Remodeled Multifamily with 10
For Sale
$1,349,000
606 706 N Alston Street, Foley, AL 36535
MULTI_FAMILY - Foley, AL
Property Size8,468 SF
Price / SF$159.31
Days on Market401
Property Features for 606 706 N Alston Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
20
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 2, Bedroom 2, Bedroom 13, Bathroom 9, Bathroom 3, Bathroom 8, Bedroom 18, Bedroom 6, Bedroom 5, Bedroom 12, Bedroom 7, Bedroom 3, Bathroom 5, Bedroom 8, Bedroom 9, Bedroom 16, Bathroom 6, Bedroom 1, Bedroom 17, Bathroom 4, Bedroom 14, Bedroom 10, Bedroom 19, Bathroom 10, Bedroom 15, Bedroom 11, Bedroom 4, Bedroom 20, Bathroom 7, Bathroom 1
Parking features
On Street
Fireplace
1
Subdivision
Magnolia Sprg Lnd
Elementary school
Foley Elementary
Middle school
Foley Middle
High school
Foley High
Directions
From the intersection of Hwy 59 (S McKenzie St) and Perdido Beach Blvd (AL-182), travel north on Hwy 59 approximately 15.5 miles. Turn right onto W Laurel Ave (AL-98). Go 0.3 miles, then turn right onto N Alston Street. Property is located 0.2 miles ahead on the right at 700 Alston Street. 10 total apartments featuring two bedrooms and one bath each. This property includes ppin #'s 72683 and 48020. ** See attached document regarding zoning and rental information from the City of Foley.
Standard status
Active
APN
54-09-29-1-000-055.001
Size
8,468 SF
Taxes and HOA fees
Tax Description
LOTS 7-8 BLK 20 MAGNOLIA SPRINGS LAND CO ADDN TO CITY OF FOLEY SUB 150' X 125' LOTS 1-6 BLK 20 MAGNOLIA SPRINGS LAND CO ADDN TO CITY OF FOLEY SUB BLK 20 LOTS 1-8 150' X 125' IRR LOTS 4-6 BLK 58 MAGNOLIA SPRINGS LAND CO ADD N TO FOLEY SEC 29-T7S-R4E RP575 PG643
Legal Description
LOTS 7-8 BLK 20 MAGNOLIA SPRINGS LAND CO ADDN TO CITY OF FOLEY SUB 150' X 125' LOTS 1-6 BLK 20 MAGNOLIA SPRINGS LAND CO ADDN TO CITY OF FOLEY SUB BLK 20 LOTS 1-8 150' X 125' IRR LOTS 4-6 BLK 58 MAGNOLIA SPRINGS LAND CO ADD N TO FOLEY SEC 29-T7S-R4E RP575 PG643
Building Details
Year built
1977
Floors in Building
1
Flooring type
Vinyl
Roof type
Metal
Architectural style
Other
Listing Agency:
RE/MAX Paradise
(251) 948-8000
Listed By:
Bob Shallow · License #13654-1
(251) 948-8888
Added: Jun 25, 2025
Changed: Jul 29
Last Checked: Jul 30 at 3:06PM
MLS# 381247
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.
This multifamily property includes 10 apartment units configured as two bedrooms and one bath. The building improvements were remodeled in 2022, including stainless appliances, wood-look vinyl flooring, fresh paint, butcher block kitchen islands, and in-unit laundry rooms. The property is held across three parcels: PPIN #396767, #72683, and #48020.
The parcels are located near each other in Foley, Alabama, with the remarks noting proximity to Highway 59 (one block off). The property is zoned B-1 (Local Business District). Residential use is no longer permitted under current zoning; however, the existing units are operating under legal non-conforming status, allowing continued residential occupancy. A zoning and rental information document from the City of Foley is referenced as being available, and buyers are advised to verify all information during due diligence.
The parcels are located near each other in Foley, Alabama, with the remarks noting proximity to Highway 59 (one block off). The property is zoned B-1 (Local Business District). Residential use is no longer permitted under current zoning; however, the existing units are operating under legal non-conforming status, allowing continued residential occupancy. A zoning and rental information document from the City of Foley is referenced as being available, and buyers are advised to verify all information during due diligence.
Key Highlights
- 10 total apartment units with 2 bedrooms and 1 bathroom each
- Remodeled in 2022 with stainless appliances, wood‑look vinyl flooring, fresh paint, and butcher block kitchen islands
- In‑unit laundry included and features a metal roof
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
Lease Details
10
Residential units
Multi-tenant
Tenancy
Yes
Highway access
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 - Multifamily property with 10 two-bedroom, one-bath units remodeled in 2022 across three parcels.
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: 10 total apartment units with 2 bedrooms and 1 bathroom each; Remodeled in 2022 with stainless appliances, wood‑look vinyl flooring, fresh paint, and butcher block kitchen islands; In‑unit laundry included and features a metal roof
