531 W Laurel Ave, Foley, AL 36535
- Apartment buildings
- 4,205 SF
- 0.59 lot acres
Current Use by Public Records
- Love Lady Center Baldwin Co / Medical Clinic
- Wright Chandra C / Law Firm
- Murchison & Howard LLC / Law Firm
Property Details for 531 W Laurel Ave
- Year built
- 1925
- Construction
- WOOD
- Lot size
- 0.59 lot acres
- Property type
- Apartment buildings
- APN
- 54-09-29-3-000-005.002
- APU
- 5409293000005002
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Nov 3, 2020 | — | Mish LLC | — | Deed · related | $2.6M · Alabama Cu |
| Feb 5, 2018 | $352,900 | Mish LLC | Rm Alabama LLC | Warranty Deed | $1M · Bancorpsouth |
| Mar 6, 2017 | $120,000 | Alabama LLC | Mish LLC | Quit Claim Deed · related | — |
| Jul 13, 2016 | — | Mish LLC | — | Deed · related | $958k · Alabama Cu |
| — | — | Mish LLC | — | Loan Modification · related | $930k · Alabama Cu |
| — | — | Mish LLC | — | Loan Modification · related | $958k · Alabama Cu |
| — | — | Mish LLC | — | Deed Of Trust · related | $958k · Alabama Cu |
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.
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Location Insight
- Map
- Local Demand
- City
- Foley
- County
- Baldwin
- State
- Alabama
- Longitude
- -87.6941
- Latitude
- 30.4062
- CBSA code
- 19300
- CBSA name
- DAPHNE-FAIRHOPE, AL MICROPOLITAN STATISTICAL AREA
