Investment Rental Property

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30131066
Status: Pending
Number of Units: 11 Units
Building Size (RSF): 4,300 SF
Gross Building Area: See Agent
Sale Price: $245,000
Unit Price: $22,272.73 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/26/2017

Overview / Comments

This listing consists of 3 adjacent income producing properties, located at 304 and 302 Michigan Avenue in the Historic Leinkauf District. This property has a newly installed sprinkler system and is very well maintained. These multi-unit properties consist of 9 apartments in Main House (304 Michigan) with a one bedroom, 1 bath apartment behind, and a 3 bedroom single family home at 302 Michigan. The 10 rented units are producing $ 650 each per month and the three bedroom unit at (302 Michigan) is rented for $ 650 per month. Some of the current tenants have been on the property for as much as 5 years. These properties have an annual income of $ 72,000, with a Net Income of $ 58,000. The properties are well maintained and conveniently located near schools, fast food restaurants and in a quiet neighborhood. The Seller is retiring and is offering all of his 13 income producing properties for sale, consisting of single family and multi-family units, that can be purchased individually or as a package of all 13 properties. For more information, contact the listing agent.

Additional Details

Nearest MSA: Mobile
County: Mobile
Taxing Authority: Mobile County
Tax ID/APN: R022910223003057.001
Zoning: R1
Percent Occupied: 100%
Property Located Between: Off Government Street on Michigan Avenue
Site Description: This listing included 2 lots located at 302 and 304 Michigan Avenue and sold as one property.
Total Number of Buildings: 3
Property Condition: Average
Number of Stories: 2
Year Built: 1900
Year Renovated: 1995
Construction/Siding: Wood Siding
Parking Type: Other
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Other
Air Conditioning: Window Unit
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LOT 3 BLK 19 GLENDALE PARK REC IN DBK 61/316-317 #SEC  22 T4S R1W #MP29 10 22 3 003    

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

Donnie Parden

EXIT Realty Lyon - Mobile Gulf Coast CMLS Member
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