This Multifamily Property is Off-Market.

2027 MLK Avenue
Mobile, AL 36616 ·

45 Units · Multifamily For Sale

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MLK Manor Apartments

Price N/A Commission Split 2.5%
No. Units 45 Cap Rate 9.53%
Building Size 39,615 SF Gross Rent Multiplier 5.42
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1995
Property Use Type Investment Lot Size 1.87 AC
Listing ID: 18487679 Date Created: 12/17/2013 Last Updated: 12/18/2013

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.

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

Research

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

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