Eight-Unit Apartment
For Sale
$1,500,000
214 Cody Ln, Foley, AL 36535
The property includes a mix of occupied and vacant two-bedroom, two-bathroom apartments.
Property Size10,400 SF
Price / SF$144.23
Days on Market13
Property Features for 214 Cody Ln
General Information
Standard status
Active
Size
10,400 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 2BR/2BA
Multifamily Units
8
Building Details
Year Built
2008
Listing Agency:
Elite Real Estate Solutions, LLC
Listed By:
Rachel M Romash Reese · License #97797
(251) 545-5215
Source:
Southalabamahomesforsale
Added: Oct 5
Changed: Oct 10
Last Checked: Oct 16 at 9:39AM
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 Elite Real Estate Solutions, LLC
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Investment Insights
Based on property information with market context.
This 10,400-square-foot apartment building in Foley, Alabama, was constructed in 2008. It contains eight apartments, each configured with two bedrooms and two bathrooms.
Six units are occupied, while two are vacant and available to view. The property is located at 214 Cody Ln.
Six units are occupied, while two are vacant and available to view. The property is located at 214 Cody Ln.
Key Highlights
- Eight apartments, each with 2 bedrooms and 2 bathrooms
- 10,400 square feet; built in 2008
- Six units occupied and two vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,770
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,695,400
$1.7M
Cap Rate 7%
$1,211,000
$1.2M
Cap Rate 9%
$941,889
$941.9K
Market Conditions
NOI Build-Up for 10,400 SF
Gross rent
$162.2K $15.60/SF
− Vacancy
−$8.1K −$0.78/SF
EGI
$154.1K $14.82/SF
− OpEx
−$69.4K −$6.67/SF
NOI
$84.8K $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 Rate 5%
$1,695,400
Cap Rate 7%
$1,211,000
Cap Rate 9%
$941,889
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,770 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,069 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 36535, AL
35,484
Population
18,755
Households
1.9
Avg Household Size
46
Median Age
26%
College-Educated
90%
High-School Grad
92.5 sq mi
ZIP Area
384
Density / Sq Mi
$67,013
Median Household Income
$41,574
Median Earnings
$1,168
Median Rent
$250,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The property includes a mix of occupied and vacant two-bedroom, two-bathroom apartments.
Where is this apartment building located?
The property is located at 214 Cody Ln Foley, AL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Eight apartments, each with 2 bedrooms and 2 bathrooms; 10,400 square feet; built in 2008; Six units occupied and two vacant
