Six-Unit Apartment
For Sale
$600,000
266 Rickarby Street, Mobile, AL 36606
Residential Income, Mobile, AL
Property Size3,576 SF
Lot Size0.34 Acres
Price / SF$167.79
Days on Market167
Property Features for 266 Rickarby Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 8, Bathroom 5, Bedroom 10, Bathroom 2, Bedroom 6, Bathroom 4, Bedroom 2, Bedroom 9, Bathroom 6, Bedroom 3, Bedroom 7, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Living Room
Parking features
On Street
Fireplace
1
Appliances
Smoke Detector
Subdivision
Lee Place
Elementary school
Leinkauf Elementary
Middle school
Lillie B. Williamson Middle
High school
Lillie B. Williamson High
Directions
On Airport Blvd heading towards midtown. Turn right onto Little Flower Ave. Turn left onto Government St. Turn right onto Rickarby St.
Standard status
Active
APN
2910282001032XXX
Size
3,576 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
LOTS 64 & 65 MUTHS SUB OF LEE PL MBK3/325 #SEC 28 T4S R1W #MP29 10 28 2 001
Tax Annual Amount
1080
Legal Description
LOTS 64 & 65 MUTHS SUB OF LEE PL MBK3/325 #SEC 28 T4S R1W #MP29 10 28 2 001
Utilities
Utilities
Natural Gas Available
Cooling system
Window Unit(s)
Amenities
hardwood floors
window HVAC units
Building Details
Year built
1981
Floors in Building
2
Flooring type
Wood, Vinyl
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 4:06PM
MLS# 393812
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 multifamily property comprises two separate three-unit apartment buildings at 264 and 266 Rickarby Street. Together, the buildings contain 3,576 square feet and six occupied apartments, including four two-bedroom, one-bath units and two one-bedroom, one-bath units. Interior features include wood and vinyl flooring, while window HVAC units provide cooling and heating. The property is served by gas, electricity, city water, and city sewer, with on-street parking available.
The buildings are positioned just south of Government Street and near the Loop, with access to shopping, dining, downtown Mobile, and routes throughout the city. The property is zoned MultiFamily and occupies 0.3398 acres.
The buildings are positioned just south of Government Street and near the Loop, with access to shopping, dining, downtown Mobile, and routes throughout the city. The property is zoned MultiFamily and occupies 0.3398 acres.
Key Highlights
- Six fully occupied apartments across two separate three‑unit buildings
- Unit mix includes four 2‑bedroom, 1‑bath apartments and two 1‑bedroom, 1‑bath apartments
- 3,576 square feet on 0.3398 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
$29,632
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
4.94%
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%
$592,640
$592.6K
Cap Rate 7%
$423,314
$423.3K
Cap Rate 9%
$329,244
$329.2K
Market Conditions
NOI Build-Up for 3,576 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
$57.9K $16.20/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$53.9K $15.07/SF
− OpEx
−$24.2K −$6.78/SF
NOI
$29.6K $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%
$592,640
Cap Rate 7%
$423,314
Cap Rate 9%
$329,244
Alternative Uses
Best Use
Apartment 5plus
$423.3K
$370.4K – $493.9K
NOI $29,632 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$908.9K
$795.3K – $1.06M
NOI $63,623 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
752
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 - Two separate buildings contain leased apartments with wood flooring, window HVAC, and city water and sewer service.
Where is this apartment building located?
The property is located at 266 Rickarby Street Mobile, AL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Six fully occupied apartments across two separate three‑unit buildings; Unit mix includes four 2‑bedroom, 1‑bath apartments and two 1‑bedroom, 1‑bath apartments; 3,576 square feet on 0.3398 acres
