Meadowbrook Apartments
Multifamily- 48 Units
Marketing description
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.
Investment highlights
PROPERTY NAME Meadowbrook Apartments
ADDRESS 603 Hargrove Road East
CITY, STATE, ZIP Tuscaloosa, AL 35401
YEAR BUILT 1966
PARCEL ID 31-07-25-4-007-005.000
ZONING BN (Neighborhood Business)
ACREAGE +/- 1.52 acres
NUMBER OF UNITS 48
AVERAGE SF PER UNIT +/- 800 sf
SALES PRICE $3,490,000
PRICE PER UNIT $72,708
CAP RATE 5%
PROFORMA CAP RATE 8%
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