Multifamily
New
For Sale
$6,300,000
200 N Dobson Ave, Bay Minette, AL 36507
Located near Novelis’s aluminum recycling and rolling mill facility in Bay Minette.
Property Size63,044 SF
Days on Market3
Property Features for 200 N Dobson Ave
General Information
Standard status
Active
Size
63,044 SF
Property subtype
Multifamily
Amenities
Stabilized 68-unit workforce housing community in Bay Minette, positioned within one of Alabama's fastest-growing counties and benefiting from continued population and employment growth.
Recent capital improvements include all-new roofs completed within the last five years and upgraded interiors in approximately one-third of the units.
Clear value-add opportunity through professional management, improved operational systems, and a consistent renovation program across the remaining classic interiors.
Building Details
Building Size
63,044 SF
Units
68
Listed By:
Lloyd Escue · License #License(s): AL: 000132234 - 0
(205) 510-9132
Source:
Marcusmillichap
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 2 at 2:00PM
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 Lloyd Escue
Investment Insights
Based on property information with market context.
This multifamily property is located at 200 N Dobson Ave in Bay Minette, Alabama. The property is near Novelis’s aluminum recycling and rolling mill facility, described as one of Alabama’s largest manufacturing investments.
The surrounding context includes North Baldwin employment growth associated with the facility and continued in-migration within Baldwin County.
The surrounding context includes North Baldwin employment growth associated with the facility and continued in-migration within Baldwin County.
Key Highlights
- Near Novelis’s aluminum recycling and rolling mill facility
- 200 N Dobson Ave, Bay Minette, AL 36507
- Located in North Baldwin County
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
$513,872
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
8.16%
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%
$10,277,440
$10.3M
Cap Rate 7%
$7,341,029
$7.3M
Cap Rate 9%
$5,709,689
$5.7M
Market Conditions
NOI Build-Up for 63,044 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
$983.5K $15.60/SF
− Vacancy
−$49.2K −$0.78/SF
EGI
$934.3K $14.82/SF
− OpEx
−$420.4K −$6.67/SF
NOI
$513.9K $8.15/SF
Area
Baldwin County, AL
Vacancy
5.00%
Lease Rate
$15.60 /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%
$10,277,440
Cap Rate 7%
$7,341,029
Cap Rate 9%
$5,709,689
Alternative Uses
Best Use
Apartment 5plus
$7.34M
$6.42M – $8.56M
NOI $513,872 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.16M
$13.27M – $17.69M
NOI $1,061,257 @ 7.0% cap · market cap 16.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 36507, AL
19,608
Population
8,615
Households
2.3
Avg Household Size
41
Median Age
17%
College-Educated
84%
High-School Grad
343.1 sq mi
ZIP Area
57
Density / Sq Mi
$47,919
Median Household Income
$34,985
Median Earnings
$872
Median Rent
$160,800
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?
Multifamily property - Located near Novelis’s aluminum recycling and rolling mill facility in Bay Minette.
Where is this multifamily property located?
The property is located at 200 N Dobson Ave Bay Minette, AL.
What is the asking price?
The asking price for this property is $6,300,000.
What are key features of this property?
This property features: Near Novelis’s aluminum recycling and rolling mill facility; 200 N Dobson Ave, Bay Minette, AL 36507; Located in North Baldwin County
