Foley Multifamily Investment
606 706 N Alston Street Foley, AL 36535
606 706 N Alston Street, Foley, AL, 36535
$1,349,000
For Sale
$1,349,000
MULTI_FAMILY - Foley, AL
Property Size8,468 SF
Price / SF$159.31
Days on Market388
Property Features for 606 706 N Alston Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 20
- Bathrooms
- 10
- Rooms
- Bedroom 1, Bedroom 14, Bathroom 8, Bathroom 4, Bedroom 7, Bathroom 3, Bedroom 2, Bathroom 7, Bedroom 11, Bathroom 6, Bedroom 8, Bathroom 9, Bedroom 9, Bedroom 19, Bedroom 18, Bedroom 16, Bedroom 3, Bedroom 6, Bathroom 5, Bedroom 15, Bathroom 1, Bathroom 10, Bedroom 12, Bedroom 20, Bathroom 2, Bedroom 17, Bedroom 4, Bedroom 5, Bedroom 10, Bedroom 13
- 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 Agency
RE/MAX Paradise
(251) 948-8000
26754 Canal Rd., Gulf Shores, AL
Listed by
Bob Shallow · License #13654-1
(251) 948-8888
Added: Jun 25, 2025 Checked: Jul 17 at 8:06 am
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 10 apartment units with 2 bedrooms and 1 bathroom each across 3 parcels (PPIN #396767, #72683, #48020)
- Remodeled in 2022 with stainless appliances, wood‑look vinyl flooring, fresh paint, butcher block kitchen islands, and in‑unit laundry
- Zoned B‑1 (Local Business District): residential use no longer permitted, but existing units operate under legal non‑conforming status
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 Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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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: 10 apartment units with 2 bedrooms and 1 bathroom each across 3 parcels (PPIN #396767, #72683, #48020); Remodeled in 2022 with stainless appliances, wood‑look vinyl flooring, fresh paint, butcher block kitchen islands, and in‑unit laundry; Zoned B‑1 (Local Business District): residential use no longer permitted, but existing units operate under legal non‑conforming status
