6-Unit Apartment
For Sale
$600,000
1300 Illinois St, Mobile, AL 36604
Furnished short-stay apartments and traditional leases are complemented by coin-operated laundry.
Property Size2,666 SF
Price / SF$225.06
Days on Market162
Property Features for 1300 Illinois St
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Amenities
coin-operated laundry
Building Details
Year Built
1984
Year Renovated
2024
Buildings
1
Listing Agency:
Bellator Real Estate LLC Mobile
Listed By:
Rameh Dickens Khazen CELL
Source:
Southalabamahomesforsale
Added: Apr 19
Changed: Sep 26
Last Checked: Sep 26 at 2:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bellator Real Estate LLC Mobile
Investment Insights
Based on property information with market context.
This 2,666-square-foot apartment building contains six units: four furnished for short-term stays and two leased for long-term occupancy. A coin-operated laundry facility serves the property. Work completed in 2024 included roof replacement, electrical and plumbing updates, and new or refinished flooring in nearly all units. The improvements also included appliances, PTAC-style HVAC units, and water heaters.
The property is at 1300 Illinois St in Mobile, Alabama. The surrounding area is experiencing development, employment growth, and infrastructure investment associated with the relocation of Mobile International Airport. The short-term apartments are reported to operate near full occupancy, while the two longer-term units provide a separate rental format. The building is professionally managed.
The property is at 1300 Illinois St in Mobile, Alabama. The surrounding area is experiencing development, employment growth, and infrastructure investment associated with the relocation of Mobile International Airport. The short-term apartments are reported to operate near full occupancy, while the two longer-term units provide a separate rental format. The building is professionally managed.
Key Highlights
- Six apartments across short- and long‑term rental formats
- Four furnished short‑term units and two long‑term rentals
- 2,666 square feet at 1300 Illinois St, Mobile, AL 36604
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
$22,091
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
3.68%
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%
$441,820
$441.8K
Cap Rate 7%
$315,586
$315.6K
Cap Rate 9%
$245,456
$245.5K
Market Conditions
NOI Build-Up for 2,666 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
$43.2K $16.20/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$40.2K $15.07/SF
− OpEx
−$18.1K −$6.78/SF
NOI
$22.1K $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%
$441,820
Cap Rate 7%
$315,586
Cap Rate 9%
$245,456
Alternative Uses
Best Use
Apartment 5plus
$315.6K
$276.1K – $368.2K
NOI $22,091 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$677.6K
$592.9K – $790.6K
NOI $47,433 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
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Business Placement
Demographics for 36604, AL
8,798
Population
5,032
Households
1.7
Avg Household Size
40
Median Age
42%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
3,384
Density / Sq Mi
$60,750
Median Household Income
$37,926
Median Earnings
$892
Median Rent
$236,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Furnished short-stay apartments and traditional leases are complemented by coin-operated laundry.
Where is this apartment building located?
The property is located at 1300 Illinois St 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 apartments across short- and long‑term rental formats; Four furnished short‑term units and two long‑term rentals; 2,666 square feet at 1300 Illinois St, Mobile, AL 36604
