Renovated 6-Unit Apartment
For Sale
$679,000
531 W Laurel Avenue, Foley, AL 36535
Residential Income, Foley, AL
Property Size3,743 SF
Lot Size0.59 Acres
Price / SF$181.41
Days on Market720
Property Features for 531 W Laurel Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 4, Bathroom 4, Bathroom 2, Bathroom 5, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Interior features
Ceiling Fan(s)
Appliances
Cooktop, Electric Range, Smoke Detector
Elementary school
Foley Elementary
Middle school
Foley Middle
High school
Foley High
Directions
When headed Hwy 59 South, on the intersection of US Hwy 98 and 59 - take East towards West Laurel Ave. Property will be located on left hand side right before the St Margaret of Scotland Catholic Parish.
Subdivision
Baldwin
Standard status
Active
APN
05-54-09-29-3-000-005.002
Size
3,743 SF
Lot size
0.59 Acres
Taxes and HOA fees
Tax Description
140' X 185'(S) BEG AT INT OF E R/W OF SCHUMACHER ST & S R/W OF US HWY 98, RUN TH E ALG SD HWY 140', TH S 185'(S), TH W 1 40', TH N 185'(S) TO POB & BEING PT LOT 6 THIELEN & SCHUMACH ER ADDN TO FOLEY CONTAINING .6 ACRES IN THE CITY OF FOLEY SE C 29-T7S-R4E (WD)
Tax Annual Amount
2953
Legal Description
140' X 185'(S) BEG AT INT OF E R/W OF SCHUMACHER ST & S R/W OF US HWY 98, RUN TH E ALG SD HWY 140', TH S 185'(S), TH W 1 40', TH N 185'(S) TO POB & BEING PT LOT 6 THIELEN & SCHUMACH ER ADDN TO FOLEY CONTAINING .6 ACRES IN THE CITY OF FOLEY SE C 29-T7S-R4E (WD)
Amenities
coin laundry
Building Details
Year built
1925
Floors in Building
2
Flooring type
Laminate, Wood, Tile
Roof type
Metal, Tile
Architectural style
Other
Listing Agency:
Ryals Realty, Inc
(251) 747-0097
Listed By:
Alla Nikitina · License #108869
(251) 923-6475
Added: Sep 13, 2024
Changed: Aug 19
Last Checked: Sep 2 at 7:06AM
MLS# 367907
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 3,743-square-foot multifamily property contains six one-bedroom, one-bathroom apartments, with five units on the main floor and one upstairs. Each apartment has its own kitchen and individual mini-split A/C system. Common amenities include coin-operated laundry, on-site parking, and a full basement that is not occupied by tenants. The building was constructed in 1925 and renovated in 2018, including electrical, plumbing, sprinkler, and smoke detector updates. MultiFamily zoning applies.
The property is located at 531 W Laurel Avenue in Foley, within walking distance of Foley Elementary School, Foley Middle School, and downtown amenities. South Baldwin Regional Medical Center, the Police Department, Municipal Court, DMV, and Riviera Utilities are within a 2-mile radius.
The 0.59-acre property is currently operated as a 55+ community and reported at 100% occupancy. Utilities are included in tenant monthly payments.
The property is located at 531 W Laurel Avenue in Foley, within walking distance of Foley Elementary School, Foley Middle School, and downtown amenities. South Baldwin Regional Medical Center, the Police Department, Municipal Court, DMV, and Riviera Utilities are within a 2-mile radius.
The 0.59-acre property is currently operated as a 55+ community and reported at 100% occupancy. Utilities are included in tenant monthly payments.
Key Highlights
- Six one‑bedroom, one‑bathroom apartments totaling 3,743 square feet
- 0.59‑acre property with a two‑story building and full basement
- 100% occupied 55+ community
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
$30,509
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
4.49%
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%
$610,180
$610.2K
Cap Rate 7%
$435,843
$435.8K
Cap Rate 9%
$338,989
$339.0K
Market Conditions
NOI Build-Up for 3,743 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
$58.4K $15.60/SF
− Vacancy
−$2.9K −$0.78/SF
EGI
$55.5K $14.82/SF
− OpEx
−$25.0K −$6.67/SF
NOI
$30.5K $8.15/SF
Area
Baldwin County, AL
Vacancy
5.00%
Lease Rate
$15.60 /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%
$610,180
Cap Rate 7%
$435,843
Cap Rate 9%
$338,989
Alternative Uses
Best Use
Apartment 5plus
$435.8K
$381.4K – $508.5K
NOI $30,509 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.1K
$787.6K – $1.05M
NOI $63,008 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 36535, AL
35,484
Population
18,755
Households
1.9
Avg Household Size
46
Median Age
26%
College-Educated
90%
High-School Grad
92.5 sq mi
ZIP Area
384
Density / Sq Mi
$67,013
Median Household Income
$41,574
Median Earnings
$1,168
Median Rent
$250,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story property with individual kitchens, mini-split A/C, shared laundry, and a full basement.
Where is this apartment building located?
The property is located at 531 W Laurel Avenue Foley, AL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Six one‑bedroom, one‑bathroom apartments totaling 3,743 square feet; 0.59‑acre property with a two‑story building and full basement; 100% occupied 55+ community
