Historical Multifamily Sale Listing - MLK Manor Apartments

Multifamily For Sale

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MLK Manor Apartments

2027 MLK Avenue, Mobile, AL 36616

N/A

45 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
45
Building Size:
39,615 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Commission Split:
2.5%
Cap Rate:
9.53%
Gross Rent Multiplier:
5.42
No. Stories:
2
Year Built:
1995
Lot Size:
1.87 AC
Listing ID
18487679
Last Updated
339 days ago

Highlights

  • 92% Occupancy
  • All Brick Construction
  • Updated Throughout
  • Strong Rental History
  • Section 8 Burnoff
  • Seller moving out of state will deliver free and clear of debt although loan can be assumed

Description

Marcus and Millichap is pleased to present MLK Manor Apartments in Mobile, Alabama. This 45 unit all brick apartment complex is comprised of traditional and Section 8 tenants (though not required). The property has consistently maintained around 92% physical occupancy. The current owners have done a great deal of maintenance and repair to position this property towards the top of the market. This is a great opportunity for a new owner to purchase a stabilized asset delivered free and clear of debt. Please contact listing agents for additional information or to receive a full marketing package.

This complex is conveniently located near downtown, and major area employers. The Wave transit line is a short walk from the complex, and will take residents to downtown Mobile. The complex also provides its residents with close proximity to hospitals, restaurants, and other retail. The area is seeing a resurgence in growth with additions to the city port and downtown Mobile. Construction of a new Airbus plant will employ over 1,000 people in the coming years. This growth will be a major spark for the economy, and all other supporting businesses. The project is estimated to cost around $600 million dollars with hiring under way.

Map of Mobile, AL, 36616 - exact location not found

Research for 2027 MLK Avenue, Mobile, AL 36616 (Mobile County)

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