Michigan Ave Value Add

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30754089
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 10 Units
Building Size (RSF): 9,750 SF
Gross Land Area: 0.45 SF
Sale Price: $400,000
Unit Price: $40,000 Per Unit
Property Use Type: Investment
Building Name: Michigan Ave 10 Units
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 10
Last Updated: 12/31/2021

Overview / Comments

This 10 unit property in the heart of Midtown Mobile has plenty value add possibilities.​ This property has plenty of open space for parking or possibly building more units.​ The roof and the windows have been recently replaced leaving mostly cosmetic work to be done.​ With a high after repair value this project can easily put all the cash spent on CapEx back into the pocket of the buyer.​

Attachments & Media

Additional Details

Nearest MSA: Mobile
County: Mobile
Tax ID/APN: 2910223003057001
Percent Occupied: 10%
Property Located Between: Michigan and Government
Highway Access: I-10
Airports: Mobile Reginal Airport
Site Description: One large house that houses 10 of the studio units and 2 single family houses that are both 3/2 units
Area Description: Midtown
Total Number of Buildings: 3
Property Condition: Average
Number of Stories: 2
Roof Type: Hip
Construction/Siding: Aluminum Siding
Exterior Description: New Roof and new windows
Parking Type: Surface
Parking Description: Lots of available parking
Total Parking Spaces: 15
Laundry: Shared
Interior Description: Interiors need work, a lot of new floors but renovations will need to be done.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,434 70,004 128,814
Median Age: 36.09 36.22 35.93
Households: 6,283 27,274 51,002


Photograph of Listing Agent

Justin B. Toomey

SVN | Toomey Property Advisers Mobile, AL
Gulf Coast CMLS Member
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