7601 2nd N Ave, Birmingham, AL 35206-4240
- Garden apartment buildings
- 17,900 SF
- 1.15 lot acres
Current Use by Public Records
- Eastmont Plaza / Apartment Complex
Property Details for 7601 2nd N Ave
- Year built
- 1968
- Lot size
- 1.15 lot acres
- Zone code
- CB2
- Property type
- Garden apartment buildings
- APN
- 23-00-15-1-006-001.000
- APU
- 2300151006001000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| May 9, 2022 | $3,273,000 | 33h 28sfr LLC | Farra LLC | Warranty Deed | $2.9M · Churchill Funding I |
| Feb 7, 2022 | $2,464,000 | Farra LLC | Eastmont Plaza LLC | Warranty Deed | $2.4M · Oakworth Capital Bank |
| Mar 27, 2014 | $154,000 | Eastmont Plaza LLC | Butcher John E Trust | Warranty Deed | — |
| — | — | Butcher,john E Trust | — | Deed Of Trust · related | $545k · Branch Bk&tr |
| — | — | Eastmont Plaza LLC | — | Deed Of Trust · related | $460k · Branch Bk&tr |
Description
This exceptional investment opportunity presents a portfolio of four multifamily properties totaling 258 units in Birmingham, Alabama. Strategically located across multiple desirable neighborhoods including Center Point, Eastmont Plaza, Fountain Blue, Highland Park, and Pointe Arlington, this portfolio offers immediate scale in a thriving market. The properties, built between 1968 and 1974, comprise 23 buildings with a total of 43,240 to 69,387 square feet across approximately 1.22 to 3.77 acres of land. The portfolio features a diverse unit mix and benefits from a proven resident placement program, ensuring consistent occupancy. Significant recent capital expenditures totaling $4.9 million have been invested, providing immediate value and minimizing future capital needs. The properties are situated in an Opportunity Zone, offering attractive tax incentives and long-term growth potential. This portfolio presents a compelling value-add opportunity with potential for increased revenue through lease trade-outs, utility reimbursement increases, and interior renovations. The existing management team is effective, affordable, and willing to remain, ensuring a smooth transition for the new owner. APN numbers include: 23 00 15 1 006 001.000 | 23 00 15 1 014 001.000; 29 00 03 1 015 001.000 | 29 00 03 2 034 002.000 29 00 03 2 034 003.000; 29 00 06 1 017 004.003 | 29 00 06 1 017 004.002 29 00 06 1 017 004.001. This is a rare opportunity to acquire a substantial multifamily portfolio in a strong, growing market.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,580,000
- ML approach
- $2,705,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,150,000
- 6.5%
- $1,985,000
- 7%
- $1,845,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,000,000
Market price range: $1.12M - $7.40M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $3,610,000 Current use
- MEDICAL BUILDING
- $3,185,000 Change: -12% Conversion: Moderate
- OFFICE BUILDING
- $2,995,000 Change: -17% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Birmingham
- County
- Jefferson
- State
- Alabama
- Longitude
- -86.7306
- Latitude
- 33.5613
- CBSA code
- 13820
- CBSA name
- BIRMINGHAM-HOOVER, AL METROPOLITAN STATISTICAL AREA
