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    302 Michigan Avenue Mobile, AL 36604

    View on Map
    For Sale
    $715,000

    MULTI_FAMILY - Mobile, AL

    Lot size:
    0.24 Acres
    Added:
    Feb 9, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 1 at 7:06 am

    Property Features for 302 Michigan Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    2910223003057
    Lot size
    0.24 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    928

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Floors in Building
    2
    Number of units
    10
    Flooring type
    Hardwood, Vinyl
    Building materials
    Asbestos, Brick, Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Rameh Dickens Khazen
    Rameh Dickens Khazen

    Listing agent Rameh Dickens Khazen License #93507

    Listing office Bellator Real Estate LLC Mobile Spanish Fort, AL

    Listing date Feb 9, 2026

    MLS# 7716480

    Copyright © 2026 Mobile Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Midtown Mobile Apartment Complex

    This is a stabilized ten-unit apartment complex located in Midtown Mobile. The property has an updated roof, fresh interior, and new lighting. The units feature neutral-colored paint and vinyl plank floors. Kitchens are updated with white cabinets and countertops. The unit mix includes seven studio apartments, two two-bedroom units, and one three-bedroom unit. Eight units are occupied by long-term tenants with one-year leases, while two units are utilized as short-term rentals, generating approximately $1200 per month per unit. The property is near full occupancy and generates around $8500 gross per month on average. The property is located less than half a mile from Downtown Mobile, with close proximity to interstate access and Mardi Gras parade routes. Roof, plumbing, and electrical updates are approximately 8 years old. The lot size is 0.2389 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.068351
    Latitude
    30.678676

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    FAQs

    What type of property is this?
    Apartment building - Updated ten-unit apartment complex near Downtown Mobile.
    Where is this apartment building located?
    The property is located at 302 Michigan Avenue Mobile, AL.
    What is the asking price?
    The asking price for this property is $715,000.
    What are key features of this property?
    This property features: High income potential: Property generates approximately $8500 gross per month with near full occupancy.; Mix of long‑term and short‑term rental income: Eight units with long‑term leases and two units generating $1200/month each as short‑term rentals.; Updated and stabilized: Recent updates include roof, interior, lighting, kitchens, paint, and flooring.
    (251) 786-4673
    We can help!
    Listing Contact
    Rameh Dickens Khazen
    Rameh Dickens Khazen
    Real Estate License ID: 93507
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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