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Meadowbrook Apartments 603 Hargrove Rd 48 Unit Apartment Building $3,490,000 ($72,708/Unit) 5% Cap Rate Tuscaloosa, AL 35401
Investment Highlights
- Fully occupied, Meadowbrook is an ideal property for investors looking to scale in the Tuscaloosa Market.
- AVERAGE SF PER UNIT +/- 800 sf
- This asset is fully occupied, and rent is below market in many cases.
- NUMBER OF UNITS 48
Executive Summary
Meadowbrook Apartments is a 1966 vintage 48- unit apartment community located in Tuscaloosa, Alabama. With two floor plans Ranging from 1 bedroom 1 bath to 2 bedrooms 1 bath, the average unit size is approximately 800 square feet. This asset is fully occupied, and rent is below market in many cases. Units were updated with paint, LVT flooring, and new lighting in 2019. These units have attracted working class residents who enjoy the central Tuscaloosa location at an affordable price.
Property Facts
| Price | $3,490,000 | Apartment Style | Low-Rise |
| Price Per Unit | $72,708 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.52 AC |
| Cap Rate | 5% | Building Size | 38,592 SF |
| No. Units | 48 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1966 |
| Zoning | BN - BN (Neighborhood Business) | ||
| Price | $3,490,000 |
| Price Per Unit | $72,708 |
| Sale Type | Investment |
| Cap Rate | 5% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.52 AC |
| Building Size | 38,592 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1966 |
| Zoning | BN - BN (Neighborhood Business) |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 800 |
| 2+1 | 24 | - | 800 |
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Property Taxes
| Parcel Number | 31-07-25-4-007-005.000 | Improvements Assessment | $452,920 |
| Land Assessment | $46,260 | Total Assessment | $499,180 |
Property Taxes
Parcel Number
31-07-25-4-007-005.000
Land Assessment
$46,260
Improvements Assessment
$452,920
Total Assessment
$499,180
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Meadowbrook Apartments | 603 Hargrove Rd
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