Foley Multifamily Investment
606 706 N Alston Street, Foley, AL 36535
Ten remodeled apartment units near Highway 59 in Foley, Alabama.
Type:Multi Family
Property size:
8,468 SFPrice / SF:
$159/SF- Added:
- Jun 26, 2025
- Days on Market:
- 343
- Last Refresh:
- Apr 7 at 8:16 pm
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 agent Bob Shallow License #13654-1 (251) 948-8888
Listing office RE/MAX Paradise (251) 948-8888
Listing date Jun 26, 2025
Source Exitrealty
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
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.
- Existing units operate under legal non‑conforming status, allowing continued residential occupancy and rental income.
- Remodeled in 2022 with upgrades including stainless appliances, wood‑look vinyl flooring, and in‑unit laundry rooms.
- Three separate parcels (PPIN #396767, #72683, #48020) providing flexibility.
Overview
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.
Local 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 local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Foley
- County
- Baldwin
- State
- Alabama
- Longitude
- -87.6845925
- Latitude
- 30.4118539
Nearby Similar for Sale
FAQs
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.
