531 W Laurel Ave Foley, AL 36535

Property Details for 531 W Laurel Ave

Year built

1925

Construction

WOOD

Lot size

0.59 lot acres

Property size

4,205 SF

Property type

Apartment buildings

APN

54-09-29-3-000-005.002

APU

5409293000005002

Description

This exceptional investment opportunity presents a fully occupied, six-unit apartment building situated in the heart of historic downtown Foley, Alabama. Built in 1925 and extensively renovated in 2018, this charming two-story building boasts 3,743 square feet on a 0.59-acre lot. Currently operating as a 55+ community, the property enjoys a 100% occupancy rate, generating a strong net operating income (NOI) of $32,100 and a 4.34% cap rate. Each of the six units features one bedroom, one bathroom, and a private kitchen, equipped with individual mini-split air conditioning systems. A shared coin-operated laundry facility adds convenience for residents. The property also includes a full, unfinished basement offering potential for future expansion or additional storage. Ample on-site parking is available. Utilities are included in tenant rent. The building's updated systems, including electrical, plumbing, sprinkler, and smoke detectors, ensure modern functionality. Located in a B-2 zoned area, this property is within walking distance of Foley Elementary and Middle Schools, and the vibrant downtown area, offering easy access to shops, restaurants, and medical facilities. South Baldwin Regional Medical Center and other essential services are within a two-mile radius. This is a stabilized investment with a strong track record and significant upside potential. The asking price is $739,900, representing $197.68 per square foot and $123,316.67 per unit. The property is offered for sale by owner.

Location Insight

City

Foley

County

Baldwin

State

Alabama

Longitude

-87.6941

Latitude

30.4062

CBSA code

19300

CBSA name

DAPHNE-FAIRHOPE, AL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments