Renovated Six-Unit Apartment
For Sale
$600,000
1300 Illinois Street, Mobile, AL 36604
Residential Income, Mobile, AL
Property Size2,666 SF
Lot Size0.16 Acres
Price / SF$225.06
Days on Market180
Property Features for 1300 Illinois Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 6, Bathroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Fireplace
1
Appliances
Dishwasher, Refrigerator
Subdivision
Metes And Bounds
Elementary school
Leinkauf Elementary
Middle school
Calloway Smith Middle
High school
Lillie B. Williamson High
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
Lot size
0.16 Acres
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
Tax Annual Amount
3730
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
Utilities
Cooling system
Window Unit(s)
Amenities
coin-operated laundry
Building Details
Year built
1984
Floors in Building
2
Flooring type
Wood
Roof type
Composition
Architectural style
Other
Listing Agency:
Bellator Real Estate LLC Mobile
(251) 343-7777
Listed By:
Rameh Dickens Khazen · License #93507
(251) 786-4673
Added: Mar 6
Changed: Aug 19
Last Checked: Sep 2 at 9:06AM
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 2,666-square-foot apartment property contains six units, including four furnished short-term rentals and two long-term rentals. The short-term units include updated furnishings, bedding, and supplies, while the building also offers a coin-operated laundry facility and professional management. Appliances include dishwashers and refrigerators, with wood flooring present in the property.
Capital work completed in 2024 included roof replacement, electrical and plumbing updates, new or refinished flooring in nearly all units, appliance upgrades, PTAC-style HVAC units, and updated water heaters. The property sits on 0.1607 acres at 1300 Illinois Street in Mobile, Alabama. The surrounding area is described as benefiting from airport relocation, development activity, job creation, and infrastructure improvements.
Capital work completed in 2024 included roof replacement, electrical and plumbing updates, new or refinished flooring in nearly all units, appliance upgrades, PTAC-style HVAC units, and updated water heaters. The property sits on 0.1607 acres at 1300 Illinois Street in Mobile, Alabama. The surrounding area is described as benefiting from airport relocation, development activity, job creation, and infrastructure improvements.
Key Highlights
- Six‑unit apartment property totaling 2,666 square feet
- Four furnished short‑term rental units and two long‑term rental units
- 2024 capital improvements included new roofs, electrical, plumbing, flooring, appliances, HVAC, and water heaters
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
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
273
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 - Multifamily property combining furnished short-term rentals, long-term tenancy, and a coin-operated laundry facility.
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: Six‑unit apartment property totaling 2,666 square feet; Four furnished short‑term rental units and two long‑term rental units; 2024 capital improvements included new roofs, electrical, plumbing, flooring, appliances, HVAC, and water heaters
