Premier Location in Popular Lakeview District: Rise Lakeview is located in the Lakeview District, quickly becoming one of Birmingham’s hottest spots and the driving force behind Birmingham’s cultural renaissance. The area is known for its entertainment, nightlife, retail, design, and food.
National Tenants Headline 1st Floor Retail: Included in the offering is 18,839 SF of retail with nationally recognized tenants, including Hattie B’s, Exit Realty, and Escape Game which are all leased through at least 2025.
Retail Highlights & Upside: The Denim Bar expanded into a previously vacant space due to increased demand. The Mayor just signed a new lease, effective 3/1/24, and the same ownership group owns other successful restaurants in Birmingham.
Below Market Rents: Downtown Birmingham has several Class A apartments with similar vintage to Rise Lakeview. Most of those properties are charging significantly higher rents, leaving room for new ownership to potentially raise rents at Rise Lakeview.
High Quality Asset & Interior Finishes: Rise Lakeview offers tenants controlled access, private parking, stainless steel appliances, quartz countertops, ceiling fans, hardwood floors, 10’ ceilings, stackable washer/dryer included, and private patios with views of downtown Birmingham.
Parking Income Opportunity: Rise Lakeview has a 83-spot parking lot included in the offering. By implementing a pay-to-park system, such as Park Mobile, NOI could be raised by $113,000 or more. Market parking rates on Park Mobile in Downtown Birmingham range from $1/hr to $5/hr. This location is highly desirable for parking and could realistically achieve a rate of between $3/hr & $4/hr + fees. At 83 parking spaces, if each parking spot generated only $3.74/day, $113,000 of additional NOI would be achieved.
Impressive Demographics: With most of the population within a mile of the property being 25-34, 75% of the households are unmarried. Around 70% of the area rents in comparison to owning a home, giving more power to multifamily owners. Additionally, the average household income of $88,690 shows the area surrounding the property is an affluent group.
Urban Walkable Lifestyle: With a walkscore of 84, Rise Lakeview offers a short walk to some of the most notable bars and restaurants, is within 1 mile of the University of Alabama at Birmingham, is walking distance to thousands of jobs, and is within 2 miles of downtown Birmingham.
Bustling Area: University Blvd (17,285 VPD) and Red Mountain Expressway (77,707 VPD) offer tenants convenient access to Birmingham’s largest employers.
Nearby Demand Drivers: Rise Lakeview provides convenient access to nearby demand drivers, including:
Birmingham Growth: Birmingham has seen significant growth since 2017 with 225 projects being brought to the city. These projects have created 15,000+ jobs and $4.6 billion in capital investments.
Access to Birmingham’s Major Employers: Tenants will have quick access to 25+ companies that employ over 1,000 people, including:
For more information on the Birmingham market, please visit our Insights tab:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Rise Lakeview") located in Birmingham, Alabama.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Birmingham, Alabama and known as Rise Lakeview (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: