Residential Income Property with
For Sale
$188,900
304-2901 Grant Street, Mobile, AL 36606
Three-bedroom condominium with community recreation amenities, flexible living areas, and updated major systems.
Property Size1,828 SF
Price / SF$103.34
Days on Market40
Property Features for 304-2901 Grant Street
General Information
Standard status
Active
Size
1,828 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,095
Listing Agency:
EXIT Allstar Realty
(251) 408-7887
Listed By:
Tonya Wheat · License #116208
(251) 408-7887
Source:
Exprealty
Added: Jul 17
Changed: Aug 20
Last Checked: Aug 24 at 9:45AM
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 EXIT Allstar Realty
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.
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 = 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
$15,147
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
8.02%
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%
$302,940
$302.9K
Cap Rate 7%
$216,386
$216.4K
Cap Rate 9%
$168,300
$168.3K
Market Conditions
NOI Build-Up for 1,828 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
$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 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%
$302,940
Cap Rate 7%
$216,386
Cap Rate 9%
$168,300
Alternative Uses
Best Use
Apartment 5plus
$216.4K
$189.3K – $252.5K
NOI $15,147 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$464.6K
$406.5K – $542.1K
NOI $32,523 @ 7.0% cap · market cap 17.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $188,900.
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
