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    Midtown Mobile Ten-Unit Apartment Complex Title is generated by Realmo AI

    302 Michigan Avenue, Mobile, AL 36604

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    For Sale
    $715,000

    Updated ten-unit apartment complex near Downtown Mobile.

    Type:Multi Family
    Added:
    Feb 10, 2026
    Days on Market:
    112
    Last Refresh:
    Apr 7 at 10:53 pm

    Property Features for 302 Michigan Avenue

    General Information

    Standard status
    Active
    Property subtype
    Multi Family

    We can help!

    Listing Contact
    Rameh Dickens Khazen
    Rameh Dickens Khazen

    Listing agent Rameh Dickens Khazen License #93507

    Listing office Bellator Real Estate LLC Mobile

    Listing date Feb 10, 2026

    Source Exitrealty

    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 Bellator Real Estate LLC Mobile

    HighLights

    • High occupancy rate generating approximately $8500 gross monthly income.
    • Two units generate approximately $1200 per month each as short‑term rentals.
    • Updated units feature neutral paint, vinyl plank floors, white cabinets, and countertops.
    • Diverse unit mix includes seven studios, two two‑bedroom units, and one three‑bedroom unit.
    • Prime location less than half a mile from Downtown Mobile, near interstate access and Mardi Gras parade routes.
    • Updated roof, plumbing, and electrical systems (approximately 8 years old).

    Overview

    This updated and stabilized ten-unit apartment complex is located in Midtown Mobile. The property features a newer roof, fresh interiors, and new lighting. The units are finished with neutral-colored paint and vinyl plank floors. Kitchens have been updated with white cabinets and countertops. The complex includes seven studio apartments, two two-bedroom units, and one three-bedroom unit. Eight units are occupied by long-term tenants with one-year leases, while two units are utilized as short-term rentals, generating approximately $1200 per month per unit. The long-term unit rents vary. The property is near full occupancy and generates around $8500 gross per month on average. Roofs, plumbing, and electrical updates are approximately 8 years old. The property is located less than half a mile from Downtown Mobile, close to interstate access, and not far from Mardi Gras parade routes, with excellent future appreciation potential.
    Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.06835
    Latitude
    30.678677

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    FAQs

    What type of property is this?
    Apartment building - Updated ten-unit apartment complex near Downtown Mobile.
    Where is this apartment building located?
    The property is located at 302 Michigan Avenue Mobile, AL.
    What is the asking price?
    The asking price for this property is $715,000.
    What are key features of this property?
    This property features: High occupancy rate generating approximately $8500 gross monthly income.; Two units generate approximately $1200 per month each as short‑term rentals.; Updated units feature neutral paint, vinyl plank floors, white cabinets, and countertops.
    (251) 786-4673
    We can help!
    Listing Contact
    Rameh Dickens Khazen
    Rameh Dickens Khazen
    Real Estate License ID: 93507
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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