524 Vanderbilt St, Birmingham, AL 35206

Property Description

Great value-add multifamily opportunity in the growing East Lake area. This 12-unit apartment building features all 2BR/1BA units, with 9 units vacant and 3 currently occupied. Several major exterior improvements have already been completed, including a new roof, new rear steps and deck, fresh exterior paint, and repaired soffit and fascia. Seller states all A/C units are in working condition. Work has already begun, and a full scope of work and bid for the remaining interior renovations can be provided. A certified appraisal reflecting an ARV of $860,000 has been completed. Proforma rent is $875–$925 per unit. Remaining renovation needs include: light plumbing and electrical updates where needed, interior paint, new flooring, cabinets and countertops, and updated tubs, toilets, and vanities in each unit. Ideal opportunity for an investor looking to complete the renovation and reposition this property in a rapidly improving area.