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2022 Golf Road - Park Place, Huntsville, AL

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2022 Golf Road - Park Place

Huntsville, AL 35802 - Outer S Madison County MF Submarket

Property Type:Multi-Family Number of Units:240 Status:Existing Year Built:1963
Stories:3 Building Size:358,629 SF Land Area:9.91 AC (431,610 SF)
For Sale Price:$7,623,000 Price/Unit:$31,762.50 Cap Rate:- GRM:-

Parking:.86 Parking Spaces / 1,000 SF

As of Summer 2014, approximately 25% of the apartments at Park Place are undergoing renovations.

Sale Notes:
Park Place Apartments is a very well positioned mid rise apartment complex with 231 individual units in the fast growing city of Huntsville, Alabama, a city often recognized by a wide range of national publications as one of the top tertiary markets in the United States. The complex consists of 5 mid rise style buildings, in addition to a leasing office, swimming pool, and playground. The buildings were constructed in 1964 and partially remodeled in 2004. The property is situated on two large parcels of land in the affluent South Huntsville area and contains a sprawling yet manageable 12.5 acres located adjacent to the 36 hole Becky Pierce Golf Club.The exterior surfaces are approximately 90% brick and 10% metal siding. Roofs are metal. The property has underperfomed recently as the ownership, officed three hours away, has become less engaged, and the property has been through several managers over the last three years. This is an incredible value add opportunity, particularly for Buyers with strong management. Lesser units have been appraised for over $35,000/unit in the immediate area within the last six months, indicating an area on the rise.

Sperry Van Ness|Avat Realty LLC
Andrew Agee
(256) 726-9096 x101

Michael Coon
(256) 726-9096 x109

Desiree Palmer
(256) 726-9096

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