Remodeled Apartment
For Sale
$1,349,000
606 706 N Alston Street, Foley, AL 36535
Residential Income, Foley, AL
Property Size8,468 SF
Lot Size0.43 Acres
Price / SF$159.31
Days on Market446
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
Bedroom 10, Bedroom 14, Bedroom 12, Bathroom 8, Bedroom 3, Bedroom 20, Bathroom 7, Bathroom 3, Bedroom 16, Bedroom 1, Bedroom 2, Bedroom 19, Bedroom 6, Bedroom 17, Bedroom 15, Bedroom 5, Bathroom 2, Bedroom 18, Bathroom 10, Bathroom 1, Bedroom 8, Bedroom 11, Bathroom 9, Bathroom 5, Bathroom 6, Bedroom 7, Bedroom 13, Bedroom 9, Bedroom 4, Bathroom 4
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
Lot size
0.43 Acres
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
Tax Annual Amount
6717
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
Utilities
Heating system
Electric (Heating)
Amenities
in-unit laundry
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 13, 2025
Changed: Aug 19
Last Checked: Sep 1 at 10:06PM
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 apartment property contains 10 two-bedroom, one-bath units distributed across three nearby parcels totaling 0.4304 acres. The 8,468-square-foot property was built in 1977 and remodeled in 2022 with stainless appliances, wood-look vinyl flooring, fresh paint, butcher-block kitchen islands, and in-unit laundry rooms. Additional features include metal roofing, electric heat, fireplaces, and on-street parking.
The parcels are located near Hwy 59 in Foley and are zoned B-1, the Local Business District. Residential use is no longer permitted under the current zoning, but the existing apartments continue under legal nonconforming status. Parcel identifiers are PPIN #396767, #72683, and #48020. The property includes 3 separate parcels and offers a mix of existing residential improvements and business-district zoning.
The parcels are located near Hwy 59 in Foley and are zoned B-1, the Local Business District. Residential use is no longer permitted under the current zoning, but the existing apartments continue under legal nonconforming status. Parcel identifiers are PPIN #396767, #72683, and #48020. The property includes 3 separate parcels and offers a mix of existing residential improvements and business-district zoning.
Key Highlights
- 10 apartment units with a two‑bedroom, one‑bath layout
- 8,468 square feet across 0.4304 acres
- Remodeled in 2022 with updated appliances, flooring, paint, islands, and in‑unit laundry
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
$69,023
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
5.12%
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%
$1,380,460
$1.4M
Cap Rate 7%
$986,043
$986.0K
Cap Rate 9%
$766,922
$766.9K
Market Conditions
NOI Build-Up for 8,468 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
$132.1K $15.60/SF
− Vacancy
−$6.6K −$0.78/SF
EGI
$125.5K $14.82/SF
− OpEx
−$56.5K −$6.67/SF
NOI
$69.0K $8.15/SF
Area
Baldwin County, AL
Vacancy
5.00%
Lease Rate
$15.60 /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%
$1,380,460
Cap Rate 7%
$986,043
Cap Rate 9%
$766,922
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines rental units with B-1 zoning and legally nonconforming residential occupancy.
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 apartment units with a two‑bedroom, one‑bath layout; 8,468 square feet across 0.4304 acres; Remodeled in 2022 with updated appliances, flooring, paint, islands, and in‑unit laundry
