Renovated Six-Unit Multifamily
For Sale
$600,000
1300 Illinois Street, Mobile, AL 36604
MULTI_FAMILY - Mobile, AL
Property Size2,666 SF
Price / SF$225.06
Days on Market147
Property Features for 1300 Illinois Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 1, Bathroom 5, Bedroom 1, Bedroom 4, Bathroom 3, Bedroom 6, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 4, Bedroom 2
Fireplace
1
Appliances
Dishwasher, Refrigerator
Subdivision
METES & BOUNDS
Elementary school
Leinkauf
Middle school
Calloway Smith
High school
Lillie B Williamson
Directions
Headed West on Government Street make a left onto Ann St, heading South. Make a right onto Illinois St. Property sits on the corner of Ann and Illinois St.
Standard status
Active
APN
29-10-27-2-003-007.
Size
2,666 SF
Taxes and HOA fees
Tax Description
LOT 8 IN BLK 8 OF GLENDALE PARK REC IN DBK 61 P 316-17 ALSO THAT STRIP OF LAND LYING IMMEDIATELY E OF SD LOT 8 IN BLK 8 OF GLENDALE PARK BDED ON N BY A PROJ OF THE N/L OF SD LOT 8 BDED ON THE E BY THE PRESENT W/L OF ANN ST AND ON THE S BY THE S/L OF LOT 8 EXT BY LOT 8 #SEC 27 T4S R1W #MP29 10 27 2 0
Legal Description
LOT 8 IN BLK 8 OF GLENDALE PARK REC IN DBK 61 P 316-17 ALSO THAT STRIP OF LAND LYING IMMEDIATELY E OF SD LOT 8 IN BLK 8 OF GLENDALE PARK BDED ON N BY A PROJ OF THE N/L OF SD LOT 8 BDED ON THE E BY THE PRESENT W/L OF ANN ST AND ON THE S BY THE S/L OF LOT 8 EXT BY LOT 8 #SEC 27 T4S R1W #MP29 10 27 2 0
Building Details
Floors in Building
2
Flooring type
Wood
Roof type
Composition
Architectural style
Other
Listing Agency:
Bellator Real Estate LLC Mobil
(251) 343-7777
Listed By:
Rameh Khazen · License #93507
(251) 343-7777
Added: Mar 6
Changed: Jul 29
Last Checked: Jul 31 at 6:06PM
MLS# 392935
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 renovated six-unit multifamily property offers a diversified rental mix, with four fully furnished short-term rental units and two long-term units. The building includes a coin-operated laundry facility for additional on-site income. Professional management is in place, and the short-term units are described as operating at near full occupancy. In addition to the furnishing updates, a range of major capital improvements was completed in 2024, including new roofs, updated electrical systems, and updated plumbing. Nearly all units have received new flooring or refinished hardwood floors, along with new appliances, new PTAC-style HVAC units, and updated water heaters, helping stabilize the asset with fewer near-term deferred maintenance items.
Located at 1300 Illinois Street in Mobile, Alabama (36604), the property is positioned within an area described as experiencing development and investment momentum tied to regional infrastructure changes. The remarks note the relocation of the Mobile International Airport and the resulting focus on job creation and infrastructure improvements.
For buyers or operators seeking an income-producing multifamily asset, the structure of furnished short-term rentals paired with leased long-term units provides a practical blend of tenancy stability and higher-yield contributions. The property has been described as generating average gross rents of over $7,000 per month. Please note the transaction is an equitable interest listing, with the seller selling only an option contract or assigning an interest in a contract such as a purchase and sale agreement or a contract for deed. All measurements are approximate and should be verified by the buyer.
Located at 1300 Illinois Street in Mobile, Alabama (36604), the property is positioned within an area described as experiencing development and investment momentum tied to regional infrastructure changes. The remarks note the relocation of the Mobile International Airport and the resulting focus on job creation and infrastructure improvements.
For buyers or operators seeking an income-producing multifamily asset, the structure of furnished short-term rentals paired with leased long-term units provides a practical blend of tenancy stability and higher-yield contributions. The property has been described as generating average gross rents of over $7,000 per month. Please note the transaction is an equitable interest listing, with the seller selling only an option contract or assigning an interest in a contract such as a purchase and sale agreement or a contract for deed. All measurements are approximate and should be verified by the buyer.
Key Highlights
- Renovated 6‑unit apartment building with an average gross rent over $7,000/month
- Income mix: 4 fully furnished short‑term rental units plus 2 long‑term leased units
- Coin‑operated laundry facility on site for additional income
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 | $43.2k | $16.20 |
| − Vacancy | −$3.0k | −$1.13 |
| EGI | $40.2k | $15.07 |
| − OpEx | −$18.1k | −$6.78 |
| NOI | $22.1k | $8.29 |
2,666 SF · lease $16.20/SF/yr · vacancy 7.00% · expense 45.00%
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
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated six-unit building with a mix of furnished short-term and long-term rentals plus coin-operated laundry income.
Where is this apartment building located?
The property is located at 1300 Illinois Street 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: Renovated 6‑unit apartment building with an average gross rent over $7,000/month; Income mix: 4 fully furnished short‑term rental units plus 2 long‑term leased units; Coin‑operated laundry facility on site for additional income
