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