Midtown Investment
266 Rickarby Street Mobile, AL 36606
266 Rickarby Street, Mobile, AL, 36606
$600,000
For Sale
$600,000
Two buildings with six fully leased units in Midtown Mobile.
Property Size3,576 SF
Price / SF$167.79
Days on Market116
Property Features for 266 Rickarby Street
General Information
- Standard status
- Active
- Size
- 3,576 SF
- Property subtype
- Multi Family
Listing Agency
L L B & B, Inc.
(251) 709-4736
Listed by
Melissa Morrissette · License #76258
(251) 709-4736
Source
Exitrealty
Added: Mar 25 Checked: Jul 17 at 3:19 am
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 L L B & B, Inc.
Investment Insights
Based on property information with market context.
Located in Midtown, this investment opportunity at 266 Rickarby Street features two separate 3-unit apartment buildings situated just south of Government Street, providing convenient access to major thoroughfares. The property comprises six fully occupied units, offering immediate rental income. The unit mix includes four 2-bedroom, 1-bath apartments and two 1-bedroom, 1-bath apartments. Each unit is equipped with hardwood floors and window HVAC units for heating and cooling. The property is serviced by gas, electricity, city water, and city sewer. All apartments are currently leased, with rents ranging from $500 to $800 per month, and one unit participating in the Section 8 program. Located close to the Loop, the property offers easy access to shopping, dining, and major routes throughout the city, and is just minutes from downtown Mobile. With two buildings, six fully leased units, and a strong rental location, this property presents an opportunity for investors seeking a stable, income-producing asset. The property size is 3576 square feet.
Key Highlights
- Six fully occupied units providing immediate rental income.
- Convenient Midtown location with easy access to Government Street and major thoroughfares.
- Two separate 3‑unit apartment buildings included in the sale.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.9k | $16.20 |
| − Vacancy | −$4.1k | −$1.13 |
| EGI | $53.9k | $15.07 |
| − OpEx | −$24.2k | −$6.78 |
| NOI | $29.6k | $8.29 |
3,576 SF · lease $16.20/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$423.3K
$370.4K – $493.9K
NOI $29,632 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$908.9K
$795.3K – $1.06M
NOI $63,623 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Two buildings with six fully leased units in Midtown Mobile.
Where is this apartment building located?
The property is located at 266 Rickarby 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 fully occupied units providing immediate rental income.; Convenient Midtown location with easy access to Government Street and major thoroughfares.; Two separate 3‑unit apartment buildings included in the sale.
