Foley Multifamily Investment
606 706 N Alston Street, Foley, AL 36535
- Added:
- Jun 25, 2025
- Days on Market:
- 343
- Last Refresh:
- Jun 2 at 1:06 am
Property Features for 606 706 N Alston Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 20
- Bathrooms
- 10
- Rooms
- Bedroom 5, Bathroom 4, Bedroom 14, Bedroom 11, Bedroom 9, Bathroom 9, Bedroom 16, Bathroom 1, Bedroom 20, Bedroom 10, Bathroom 10, Bedroom 3, Bedroom 8, Bedroom 15, Bedroom 13, Bedroom 19, Bedroom 17, Bedroom 12, Bedroom 4, Bedroom 6, Bedroom 18, Bathroom 3, Bathroom 5, Bathroom 2, Bathroom 7, Bedroom 1, Bedroom 2, Bathroom 8, Bathroom 6, Bedroom 7
- Parking features
- On Street
- Fireplace
- 1
- Standard status
- Active
- APN
- 54-09-29-1-000-055.001
- Size
- 8,468 SF
Taxes and HOA fees
- Tax Description
- LOTS 7-8 BLK 20 MAGNOLIA SPRINGS LAND CO ADDN TO CITY OF FOLEY SUB 150' X 125' LOTS 1-6 BLK 20 MAGNOLIA SPRINGS LAND CO ADDN TO CITY OF FOLEY SUB BLK 20 LOTS 1-8 150' X 125' IRR LOTS 4-6 BLK 58 MAGNOLIA SPRINGS LAND CO ADD N TO FOLEY SEC 29-T7S-R4E RP575 PG643
Building Details
- Year built
- 1977
- Floors in Building
- 1
- Flooring type
- Vinyl
- Roof type
- Metal
- Architectural style
- Other
Listing agent Bob Shallow License #13654-1 (251) 948-8888
Listing office RE/MAX Paradise 26754 Canal Rd., Gulf Shores, AL (251) 948-8000
Listing date Jun 25, 2025
MLS# 381247
Listing URL
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.
HighLights
- Prime location in Foley, AL, just one block off Highway 59, offering excellent visibility and access.
- 10 apartment units across three parcels, providing immediate rental income potential.
- Zoned B‑1 (Local Business District) with legal non‑conforming residential use, allowing continued residential occupancy while offering future commercial redevelopment opportunities.
- Property remodeled in 2022 with upgrades including stainless appliances, wood‑look vinyl flooring, fresh paint, butcher block kitchen islands, and in‑unit laundry rooms.
- Strong rental potential in a fast‑growing and desirable area.
- Three separate parcels (PPIN #396767, #72683, #48020) offer flexibility and potential for various investment strategies.
Overview
This is an opportunity to acquire 10 apartment units, each featuring two bedrooms and one bath. The units are distributed across three parcels (PPIN #396767, #72683, and #48020) located near each other in Foley, AL. The property was remodeled in 2022, with upgrades including stainless appliances, wood-look vinyl flooring, fresh paint, butcher block kitchen islands, and in-unit laundry rooms. The property is located one block off Highway 59. The parcels are zoned B-1 (Local Business District), and while current zoning does not permit residential use, the existing units operate under legal non-conforming status, allowing continued residential occupancy. The property offers rental income and future redevelopment opportunities. The property size is 8468 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $132.1k | $15.60 |
| − Vacancy | −$6.6k | −$0.78 |
| EGI | $125.5k | $14.82 |
| − OpEx | −$56.5k | −$6.67 |
| NOI | $69.0k | $8.15 |
8,468 SF · lease $15.60/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$986.0K
$862.8K – $1.15M
NOI $69,023 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,547 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Foley
- County
- Baldwin
- State
- Alabama
- Longitude
- -87.6846205
- Latitude
- 30.4122351
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Ten remodeled apartment units near Highway 59 in Foley, AL.
Where is this apartment building located?
The property is located at 606 706 N Alston Street Foley, AL.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Prime location in Foley, AL, just one block off Highway 59, offering excellent visibility and access.; 10 apartment units across three parcels, providing immediate rental income potential.; Zoned B‑1 (Local Business District) with legal non‑conforming residential use, allowing continued residential occupancy while offering future commercial redevelopment opportunities.
