Catylist ID:
#30859245
Newly Renovated 32 Unit Apartment, Mobile, AL
Multi-Family
for Sale
| Catylist Listing ID: | 30859245 |
| Property Subtypes: | Low-Rise/Garden |
| Number of Units: | 32 Units |
| Building Size (RSF): | 27,648 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 1.20 SF |
| Sale Price: | $3,200,000 |
| Unit Price: | $100,000 Per Unit |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.5% |
| Average Occupancy Rate: | 100 |
| Gross Rent Multiplier: | 8.44 |
| Last Updated: | 4/29/2024 |
Overview / Comments
|
SVN Southland Commercial is proud to present The Magnolia 32 Apartments! This newly renovated development enjoys a desirable location in the historic Midtown area of Mobile, Alabama, convenient to downtown, schools, and services. The Magnolia development contains a total of 32 rental units within 3 two-story buildings with interior stairwells and ample parking. The buildings were constructed in 1972, are wood frame construction, with low maintenance brick veneer. New exterior renovations included new roofs, low maintenance landscaping, and fresh exterior paint. All of the units in this development contain two-bedrooms and one bath, averaging 865 square feet in size. 30 of the units were renovated in 2022-2023, including new stainless-steel dishwashers, oven/stoves, and refrigerators, disposals, new cabinet faces, countertops, recessed lighting, fresh paint, and luxury vinyl plank floor coverings, and more! New HVAC units, windows, and doors were replaced as needed. Onsite laundry room with 2 coin operated washers and dryers is available for all residents or there are stackable washer/dryer hookups in the units. Property at 100% occupancy in May 2024! The units are not separately metered for water, but the tenants reimburse the owners for water & garbage expenses. Whether you're a seasoned multifamily investor or just starting in investing, this is a fantastic opportunity add to your portfolio!. Do Not contact property manager or tenants. For additional information or to schedule a tour, please call Lisa Bradley at 850-712-2232. |
Attachments & Media
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $22,486 (Annual) |
| Potential Rental Income | $379,317 (Annual) |
| Gross Operating Income | $386,817 (Annual) |
| Net Operating Income | $239,994 (Annual) |
| Actual or Proforma Year | Proforma |
Additional Details
| Nearest MSA: | Mobile |
| County: | Mobile |
| Taxing Authority: | City of Mobile |
| Tax ID/APN: | R022907230006162. |
| Percent Occupied: | 100% |
| Property Located Between: | Alexander St. and Tacon St. |
| Highway Access: | Convenient access to I-65 and I-10 via Dauphin Street. |
| Airports: | Mobile Regional Airport |
| Area Description: | The Magnolia 32 Apartment property is located in the MidTown area of Mobile, Alabama. MidTown is considered to be a historic district in the city of Mobile. Several of the buildings and homes in the surrounding area range in age from the 1880s to the 1950s and cover a wide variety of architectural styles. Strolling through this historic district, you’ll discover ancient live oak trees and magnolias forming canopies over our city streets, ferns swaying in the breeze, flowers blooming year round, and beautifully designed front porches aligning the antebellum styled homes. Overall, the property is conveniently located close to downtown, shopping, and services in a wonderful neighborhood that is rich in history and culture. |
| Total Number of Buildings: | 3 |
| Property Condition: | Good |
| Number of Stories: | 2 |
| Year Built: | 1972 |
| Year Renovated: | 2023 |
| Construction/Siding: | Brick/Vinyl Siding |
| Parking Type: | Surface |
| Laundry: | In Each Unit |
| Zoning Description: | R-1, Single-Family Residential. A variance was granted in 1971 to allow the current use. |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Legal Description: | On file |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 9,059 | 92,146 | 171,728 |
| Median Age: | 37.89 | 35.42 | 36.52 |
| Households: | 4,154 | 37,450 | 68,808 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Moody's assume any liability for errors or omissions. |
