Listing Agency: EXIT Allstar Realty R***@yahoo.com Show Phone

Listed By: Tonya Wheat · License #116208 Show Phone

Source: Exprealty

Added: Aug 7 Changed: Oct 3 Last Checked: Oct 16 at 12:06PM

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Investment Insights

Based on property information with market context.

This 1,828-square-foot condominium includes three bedrooms, 2.5 baths, and a layout with several distinct living areas. The kitchen opens to a breakfast bar and dining space, while a den with a fireplace complements a separate living room. Two of the bedrooms are configured as suites. HVAC replacement was completed in January 2025; the windows were replaced approximately 5 years ago and include a transferrable lifetime warranty, while the roof is approximately 4 years old. Updates are per seller.

The condominium is part of a maintained complex with landscaped grounds and shared common areas. Community amenities include a clubhouse, pool, and fitness center, all positioned near the unit. The property is located near shopping, dining, and entertainment in Mobile, with interstate access and Gulf Coast beaches approximately 45 minutes away.

Key Highlights

• 1,828 SF condominium with 3 bedrooms and 2.5 baths
• Two bedroom suites provide added privacy within the floor plan
• HVAC replaced in January 2025

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,147

Cap Rate

8.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$302,940 $302.9K

Cap Rate 7%

$216,386 $216.4K

Cap Rate 9%

$168,300 $168.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,828 SF

Gross rent

$29.6K $16.20/SF

− Vacancy

−$2.1K −$1.13/SF

EGI

$27.5K $15.07/SF

− OpEx

−$12.4K −$6.78/SF

NOI

$15.1K $8.29/SF

Area

Mobile, AL

Vacancy

7.00%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$302,940

Cap Rate 7%

$216,386

Cap Rate 9%

$168,300

Alternative Uses

Best Use

Apartment 5plus

$216.4K

$189.3K – $252.5K (±1% cap)

NOI $15,147 @ 7.0% cap · market cap 8.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$464.6K

$406.5K – $542.1K (±1% cap)

NOI $32,523 @ 7.0% cap · market cap 19.24%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Residential income properties

Suggested Use

Top Pick Real Estate Agency Law Firm Electrical Service Kitchen & Bath Showroom Plumbing Service Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

271

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

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Frequently Asked Questions

What type of property is this?

Residential income property - Three-bedroom condominium with community recreation amenities, flexible living areas, and updated major systems.

Where is this residential income property located?

The property is located at 304-2901 Grant Street Mobile, AL.

What is the asking price?

The asking price for this property is $169,000.

What are key features of this property?

This property features: 1,828 SF condominium with 3 bedrooms and 2.5 baths; Two bedroom suites provide added privacy within the floor plan; HVAC replaced in January 2025