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826 1st St W 24 Unit Apartment Building $1,638,071 CAD ($68,253 CAD/Unit) 3.35% Cap Rate Birmingham, AL 35204
Investment Highlights
- Value Add property
- exterior renovated in 2022
- 16 units need rehab
Executive Summary
Great Value Add Opportunity with 16 vacant.
24-unit Property in 3 buildings. Great Value Add Opportunity w/16 vacant. Purchased in 2022 for $1,481,625. Units were renovated in 2022-23 w/all new electrical, plumbing, HVAC ducts/vents and HVAC units, windows, kitchens & baths! (new owner did additional electrical meter upgrades after purchase. Some vandalizing has occurred requiring an estimated $100,000 in cabinets, HVAC, flooring, some cabinets, doors & some plumbing/tile is needed. Some of the vacant units are almost ready to rent!! Needs new owner & good property manger! All main level slab units!! 12 units: 1 bed/1 bath. 12 units: 2 bed/1 bath. Current monthly income is $4,540.00.
Property is ONE BLOCK from the 50 Million Dollar Smithfield COMMUNITY TRANSFORMATIONAL GRANT project! Amazing time to buy. Ask for the recent Close to High School, Downtown, public transit and interstate.
24-unit Property in 3 buildings. Great Value Add Opportunity w/16 vacant. Purchased in 2022 for $1,481,625. Units were renovated in 2022-23 w/all new electrical, plumbing, HVAC ducts/vents and HVAC units, windows, kitchens & baths! (new owner did additional electrical meter upgrades after purchase. Some vandalizing has occurred requiring an estimated $100,000 in cabinets, HVAC, flooring, some cabinets, doors & some plumbing/tile is needed. Some of the vacant units are almost ready to rent!! Needs new owner & good property manger! All main level slab units!! 12 units: 1 bed/1 bath. 12 units: 2 bed/1 bath. Current monthly income is $4,540.00.
Property is ONE BLOCK from the 50 Million Dollar Smithfield COMMUNITY TRANSFORMATIONAL GRANT project! Amazing time to buy. Ask for the recent Close to High School, Downtown, public transit and interstate.
Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,638,071 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $68,253 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.92 AC |
| Cap Rate | 3.35% | Building Size | 17,880 SF |
| Sale Condition | High Vacancy Property | Average Occupancy | 29% |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1957/2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R5 - N SMITHFIELD-B 51 22-34-1 BK 46 PG 100 BLK 51 LOT 1-A | ||
| Price | $1,638,071 CAD |
| Price Per Unit | $68,253 CAD |
| Sale Type | Investment |
| Cap Rate | 3.35% |
| Sale Condition | High Vacancy Property |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.92 AC |
| Building Size | 17,880 SF |
| Average Occupancy | 29% |
| No. Stories | 1 |
| Year Built/Renovated | 1957/2022 |
| Opportunity Zone |
Yes |
| Zoning | R5 - N SMITHFIELD-B 51 22-34-1 BK 46 PG 100 BLK 51 LOT 1-A |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Heating
- Eat-in Kitchen
- Kitchen
- Carpet
- Family Room
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 690 |
| 2+1 | 12 | - | 800 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 22-00-34-1-030-001.000 | Improvements Assessment | $0 CAD (2025) |
| Land Assessment | $0 CAD (2025) | Total Assessment | $342,308 CAD (2025) |
Property Taxes
Parcel Number
22-00-34-1-030-001.000
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$342,308 CAD (2025)
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826 1st St W
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