12360 Homestead AveGrand Bay, AL 36541

Property Details for 12360 Homestead Ave

Property type

Apartment buildings

Description

This exceptional 34-unit apartment complex in Grand Bay, Alabama, presents a compelling investment opportunity. The property, located at 12360 Homestead, boasts a strong rental history and significant upside potential. Comprising nine apartment buildings (seven triplexes, one quadplex, and one fiveplex) and three single-family homes (four units), the complex offers a diverse mix of housing options. Recent capital improvements exceeding $80,000 have enhanced the property, including new roofs, window units, and updated hardware/appliances. The complex includes a convenient on-site laundry facility with multiple washers and dryers. Individual electric meters for each unit, coupled with a $40-$50 monthly water bill-back to tenants, optimizes revenue generation. One unit currently serves as a property management office but can easily be converted into a one-bedroom unit. The buildings are constructed on slabs, offering durability and ease of maintenance. The strategic location just off US-90 provides easy access to downtown Mobile (25 miles) and Pascagoula, MS (15 miles), ensuring high occupancy rates. Nearby amenities include Walgreens, Dollar General, Family Dollar, The Roastery Coffee Co., and Grand Bay Pharmacy. The property's current NOI is $135,551, with a pro-forma NOI of $177,675, representing a 7.75% cap rate and a pro-forma cap rate of 10.15%. The asking price is $1,750,000, or $51,470.59 per unit. This well-maintained complex offers investors a stable, income-generating asset in a thriving market.

Location Insight

City

Grand Bay

County

Mobile

State

Alabama

Latitude

30.4768

Longitude

-88.3353

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