1130 Jack Warner Pkwy Tuscaloosa, AL 35404
- Dormitories
- 13.26 lot acres
Current Use by Public Records
- Hillside Commons / Furnished Apartment Building / Student Housing Center
Property Details for 1130 Jack Warner Pkwy
- Year built
- 1987
- Lot size
- 13.26 lot acres
- Property type
- Dormitories
- Property subtype
- Student housing
Description
Exceptional investment opportunity in Hillside Commons, a 138-unit (277-bed) student housing community in Tuscaloosa, Alabama. This Class B multifamily property boasts a 100% occupancy rate for the 2024-2025 school year, generating a pro-forma NOI of $1,532,048 and a 6.03% cap rate. Situated on 13.26 acres at 1130 Jack Warner Pkwy, it's conveniently located one mile from the University of Alabama. The property comprises 26 two-story buildings totaling 136,264 net rentable square feet. Originally built in 1987, Hillside Commons underwent a complete interior renovation in 2022, with $30,000 invested per unit. A $2 million clubhouse, completed in Fall 2024, features a resort-style pool, state-of-the-art fitness center, café, and student lounge. The property is zoned RMF-1 and offers a significant value-add opportunity due to rental rates currently 20% below the top third of comparable properties. With a 3% increase in University of Alabama enrollment in 2024 and 73% of students living off-campus, this property presents a strong investment with high barriers to entry in a powerful student market. The property is priced below replacement costs.
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
- -87.5233374
- Latitude
- 33.2211487
