304 Michigan Ave Mobile, AL 36604

Property Details for 304 Michigan Ave

Lot size

0.45 lot acres

Property size

4,400 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a ten-unit apartment building situated in Mobile, Alabama's vibrant Midtown area. The property, encompassing three buildings across two stories, boasts a total square footage between 4,400 and 5,400 square feet, situated on a 0.45-acre lot. Currently operating at 50% occupancy, the property offers significant potential for increased profitability. Each of the ten units is currently rent-ready, featuring updated vinyl plank flooring, freshly painted cabinets and walls in neutral tones, new lighting fixtures, and modern appliances. The property includes 20 parking spaces and an existing laundry room. Recent improvements include a 2024 inspection and update of the fire suppression system, including serviced heads and fire extinguishers. The property is zoned R1 with a Non-Conforming Use Certificate, and its location provides easy access to Interstate highways within five minutes. The surrounding area is experiencing significant growth, with ongoing city improvements including road upgrades, a new convention center, and a new airport all within close proximity. The property's current rent roll (as of August 6, 2024) shows several units generating monthly rents between $545 and $1,035, inclusive of a $150 utility surcharge. Five units are currently available for lease. Further revenue enhancement opportunities exist through increased occupancy, voucher acceptance, and the conversion of the existing laundry facilities to a coin-operated system. The property's history includes use as short-term rentals, presenting a flexible option for future management. Financial records, floor plans, and video tours are available upon request. This is a prime opportunity for investors seeking a value-add property in a rapidly developing area.