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Historic 6-plex / Downtown Foley / Fully Occupied

Operated as 55+ Community / No repairs Needed

Listing Contacts

Active

Asking Price: $699,900
Address 

531 W Laurel Ave, Foley, AL 36535

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Date Added
Sep 26, 2024
Days on Market
232 days
Time Since Last Update
11 days

Details

Property TypeHospitality, Mixed Use, Multifamily, Senior Living
SubtypeApartment Building, Student Housing
Investment TypeStabilized
TenancyMulti
Number of Tenants6
Square Footage3,743
Net Rentable (sq ft)3,743
Price/Sq Ft$186.99
Cap Rate4.59%
Occupancy100%
NOI$32,100
Units6
Year Built1925
Year Renovated2018
Buildings1
Stories2
ZoningB-2
Lot Size (acres)0.59
Broker Co-OpYes
APN05-54-09-29-3-000-005.002
Price/Unit$116,650
OwnershipFull
Sale ConditionFor sale by owner
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Marketing Description

This charming six-plex, built in 1925, is a historical gem located just steps from Foley Downtown.​ With only four owners in nearly a century, this property sits on a little over half an acre.​

Currently operated as a 55+ community, it's consistently 100% occupied.​ Walking distance to Foley Elementary and Middle Schools, and downtown with all you need doctor's offices, vet clinic, restaurants, shops - you name it.​ South Baldwin Regional Medical Center, Police Department, Municipal Court, DMV, Riviera Utilities and more are located within 2 miles radius.​

The two-story building houses six units, each offering 1 bedroom and 1 bathroom and its own kitchen.​ Five units are on the main floor, while one occupies the upstairs level.​ All units come equipped with individual mini-split A/C systems.​ Coin laundry is available for common use.​ There's also a full basement, not in use by tenants, offering extra potential.​ Ample on-site parking is available for tenant convenience.​

Utilities are included in the tenant's monthly payments.​ The property underwent a renovation in 2018, with updated electrical, plumbing, sprinkler, and smoke detector systems, ensuring modern functionality in a historic setting.​

For more information and showing please contact listing agent.​ No showings without an accepted contract.​ No seller financing.​

Investment Highlights

See the OM flyer.

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$32,100.00
$2,675.00/mo

Valuation Metrics

0
DSCR
4.59%
Cap Rate
4.59%
ROI
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Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts


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Additional Information
Broker Name
Alla Nikitina
Broker License
AL AL 000111590-0
Brokerage Name
Ryals Realty
Brokerage Address
956 Commerce Loop, Gulf Shores, United States 36542
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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