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Multifamily

Willow Wyck Apartments

632 23rd St E, Tuscaloosa, AL 35401

Listing Price: Request For Offer

Number of Units
72
Occupancy
68.0%
Gross SF
67,608

Investment Overview

Marcus & Millichap is pleased to present Willow Wyck Apartments, a 72-unit multi-family property in Tuscaloosa, Alabama. The complex features an attractive unit mix comprised of one and two bedroom offerings. There are three different two bedroom unit types. The property was constructed in stages; buildings A and B, with a total of 24 units were built in 1979. Building C and D, containing the remaining 48-units were constructed in 1990. The buildings are essentially identical, despite the variation in year of construction. Willow Wyck is centrally located in Tuscaloosa, just off of McFarland Boulevard, the primary commercial arterial in Tuscaloosa. The property is located less than two-miles from the University of Alabama Campus. Midtown Village, a 360,000 square-foot lifestyle center that is home to national retailers and restaurants as well as local boutique shops is two blocks from Willow Wyck. Willow Wyck has been owned and operated by the same group since the mid 1990's. The overall condition of the property is good, with minimal deferred maintenance. Despite this, Willow Wyck's occupancy and rental rates are well below market (Tuscaloosa's occupancy rate among similar properties is +/-99%). This presents the new owner an excellent opportunity to lease the vacant units at market rates, or conduct an upgrade program.

Investment Highlights

  • Sub-market has a 99% occupancy rate.
  • Tenant pays all utilities
  • All units feature fully-equipped kitchens, washer/dryer connections, fireplaces, walk-in closets and balconies
  • Roofs replaced in 2020 and have transferrable warranty
  • Convenient to both The University of Alabama Campus and Interstate 59/20.
  • Located in a quiet residential neighborhood.

Exclusively Listed By

Multifamily

Willow Wyck Apartments

Listing Price: Request For Offer

Number of Units
72
Occupancy
68.0%
Gross SF
67,608

Investment Highlights

  • Sub-market has a 99% occupancy rate.
  • Tenant pays all utilities
  • All units feature fully-equipped kitchens, washer/dryer connections, fireplaces, walk-in closets and balconies
  • Roofs replaced in 2020 and have transferrable warranty
  • Convenient to both The University of Alabama Campus and Interstate 59/20.
  • Located in a quiet residential neighborhood.

Investment Overview

Marcus & Millichap is pleased to present Willow Wyck Apartments, a 72-unit multi-family property in Tuscaloosa, Alabama. The complex features an attractive unit mix comprised of one and two bedroom offerings. There are three different two bedroom unit types. The property was constructed in stages; buildings A and B, with a total of 24 units were built in 1979. Building C and D, containing the remaining 48-units were constructed in 1990. The buildings are essentially identical, despite the variation in year of construction. Willow Wyck is centrally located in Tuscaloosa, just off of McFarland Boulevard, the primary commercial arterial in Tuscaloosa. The property is located less than two-miles from the University of Alabama Campus. Midtown Village, a 360,000 square-foot lifestyle center that is home to national retailers and restaurants as well as local boutique shops is two blocks from Willow Wyck. Willow Wyck has been owned and operated by the same group since the mid 1990's. The overall condition of the property is good, with minimal deferred maintenance. Despite this, Willow Wyck's occupancy and rental rates are well below market (Tuscaloosa's occupancy rate among similar properties is +/-99%). This presents the new owner an excellent opportunity to lease the vacant units at market rates, or conduct an upgrade program.

Exclusively Listed By

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