Two-Building Triplex
For Sale
$600,000
266 Rickarby Street, Mobile, AL 36606
Fully leased apartments feature hardwood flooring, window HVAC, and access to municipal utilities.
Property Size3,576 SF
Days on Market164
Property Features for 266 Rickarby Street
General Information
Standard status
Active
Size
3,576 SF
Property subtype
Residential Income
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Building Details
Building Size
3,576 SF
Year Built
1981
Buildings
2
Stories
2
Listing Agency:
LLB & B Inc.
(251) 709-4736
Listed By:
Melissa Morrissette · License #76258
(251) 709-4736
Source:
Kimwardrealty
Added: Mar 20
Changed: Aug 29
Last Checked: Aug 30 at 5:33PM
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 LLB & B Inc.
Investment Insights
Based on property information with market context.
This multifamily property includes two separate apartment buildings at 264 and 266 Rickarby Street, with six fully occupied units in total. The configuration comprises four 2-bedroom, 1-bath apartments and two 1-bedroom, 1-bath apartments. Hardwood floors and window HVAC units are provided throughout the apartments, which are served by gas, electricity, city water, and city sewer. One unit participates in the Section 8 program.
The property is positioned just south of Government Street and near the Loop, with access to shopping, dining, downtown Mobile, and major routes throughout the city. All apartments are currently leased, creating an operating multifamily asset with an established tenant base.
The property is positioned just south of Government Street and near the Loop, with access to shopping, dining, downtown Mobile, and major routes throughout the city. All apartments are currently leased, creating an operating multifamily asset with an established tenant base.
Key Highlights
- Two separate apartment buildings at 264 and 266 Rickarby Street
- Six fully occupied units
- Unit mix includes four 2‑bedroom, 1‑bath apartments and two 1‑bedroom, 1‑bath apartments
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
$31,953
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
5.33%
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%
$639,060
$639.1K
Cap Rate 7%
$456,471
$456.5K
Cap Rate 9%
$355,033
$355.0K
Market Conditions
NOI Build-Up for 3,576 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
$49.3K $13.80/SF
− Vacancy
−$3.7K −$1.04/SF
EGI
$45.6K $12.77/SF
− OpEx
−$13.7K −$3.83/SF
NOI
$32.0K $8.94/SF
Area
Mobile, AL
Vacancy
7.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$639,060
Cap Rate 7%
$456,471
Cap Rate 9%
$355,033
Alternative Uses
Best Use
Multifamily LT 5
$456.5K
$399.4K – $532.6K
NOI $31,953 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$423.3K
$370.4K – $493.9K
NOI $29,632 @ 7.0% cap · market cap 4.94%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Explore this area
Business Placement
Demographics for 36606, AL
19,042
Population
9,129
Households
2.1
Avg Household Size
35
Median Age
29%
College-Educated
89%
High-School Grad
6.8 sq mi
ZIP Area
2,800
Density / Sq Mi
$49,561
Median Household Income
$37,094
Median Earnings
$938
Median Rent
$141,300
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?
Triplex - Fully leased apartments feature hardwood flooring, window HVAC, and access to municipal utilities.
Where is this triplex 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: Two separate apartment buildings at 264 and 266 Rickarby Street; Six fully occupied units; Unit mix includes four 2‑bedroom, 1‑bath apartments and two 1‑bedroom, 1‑bath apartments
