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1609 6th St N 24 Unit Apartment Building $1,690,000 ($70,417/Unit) 11.88% Cap Rate Birmingham, AL 35204
INVESTMENT HIGHLIGHTS
- 100% Occupied
- Fully renovated - inside and out
- 1/2 of tenants are Section 8 - guaranteed income
EXECUTIVE SUMMARY
96% occupied with final tenant moving in shortly. Currently 1/2 of tenants are Section 8. All units have been rehabbed in the last 3 years with new flooring, kitchens, upgraded electrical, plumbing, wall-mounted heat/air units, paint, carpet, lighting, window blinds. Newly paved & striped parking lot (June 2025) T-12 and Rent roll in documents Projected total income of $252,133 yrly. Projected NOI for next year is $200,697. Due to potential 100% occupancy property will be shown once under contract. NO OPTION FOR SELLER FINANCING!
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $1,690,000 | Building Class | C |
| Price Per Unit | $70,417 | Lot Size | 0.72 AC |
| Sale Type | Investment | Building Size | 25,200 SF |
| Cap Rate | 11.88% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.19/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | CR6 - MCCLOSKEY A P SUR 22-26-2 BK 78 PG 221 LOT 21- | ||
| Price | $1,690,000 |
| Price Per Unit | $70,417 |
| Sale Type | Investment |
| Cap Rate | 11.88% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.72 AC |
| Building Size | 25,200 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2022 |
| Parking Ratio | 1.19/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | CR6 - MCCLOSKEY A P SUR 22-26-2 BK 78 PG 221 LOT 21- |
AMENITIES
UNIT AMENITIES
- Washer/Dryer Hookup
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
- Family Room
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 24 | - | 728 |
1 1
PROPERTY TAXES
| Parcel Number | 22-00-26-2-031-001.000 | Improvements Assessment | $0 (2024) |
| Land Assessment | $0 (2024) | Total Assessment | $140,760 (2024) |
PROPERTY TAXES
Parcel Number
22-00-26-2-031-001.000
Land Assessment
$0 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$140,760 (2024)
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1609 6th St N
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