9-Unit Apartment
For Sale
$799,000
203 Mohawk Street, Mobile, AL 36606
Residential Income, Mobile, AL
Property Size5,910 SF
Lot Size0.32 Acres
Price / SF$135.19
Days on Market167
Property Features for 203 Mohawk Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
13
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 8, Bedroom 7, Bedroom 12, Bathroom 7, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 9, Bathroom 9, Bedroom 1, Bathroom 8, Bathroom 5, Bedroom 10, Bedroom 11, Bedroom 13, Bedroom 3, Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 4, Bathroom 6
Fireplace
1
Appliances
Refrigerator, Electric Range, Smoke Detector
Subdivision
Dubroca Tract
Elementary school
Leinkauf Elementary
Middle school
Booker T. Washington Middle
High school
Murphy High
Directions
From Old Shell Rd headings towards midtown. Turn right onto Wisteria Ave. Turn left onto Dauphin St. Turn right onto Mohawk St.
Standard status
Active
APN
2907240006217XXX
Size
5,910 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
LOTS 18 & 19 BLK 12 DUBROCA TRACT DBK 141 P 39 #SEC 24 T4S R1W #MP29 07 24 0 006
Tax Annual Amount
1613
Legal Description
LOTS 18 & 19 BLK 12 DUBROCA TRACT DBK 141 P 39 #SEC 24 T4S R1W #MP29 07 24 0 006
Utilities
Cooling system
Window Unit(s)
Amenities
window air-conditioning units
on-site parking
stove and refrigerator
Building Details
Year built
1945
Floors in Building
3
Flooring type
Wood, Carpet, Laminate
Roof type
Composition
Architectural style
Other
Listing Agency:
LLB & B Inc.
(251) 342-3200
Listed By:
Melissa Morrissette · License #76258
(251) 709-4736
Added: Mar 20
Changed: Aug 19
Last Checked: Sep 2 at 2:06PM
MLS# 393811
Copyright © 2026 Baldwin REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9-unit apartment property at 203 Mohawk Street contains a mix of one- and two-bedroom residences, with one bathroom in each unit. The 5,910-square-foot building was constructed in 1945 on 0.3202 acres and is zoned MultiFamily. All units are electric and cooled by window air-conditioning units, while apartment features include electric ranges and refrigerators, with one refrigerator owned by a tenant. Wood, carpet, and laminate flooring are represented throughout the property.
The complex is currently 100% occupied and provides on-site resident parking. City water and city sewer serve the property. Its Mobile setting offers proximity to dining, shopping, and entertainment, with access to major thoroughfares serving broader areas of the city.
The complex is currently 100% occupied and provides on-site resident parking. City water and city sewer serve the property. Its Mobile setting offers proximity to dining, shopping, and entertainment, with access to major thoroughfares serving broader areas of the city.
Key Highlights
- 9‑unit apartment property with a mix of 1- and 2‑bedroom units, each with 1 bathroom
- Currently 100% occupied
- 5,910 square feet on 0.3202 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,972
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$979,440
$979.4K
Cap Rate 7%
$699,600
$699.6K
Cap Rate 9%
$544,133
$544.1K
Market Conditions
NOI Build-Up for 5,910 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$95.7K $16.20/SF
− Vacancy
−$6.7K −$1.13/SF
EGI
$89.0K $15.07/SF
− OpEx
−$40.1K −$6.78/SF
NOI
$49.0K $8.29/SF
Area
Mobile, AL
Vacancy
7.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$979,440
Cap Rate 7%
$699,600
Cap Rate 9%
$544,133
Alternative Uses
Best Use
Apartment 5plus
$699.6K
$612.2K – $816.2K
NOI $48,972 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,149 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 36606, AL
19,042
Population
9,129
Households
2.1
Avg Household Size
35
Median Age
29%
College-Educated
89%
High-School Grad
6.8 sq mi
ZIP Area
2,800
Density / Sq Mi
$49,561
Median Household Income
$37,094
Median Earnings
$938
Median Rent
$141,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartments with one- and two-bedroom layouts, on-site parking, and municipal water and sewer service.
Where is this apartment building located?
The property is located at 203 Mohawk Street Mobile, AL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 9‑unit apartment property with a mix of 1- and 2‑bedroom units, each with 1 bathroom; Currently 100% occupied; 5,910 square feet on 0.3202 acres
