Foley Multifamily Investment
For Sale
$1,349,000
606 706 N Alston Street, Foley, AL 36535
Ten remodeled apartment units near Highway 59 in Foley, Alabama.
Property Size8,468 SF
Price / SF$159.31
Days on Market399
Property Features for 606 706 N Alston Street
General Information
Standard status
Active
Size
8,468 SF
Property subtype
Multi Family
Building Details
Year Built
1977
Listing Agency:
RE/MAX Paradise
(251) 948-8888
Listed By:
Bob Shallow · License #13654-1
(251) 948-8888
Source:
Exitrealty
Added: Jun 27, 2025
Changed: Jul 10
Last Checked: Jul 29 at 7:32AM
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 RE/MAX Paradise
Investment Insights
Based on property information with market context.
This investment opportunity features 10 apartment units, each with two bedrooms and one bath. The units are distributed across three parcels identified as PPIN #396767, #72683, and #48020, located near each other in Foley, Alabama. The property was remodeled in 2022, with upgrades including stainless appliances, wood-look vinyl flooring, fresh paint, butcher block kitchen islands, and in-unit laundry rooms. Situated one block off Highway 59, the parcels offer visibility and access. The property is zoned B-1 (Local Business District), where current zoning does not permit residential use. However, the existing units operate under legal non-conforming status, allowing continued residential occupancy. The property offers both rental income and future commercial development potential. The property size is 8468 square feet.
Key Highlights
- Prime location one block from Highway 59 in a fast‑growing area of Foley, AL, offering excellent visibility and access.
- Rare investment opportunity with 10 apartment units across three parcels.
- Zoned B‑1 (Local Business District) offering future commercial redevelopment potential.
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 | $132.1k | $15.60 |
| − Vacancy | −$6.6k | −$0.78 |
| EGI | $125.5k | $14.82 |
| − OpEx | −$56.5k | −$6.67 |
| NOI | $69.0k | $8.15 |
8,468 SF · lease $15.60/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$986.0K
$862.8K – $1.15M
NOI $69,023 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,547 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
949
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 - Ten remodeled apartment units near Highway 59 in Foley, Alabama.
Where is this apartment building located?
The property is located at 606 706 N Alston Street Foley, AL.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Prime location one block from Highway 59 in a fast‑growing area of Foley, AL, offering excellent visibility and access.; Rare investment opportunity with 10 apartment units across three parcels.; Zoned B‑1 (Local Business District) offering future commercial redevelopment potential.
