Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1612 15th S Ave Birmingham, AL 35205-6274

    • Garden apartment buildings
    • 13,986 SF
    • 0.84 lot acres
    OFF-MARKET
    Last Sale
    Jul 05, 2022
    $4,218,661
    Value Estimations
    $3,535,000
    Show details
    Cap Rate Potential
    3%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US03-0371414
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 1612 15th S Ave

    Year built
    1970
    Lot size
    0.84 lot acres
    Property size
    13,986 SF
    Zone code
    R3
    Property type
    Garden apartment buildings
    APN
    29-00-01-4-011-012.000
    APU
    2900014011012000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,320,000
      ML approach
      $3,570,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,176,000
      Market price range: $874k - $5.79M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,820,000
      Current use
      RESTAURANT
      $3,825,000
      Change: +36% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,780,000
      Change: +34% Conversion: Difficult
      MEDICAL BUILDING
      $2,490,000
      Change: -12% Conversion: Moderate
      OFFICE BUILDING
      $2,340,000
      Change: -17% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Jefferson
    State
    Alabama
    Longitude
    -86.7997
    Latitude
    33.4941
    CBSA code
    13820
    CBSA name
    BIRMINGHAM-HOOVER, AL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $18,598
    $174,000
    $409,100
    $583,100
    -
    $870,000
    $2,045,500
    $2,915,500

    Comparable in this City

    • Value Estimation
      $290,000
      3,066 SF

      2501 Caldwell S Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,066 SF
      2501 Caldwell S Ave, Birmingham, AL 35205-2551
      View Details
    • Value Estimation
      $4,180,000
      16,264 SF

      2612 Niazuma S Ave

      GARDEN APT, COURT APT (5+ UNITS) • 16,264 SF
      2612 Niazuma S Ave, Birmingham, AL 35205-2555
      View Details
    • Value Estimation
      $810,000
      7,320 SF

      705 1st S St

      GARDEN APT, COURT APT (5+ UNITS) • 7,320 SF
      705 1st S St, Birmingham, AL 35205-4249
      View Details
    • Value Estimation
      $360,000
      11,179 SF

      1205 33rd S St

      GARDEN APT, COURT APT (5+ UNITS) • 11,179 SF
      1205 33rd S St, Birmingham, AL 35205-1463
      View Details
    • Value Estimation
      $155,000
      4,788 SF

      2302 9th S Ave

      GARDEN APT, COURT APT (5+ UNITS) • 4,788 SF
      2302 9th S Ave, Birmingham, AL 35205-2322
      View Details
    • Value Estimation
      $195,000
      3,032 SF

      1338 15th S Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,032 SF
      1338 15th S Ave, Birmingham, AL 35205-6057
      View Details

    Similar Nearby for Sale

    • $539,900
      1,180 SF

      Updated Condo with Downtown Views

      Updated 2 bed, 2 bath condo with city views.
      1300 27Th Pl S, Birmingham, AL 35205
      View Details
    • $149,900
      625 SF

      Updated Condo in Highland Park

      Updated 1-bedroom condo near UAB and downtown Birmingham.
      2625 Highland Ave, Birmingham, AL 35205
      View Details
    • $149,900
      616 SF

      Upgraded Condo with Modern Amenities

      Upgraded 1-bedroom condo with new electrical, HVAC, and windows.
      2727 Highland Ave, Birmingham, AL 35205
      View Details
    • $649,000

      Highland Plaza Condo with Skyline Views

      Two-bedroom condo in historic building with city and mountain views.
      2250 Highland Ave S, Birmingham, AL 35205
      View Details
    • $240,000
      471 SF

      Renovated Condo in Highland Plaza

      Renovated 1920s condo with rooftop deck, pool, and fitness room.
      2250 Highland Ave S, Birmingham, AL 35205
      View Details
    • $699,900
      1,466 SF

      Updated Condo with City Views

      Updated condo featuring city views, modern aesthetic, and luxurious bathroom.
      2700 Arlington Ave, Birmingham, AL 35205
      View Details

    Similar Nearby for Lease

    • $34 SF/Yr
      6,000 SF

      Sublease Office Space in Midtown

      6,000 SF office space available for sublease in Midtown.
      2222-2228 Arlington Ave S, Birmingham, AL 35205
      View Details
    • Contact for pricing
      2,363 SF

      Office Space in Birmingham, AL

      2363 square feet office space available for rent.
      2660 10Th Ave S, Birmingham, AL 35205
      View Details
    • $22 SF/Yr
      10,400 SF

      Prime Five Points South Office Space

      Executive Suites, 5,200 SF Available
      2117 Magnolia Ave, Birmingham, AL 35205
      View Details
    • $34 SF/Yr
      6,000 SF

      Midtown Executive Office Space For Lease

      6,000 SF Executive Suite Available Now
      2222 Arlington Ave, Birmingham, AL 35205
      View Details
    • $15 SF/Yr
      5,050 SF

      Glenn Iris Commons Flex Space

      Birmingham Office/Warehouse, 3,350 SF Available
      1135 14Th Ave, Birmingham, AL 35205
      View Details
    • Contact for pricing
      14,910 SF

      Highland Ave Retail Opportunity

      Birmingham, AL: Prime Retail Space Available
      2001 Highland Ave, Birmingham, AL 35205
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1612 15th S Ave
    Birmingham, AL 35205-6274
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.