8-Unit Apartment
214 Cody Lane, Foley, AL 36535
For Sale
$1,400,000
Residential Income, Foley, AL
Property Size10,400 SF
Lot Size1.70 Acres
Price / SF$134.62
Days on Market43
Property Features for 214 Cody Lane
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Interior features
Fencing
Appliances
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
HOA Fee
Legal Description
Utilities
Cooling system
Building Details
Year built
Floors in Building
Roof type
Architectural style
Listing Agency:
Elite Real Estate Solutions, LLC
Listed By:
Rachel M Romash Reese · License AL #97797
(251) 517-0488
Added: Oct 2
Changed: Nov 13
Last Checked: Nov 13 at 8:06PM
MLS# 411635
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.
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Investment Insights
Based on property information with market context.
Built in 2008, this apartment property contains eight units, each with two bedrooms and two bathrooms. The building totals 10,400 square feet and sits on a 1.696-acre parcel. Interior features include high ceilings and ceiling fans; units also include electric cooling and kitchens equipped with a microwave, dishwasher, refrigerator, and electric range. Outdoor features include patios, porches, and fencing.
Located in Foley, Alabama, the property has six occupied units and two vacancies. The vacant apartments are available to view.
Located in Foley, Alabama, the property has six occupied units and two vacancies. The vacant apartments are available to view.
Key Highlights
- Eight apartments, each with 2 bedrooms and 2 bathrooms
- 10,400 square feet on 1.696 acres
- Six units occupied; two vacant units available to view
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,770
Cap Rate
6.06%
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 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,069 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six apartments are occupied, while two vacant units are available for viewing.
Where is this apartment building located?
The property is located at 214 Cody Lane Foley, AL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Eight apartments, each with 2 bedrooms and 2 bathrooms; 10,400 square feet on 1.696 acres; Six units occupied; two vacant units available to view
