Two-Building Multifamily
For Sale
$399,750
266 Rickarby Street, Mobile, AL 36606
Residential Income, Mobile, AL
Property Size3,576 SF
Lot Size0.34 Acres
Price / SF$111.79
Days on Market215
Property Features for 266 Rickarby Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 1, Bathroom 4, Bedroom 8, Bathroom 1, Bedroom 2, Living Room, Bedroom 3, Bedroom 7, Bedroom 9, Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 10
Parking features
On Street
Fireplace
1
Appliances
Smoke Detector
Subdivision
Lee Place
Elementary school
Leinkauf Elementary
Middle school
Lillie B. Williamson Middle
High school
Lillie B. Williamson High
Directions
On Airport Blvd heading towards midtown. Turn right onto Little Flower Ave. Turn left onto Government St. Turn right onto Rickarby St.
Standard status
Active
APN
2910282001032XXX
Size
3,576 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
LOTS 64 & 65 MUTHS SUB OF LEE PL MBK3/325 #SEC 28 T4S R1W #MP29 10 28 2 001
Tax Annual Amount
1080
Legal Description
LOTS 64 & 65 MUTHS SUB OF LEE PL MBK3/325 #SEC 28 T4S R1W #MP29 10 28 2 001
Utilities
Utilities
Natural Gas Available
Cooling system
Window Unit(s)
Building Details
Year built
1981
Floors in Building
2
Flooring type
Wood, Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
LLB & B Inc.
(251) 342-3200
Listed By:
Melissa Morrissette · License #76258
(251) 709-4736
Added: Mar 20
Changed: Sep 24
Last Checked: Oct 20 at 12:06PM
MLS# 393812
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.
This multifamily property comprises two separate three-unit apartment buildings at 264 and 266 Rickarby Street. The six-unit configuration includes four two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments. Units have hardwood flooring, window HVAC systems, and a combination of gas and electric service. City water and sewer serve the property, while on-street parking is available.
The 3,576-square-foot property occupies 0.3398 acres in Mobile, just south of Government Street and near the Loop. Its Midtown setting provides access to shopping, dining, downtown Mobile, and major routes. Zoning is designated MultiFamily.
The 3,576-square-foot property occupies 0.3398 acres in Mobile, just south of Government Street and near the Loop. Its Midtown setting provides access to shopping, dining, downtown Mobile, and major routes. Zoning is designated MultiFamily.
Key Highlights
- Six fully occupied units across two separate three‑unit apartment buildings
- Unit mix includes four 2‑bedroom, 1‑bath apartments and two 1‑bedroom, 1‑bath apartments
- 3,576 square feet on a 0.3398‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,953
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
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
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 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 7.99%
Second Best
Apartment 5plus
$423.3K
$370.4K – $493.9K
NOI $29,632 @ 7.0% cap · market cap 7.41%
Theoretical Best
Office A
$908.9K
$795.3K – $1.06M
NOI $63,623 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
100%
Occupancy
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
Check the figures for this property
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?
Multifamily property - Occupied apartments feature hardwood flooring, window HVAC, and city water and sewer service.
Where is this multifamily property located?
The property is located at 266 Rickarby Street Mobile, AL.
What is the asking price?
The asking price for this property is $399,750.
What are key features of this property?
This property features: Six fully occupied units across two separate three‑unit apartment buildings; Unit mix includes four 2‑bedroom, 1‑bath apartments and two 1‑bedroom, 1‑bath apartments; 3,576 square feet on a 0.3398‑acre lot
