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    Six-Unit Apartment Income Building Title is generated by Realmo AI

    207 Michigan Avenue, Mobile, AL 36604

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    For Sale
    $445,000

    MULTI_FAMILY - Mobile, AL

    Property size:
    5,911 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $75/SF
    Added:
    Apr 1, 2026
    Days on Market:
    66
    Last Refresh:
    Jun 5 at 5:06 am

    Property Features for 207 Michigan Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 6
    Fireplace
    1
    Standard status
    Active
    APN
    29-10-22-3-003-028.
    Size
    5,911 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Description
    PART OF LOT 2 SQ 2 GLENDALE PARK DBK 61 NS P 316 DESC AS BEG AT PT ON E/S OF MICHIGAN AVE 103 FT 3 IN FROM NE COR OF INTERSECT OF MICHIGAN AVE & ELMIRA ST TH RUN NLY ON E/S OF MICHIGAN AVE 50 FT FOR FRONT OF SD LOT TH ELY & PAR TO ELMIRA ST 120 FT TO AN ALLEY IN THE REAR OF SD LOT TH SLY & PAR

    Building Details

    Year built
    1977
    Floors in Building
    2
    Flooring type
    Wood, Tile
    Architectural style
    Other

    We can help!

    Listing Contact
    Rameh Khazen
    Rameh Khazen

    Listing agent Rameh Khazen License #93507

    Listing office Bellator Real Estate LLC Mobil 1428 Hillcrest Road, Daphne, AL

    Listing date Apr 1, 2026

    MLS# 394407 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.

    HighLights

    • 6‑unit apartment building generating over $5,500/month gross rent: 5 long‑term units plus 1 short‑term unit
    • Unit mix includes four 1 bed, 1 bath units and two studios
    • Partially renovated with room to update some units and increase rents
    • Updates in recent years include three updated mini split air conditioners
    • Main panel upgrade in 2022 and partial replumb including sewer lines and majority of plumbing fixtures
    • Exterior paint and landscaping completed about 2023

    Overview

    This for-sale multifamily property is a six-unit apartment building with five long-term rental units and one short-term rental unit. The building’s current configuration includes four one-bedroom, one-bath units and two studio units. Improvements completed in recent years include three updated mini split air conditioners, a main electrical panel upgrade in 2022, and a partial replumb that included sewer lines and the majority of plumbing fixtures. The exterior has also received paint and landscaping work approximately in 2023.

    The property is located at 207 Michigan Avenue in Mobile, Alabama. Public remarks indicate Michigan Avenue functions as a corridor to the interstate for Midtown and provides a route to the new Mobile International Airport. The building is currently under professional management.

    For buyers looking for immediate income generation from day of closing, this property offers a blend of unit types and rental strategies through its mix of long-term and short-term units. The documented updates and partial renovations may reduce immediate capital needs while still leaving opportunities to update additional units during an ownership transition. Buyer should verify all information during due diligence.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.067379
    Latitude
    30.680296

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    FAQs

    What type of property is this?
    Apartment building - A partially renovated six-unit building with a mix of long-term and short-term rental layouts.
    Where is this apartment building located?
    The property is located at 207 Michigan Avenue Mobile, AL.
    What is the asking price?
    The asking price for this property is $445,000.
    What are key features of this property?
    This property features: 6‑unit apartment building generating over $5,500/month gross rent: 5 long‑term units plus 1 short‑term unit; Unit mix includes four 1 bed, 1 bath units and two studios; Partially renovated with room to update some units and increase rents
    (251) 343-7777
    We can help!
    Listing Contact
    Rameh Khazen
    Rameh Khazen
    Real Estate License ID: 93507
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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