NOT LISTED FOR SALE

7720 Madrid Ave Birmingham, AL 35206

South Eastlake Neighborhood
40 Beds
20 Baths
15,080 Sq Ft
0.8 Acres

Last Sold May 18, 2023

Last sale price $965,000 $64 Per Sq Ft

6 Days on Market

About This Home

As of May 2023

Here is an amazing opportunity to purchase this multifamily property in a growing submarket of Birmingham, South East Lake, right near Ruffner Mountain. There are two identical buildings with ten units each, totaling an asset of 20-units. All units have 2 Bedrooms, 1 Bath. Nearly all of the units have been renovated, with updated kitchens and bathrooms. New vinyl floors throughout and fresh interior paint. Units are large and spacious with an open floor plan, which make leasing very simple. They all have large windows that let in tons of natural light. It's also close to shopping, restaurants, and major highways so easy access to all that Birmingham has to offer. The newer leases are being signed by $695, which still leaves room for growth. All units, except for 1 is already rented. If you're looking for a deal that cashflow from day 1, that still has the upside value add potential, this is the one! It's everything you're looking for and will make a great addition to any portfolio.

Last Agent to Sell the Property

Danny Gonzalez

Real Broker LLC Listed on: 03/30/2023

Last Buyer's Agent

Davey Lanshaw

Bear Flag Property Management

Property Details

Home Type

  • Apartment

Est. Annual Taxes

  • $6,877

Year Built

  • Built in 1964

Lot Details

  • 0.8

Home Design

  • Brick Exterior Construction

Flooring

  • Wall to Wall Carpet
  • Laminate

Unfinished Basement

  • Partial Basement

Schools

  • Barrett Elementary School
  • Ossie Ware Mitchell Middle School
  • Woodlawn High School

Listing and Financial Details

  • Tenant pays for all utilities (tenant)

Community Details

Overview

  • 20 Units

Building Details

  • Operating Expense $1,529
  • Gross Income $10,680

Property Details

Home Type

Apartment

Est. Annual Taxes

$6,877

Year Built

Built in 1964

Lot Details

0

Listing Details

  • Class: MULTIFAMILY
  • Down Payment Assistance: No
  • Property Type: Apartment
  • Year Built Description: Existing
  • Year Built: 1964
  • Price Per Sq Ft: 1
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1964

Interior Features

  • Floors: Laminate, Wall-to-Wall Carpet
  • Basement Style: Partial Basement
  • Basement Finished: All Unfinished

Exterior Features

  • Construction: Brick
  • Foundation: Basement
  • Water Heater: Individual Control

Utilities

  • Heating: Individual Units (HEAT)
  • Cooling: Individual Units (COOL)
  • Sewer/Septic System: Connected
  • Water: Public Water

Condo/Co-op/Association

  • Total Units: 20

Schools

  • Elementary School: BARRETT
  • Middle School: OSSIE WARE MITCHELL
  • High School: WOODLAWN

Lot Info

  • Assessor Parcel Number: 23-00-14-2-020-014.000

Rental Info

  • Tenant Pays: All Utilities (TENANT)

Tax Info

  • Tax District: BIRMINGHAM
  • Annual Tax: 6877

Multi Family

  • Expenses: 1529
  • Gross Income: 10680

MLS Schools

  • Elementary School: BARRETT
  • High School: WOODLAWN
  • Jr Middle School: OSSIE WARE MITCHELL

Range of Values:

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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/18/2023 05/18/23 Sold $965,000 -1.0% $64 / Sq Ft
03/30/2023 03/30/23 For Sale $975,000 +25.0% $65 / Sq Ft
04/14/2022 04/14/22 Sold $780,000 -20.0% $52 / Sq Ft
01/14/2022 01/14/22 For Sale $975,000 -- $65 / Sq Ft
Source: Greater Alabama MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Danny Gonzalez

    Seller's Agent in 2023

    Danny Gonzalez

    Real Broker LLC

    (205) 315-0054

    1 in this area

    27 Total Sales

    Danny Gonzalez
    Section Image
  • Davey Lanshaw

    Buyer's Agent in 2023

    Davey Lanshaw

    Bear Flag Property Management

    (951) 777-0667

    8 in this area

    33 Total Sales

    Davey Lanshaw
    Section Image
  • Justin Jones

    Seller's Agent in 2022

    Justin Jones

    Keller Williams Homewood

    (205) 520-3899

    8 in this area

    117 Total Sales

    Justin Jones
    Section Image

  • C

    Buyer's Agent in 2022

    Codi Feltman

    eXp Realty, LLC Central

    Section Image
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Map

Source: Greater Alabama MLS

MLS Number: 1349612

Greater Alabama MLS

APN: 23-14-2-020-014.000-RR-00

Alabama Jefferson County Birmingham 35206 South Eastlake

7720 Madrid Ave, Birmingham, AL

This home is located at 7720 Madrid Ave, Birmingham, AL 35206 since 30 March 2023. This property was built in 1964. 7720 Madrid Ave is a home located in Jefferson County with nearby schools including Barrett Elementary School, Ossie Ware Mitchell Middle School, and Woodlawn High School-Magnet.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Greater Alabama MLS IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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