Catylist ID:
#30877473
Historical 6-plex / Downtown Foley / Fully Occupied
Multi-Family
for Sale
Also listed as Special Purpose, Hospitality
| Catylist Listing ID: | 30877473 |
| Property Subtypes: | Low-Rise/Garden, Senior Living, Other |
| Number of Units: | 6 Units |
| Building Size (RSF): | 3,743 SF |
| Gross Land Area: | 0.59 SF |
| Sale Price: | $739,900 |
| Unit Price: | $123,316.67 Per Unit |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller, Purchase Money Mortgage |
| Cap Rate: | Undisclosed |
| Average Occupancy Rate: | 100 |
| Last Updated: | 9/18/2024 |
Overview / Comments
|
This charming six-plex, built in 1925, is a historical gem located just steps from Foley Downtown. With only four owners in nearly a century, this property sits on a little over half an acre. Currently operated as a 55+ community, it's consistently 100% occupied. Walking distance to Foley Elementary and Middle Schools, and downtown with all you need doctor's offices, vet clinic, restaurants, shops - you name it. South Baldwin Regional Medical Center, Police Department, Municipal Court, DMV, Riviera Utilities and more are located within 2 miles radius. The two-story building houses six units, each offering 1 bedroom and 1 bathroom and its own kitchen. Five units are on the main floor, while one occupies the upstairs level. All units come equipped with individual mini-split A/C systems. Coin laundry is available for common use. There's also a full basement, not in use by tenants, offering extra potential. Ample on-site parking is available for tenant convenience. Utilities are included in the tenant's monthly payments. The property underwent a renovation in 2018, with updated electrical, plumbing, sprinkler, and smoke detector systems, ensuring modern functionality in a historic setting. |
Additional Details
| Nearest MSA: | Daphne-Fairhope-Foley |
| County: | Baldwin |
| Tax ID/APN: | 05-54-09-29-3-000-005.002 |
| Zoning: | B-2 |
| Percent Occupied: | 100% |
| Property Located Between: | West Laurel Ave, S Schumacher Str |
| Highway Access: | Hwy 59, US 98 |
| Area Description: | Downtown Foley, Corner Lot - maximum visibility |
| Total Number of Buildings: | 1 |
| Property Condition: | Good |
| Number of Stories: | 2 |
| Year Built: | 1925 |
| Year Renovated: | 2018 |
| Construction/Siding: | Brick |
| Parking Ratio: | 2.7 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | Tenants street parking |
| Total Parking Spaces: | 10 |
| Laundry: | Shared |
| Heat Type: | Electricity |
| Heat Source: | Wall Units |
| Air Conditioning: | Other |
| Zoning Description: | B-2 |
| Lot Frontage: | 140 |
| Lot Depth: | 185 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Legal Description: | 140' X 185'(S) BEG AT INT OF E R/W OF SCHUMACHER ST & S R/W OF US HWY 98, RUN TH E ALG SD HWY 140', TH S 185'(S), TH W 1 40', TH N 185'(S) TO POB & BEING PT LOT 6 THIELEN & SCHUMACH ER ADDN TO FOLEY CONTAINING .6 ACRES IN THE CITY OF FOLEY SE C 29-T7S-R4E (WD) |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 2,297 | 18,880 | 23,699 |
| Median Age: | 36.18 | 40.26 | 40.3 |
| Households: | 901 | 7,641 | 9,550 |
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