For Sale: Furnished 6BR or 8BR Student Housing in Tuscaloosa, Alabama $1,100,000

[Denise Evans]

2 story house with 4,630 sf. Built in 1886 but completely updated and modernized and NO historic district restrictions. Metal roof still under warranty. 6 BR or 8BR, 4BA, can easily add two more BA if want, with minimal plumbing.  To convert to 8BR, the 17x17 LR and 17x17 DR can be used as BRs, with huge entry foyer used as a LR and rear foyer and dine-in kitchen used for dining.

Brand-new furnishings, fixtures, finishes and accessories. Two kitchens. W/D in laundry closet. All new windows. Two new a/c units. The third is relatively new. New gas line for tankless water heater. Turnkey. Off-street parking. Concrete handicap ramp.  Minimal yard for upkeep. 

Seller credit to add sprinklers OR vinyl siding if you want to do that. Highest and best use is furnished student housing rented by the bedroom. One mile to campus, 3 blocks to dining and entertainment district. Next door to high-end whiskey and cigar bar in another historic home. Quiet street. Current student housing cap rates at 6.5% (9/21/23) This property caps at 6.98% with 6BR and 9.57% with 8BR. NOI assumes 10% management fee, 5% vacancy and credit loss allowance, and 5% repair and maintenance allowance, plus normal actual expenses. Large first year tax deductions with cost-segregation. Seller will hold up to 15% on a second mortgage.

Contact me for a flyer, photos, and spreadsheet.

Denise Evans, Qualifying Broker for 
    Butler Evans Real Estate, Inc.
205-310-3799
[email protected]