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Sunrise Square Apartments 203 E Chestnut St 32 Unit Apartment Building $965,000 ($30,156/Unit) Gadsden, AL 35903
Executive Summary
Gadsend Apartments presents a rare opportunity to acquire a well-located, 32-unit multifamily complex in the heart of Gadsden, Alabama. With long-term tenants, solid occupancy, and strong demand for affordable housing in the region, this property is a reliable income-producing asset with value-add potential. Located just minutes from Gadsden State Community College and within walking distance to retail centers, public schools, and transit options. This central location makes it highly attractive to tenants seeking affordability without sacrificing access to essential services. Property has Extra Land that could sell for for an estimated 150-300k. New government development next door
24 Efficiency style units. Rents for $475
4 1 bedroom units. Rents for $530
4 plex. It’s completely gutted. (Could be efficiency or 1 bedrooms/or convert it to a duplex with 3/1 bath each)
1 house. 2/1 bath needs gutted and rehabbed. Could be renovated and sold off separately.
1 building with laundry and storage.
Electric is sub metered and water is not. Owner pays for all of the water. Runs about 700 a month. All units are set up with window ac and baseboard heaters.
Enough land to build 30-40 more units.
With some clean up and improving the aesthetics could command a higher rental price per unit.
24 Efficiency style units. Rents for $475
4 1 bedroom units. Rents for $530
4 plex. It’s completely gutted. (Could be efficiency or 1 bedrooms/or convert it to a duplex with 3/1 bath each)
1 house. 2/1 bath needs gutted and rehabbed. Could be renovated and sold off separately.
1 building with laundry and storage.
Electric is sub metered and water is not. Owner pays for all of the water. Runs about 700 a month. All units are set up with window ac and baseboard heaters.
Enough land to build 30-40 more units.
With some clean up and improving the aesthetics could command a higher rental price per unit.
Property Facts
| Price | $965,000 | Building Class | C |
| Price Per Unit | $30,156 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 18,000 SF |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.11/1,000 SF |
| Apartment Style | Garden |
| Price | $965,000 |
| Price Per Unit | $30,156 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 18,000 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2024 |
| Parking Ratio | 2.11/1,000 SF |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 24 | - | - |
| 1+1 | 8 | - | 800 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $74,740 | |
| Land Assessment | $10,120 | Total Assessment | $84,860 |
Property Taxes
Parcel Numbers
Land Assessment
$10,120
Improvements Assessment
$74,740
Total Assessment
$84,860
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Sunrise Square Apartments | 203 E Chestnut St
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