Six-Unit Residential Income
For Sale
$679,000
531 W Laurel Avenue, Foley, AL 36535
MULTI_FAMILY - Foley, AL
Property Size3,743 SF
Lot Size0.59 Acres
Price / SF$181.41
Days on Market686
Property Features for 531 W Laurel Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 4, Bathroom 6, Bathroom 3, Bathroom 1, Bedroom 2, Bathroom 5
Appliances
Cooktop, Range-Electric, Smoke Detector
Elementary school
Foley Elementary
Middle school
Foley Middle
High school
Foley High
Directions
When headed Hwy 59 South, on the intersection of US Hwy 98 and 59 - take East towards West Laurel Ave. Property will be located on left hand side right before the St Margaret of Scotland Catholic Parish.
Subdivision
Baldwin County
Standard status
Active
APN
05-54-09-29-3-000-005.002
Size
3,743 SF
Lot size
0.59 Acres
Taxes and HOA fees
Tax Description
140' X 185'(S) BEG AT INT OF E R/W OF SCHUMACHER ST & S R/W OF US HWY 98, RUN TH E ALG SD HWY 140', TH S 185'(S), TH W 1 40', TH N 185'(S) TO POB & BEING PT LOT 6 THIELEN & SCHUMACH ER ADDN TO FOLEY CONTAINING .6 ACRES IN THE CITY OF FOLEY SE C 29-T7S-R4E (WD)
Legal Description
140' X 185'(S) BEG AT INT OF E R/W OF SCHUMACHER ST & S R/W OF US HWY 98, RUN TH E ALG SD HWY 140', TH S 185'(S), TH W 1 40', TH N 185'(S) TO POB & BEING PT LOT 6 THIELEN & SCHUMACH ER ADDN TO FOLEY CONTAINING .6 ACRES IN THE CITY OF FOLEY SE C 29-T7S-R4E (WD)
Building Details
Year built
1925
Floors in Building
2
Flooring type
Tile, Laminate, Wood
Roof type
Tile, Metal
Architectural style
Other
Listing Agency:
Ryals Realty, Inc
(251) 747-0097
Listed By:
Alla Nikitina · License #108869
(251) 923-6475
Added: Sep 13, 2024
Changed: Jul 30
Last Checked: Jul 30 at 5:06PM
MLS# 367907
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.
Investment Insights
Based on property information with market context.
Built in 1925, this two-story six-unit residential income building offers six 1-bedroom, 1-bath apartments, each with its own kitchen. Five units are located on the main floor, with one unit upstairs. Each unit is equipped with an individual mini-split A/C system. Coin laundry is available for common use, and the property includes a full basement that is not used by tenants.
The building is situated on just over half an acre at 531 W Laurel Avenue in Foley, Alabama. Public remarks indicate it is within walking distance of Foley Elementary and Middle Schools, as well as Foley Downtown amenities, and that several services and facilities are located within a 2-mile radius.
Renovations completed in 2018 included updated electrical, plumbing, sprinkler, and smoke detector systems. Utilities are included in the tenant monthly payments, and the property is currently operated as a 55+ community and is reported to be 100% occupied. Buyer to verify all information during due diligence.
The building is situated on just over half an acre at 531 W Laurel Avenue in Foley, Alabama. Public remarks indicate it is within walking distance of Foley Elementary and Middle Schools, as well as Foley Downtown amenities, and that several services and facilities are located within a 2-mile radius.
Renovations completed in 2018 included updated electrical, plumbing, sprinkler, and smoke detector systems. Utilities are included in the tenant monthly payments, and the property is currently operated as a 55+ community and is reported to be 100% occupied. Buyer to verify all information during due diligence.
Key Highlights
- Six‑plex built in 1925 on a little over half an acre; currently operated as a 55+ community with 100% occupancy
- Two‑story property with 6 units total; each unit has 1 bedroom and 1 bathroom plus its own kitchen
- Five units on the main floor and one unit on the upstairs level
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.4k | $15.60 |
| − Vacancy | −$2.9k | −$0.78 |
| EGI | $55.5k | $14.82 |
| − OpEx | −$25.0k | −$6.67 |
| NOI | $30.5k | $8.15 |
3,743 SF · lease $15.60/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$435.8K
$381.4K – $508.5K
NOI $30,509 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.1K
$787.6K – $1.05M
NOI $63,008 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 36535, AL
35,484
Population
18,755
Households
1.9
Avg Household Size
46
Median Age
26%
College-Educated
90%
High-School Grad
92.5 sq mi
ZIP Area
384
Density / Sq Mi
$67,013
Median Household Income
$41,574
Median Earnings
$1,168
Median Rent
$250,800
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?
Apartment building - Historic two-story six-plex with 1-bedroom, 1-bath units, individual mini-split A/C, coin laundry, and ample parking.
Where is this apartment building located?
The property is located at 531 W Laurel Avenue Foley, AL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Six‑plex built in 1925 on a little over half an acre; currently operated as a 55+ community with 100% occupancy; Two‑story property with 6 units total; each unit has 1 bedroom and 1 bathroom plus its own kitchen; Five units on the main floor and one unit on the upstairs level
