Commercial real estate

Description

Exceptional investment opportunity awaits with the Carmine Apartments, a 32-unit multifamily property situated at 100 Carmine Cir, Madison, AL 35758. This Class C apartment building boasts 27,080 square feet across eight, two-story buildings, constructed in 1985. The property currently offers a 5.11% cap rate and a Net Operating Income (NOI) of $204,100, with an asking price of $3,995,000 ($124,843.75 per unit and $147.53 per square foot). Twenty-nine of the thirty-two units have undergone recent renovations within the last two years, showcasing a commitment to quality and tenant satisfaction. The seller is committed to completing exterior renovations, including painting exterior trim and decks, or offering a price adjustment reflecting the remaining work. The property benefits from a desirable location west of Wall Triana Blvd, near Bob Jones High School, local retailers, and Madison Hospital, within a rapidly growing Huntsville submarket. The current tenant base is considered excellent, with a strong payment history and respect for the property. Projected rent increases to $950 per month reflect the area's recent 10% annual rent growth. This well-maintained complex presents a compelling opportunity for investors seeking strong returns in a thriving market.

Location Insight

City

Madison

County

Madison

State

Alabama

Longitude

-86.7505354

Latitude

34.7272553