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Bay Towne 601 Village Green Dr 232 Unit Apartment Building For Sale Mobile, AL 36609
Investment Highlights
- Established 228-unit garden-style apartment community.
- Value-add opportunity through continued asset improvements.
- Renovated units demonstrate resident demand for upgraded finishes.
- Positioned within a diverse Gulf Coast economy.
Executive Summary
Newmark is pleased to present Bay Towne, a 228-unit garden style apartment community located in Mobile, AL. Built in 1976, Bay Towne offers significant near-term upside through asset stabilization and a clear opportunity to capture mark-to-market rent growth.
Trailing its peers by 3049 on average, Bay Towne features 81 deluxe units currently achieving a $132 rent premium over the classic units.
Bay Towne presents a compelling opportunity to drive enhanced cash flow through occupancy stabilization to the submarket average of 93% and continued mark-to-market rent growth. Reaching an average rent of $831 would represent a $155 premium to current in-place rents while still positioning the property as the most affordable option within the submarket. Through operational normalization and disciplined rent growth, a new owner has the potential to increase annual income by more than $680K.
Trailing its peers by 3049 on average, Bay Towne features 81 deluxe units currently achieving a $132 rent premium over the classic units.
Bay Towne presents a compelling opportunity to drive enhanced cash flow through occupancy stabilization to the submarket average of 93% and continued mark-to-market rent growth. Reaching an average rent of $831 would represent a $155 premium to current in-place rents while still positioning the property as the most affordable option within the submarket. Through operational normalization and disciplined rent growth, a new owner has the potential to increase annual income by more than $680K.
Property Facts
| Sale Type | Investment | Lot Size | 6.60 AC |
| No. Units | 232 | Building Size | 239,235 SF |
| Property Type | Multifamily | Average Occupancy | 80% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1977/2022 |
| Building Class | C | Parking Ratio | 0.48/1,000 SF |
| Zoning | R-3 - Multiple-family residence district | ||
| Sale Type | Investment |
| No. Units | 232 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.60 AC |
| Building Size | 239,235 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2022 |
| Parking Ratio | 0.48/1,000 SF |
| Zoning | R-3 - Multiple-family residence district |
Amenities
Unit Amenities
- Air Conditioning
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Patio
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Maintenance on site
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 231 | - | 615 |
| 3+1 | 1 | - | 1,230 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,741,360 | |
| Land Assessment | $164,480 | Total Assessment | $1,905,840 |
Property Taxes
Parcel Numbers
Land Assessment
$164,480
Improvements Assessment
$1,741,360
Total Assessment
$1,905,840
Contacts
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Christopher Lyon -
Dru Teague -
Justin Uffinger -
Sarah Mills Nee -
Patrick Grayson
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Newmark
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