1763 Old Canal StMobile, AL 36605

Property Details for 1763 Old Canal St

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 15-unit apartment building presents a compelling value-add opportunity in Mobile, Alabama. Located just 10 minutes from the thriving downtown business district, this property comprises five buildings, each housing three units. The current occupancy rate is approximately 90%, with a waiting list of prospective tenants, indicating strong rental demand in the area. The unit mix includes ten two-bedroom, one-bathroom units and five two-bedroom, two-bathroom units, all featuring washer/dryer hookups. Rents are currently below market value in most cases, offering immediate potential for increased revenue and equity growth. The property has benefited from recent capital expenditures, minimizing immediate capital expense needs for a new owner. Tenants are responsible for all utilities, while the landlord covers taxes, insurance, maintenance/repairs, and common area electricity. The asking price for this well-maintained, high-demand property is $1,240,000. Detailed financial information is available upon request. This is a rare opportunity to acquire a stable, income-producing asset with significant upside potential in a rapidly growing market. The property is situated at 1763 Old Canal St, Mobile, AL 36605.

Location Insight

City

Mobile

County

Mobile

State

Alabama

Latitude

30.671

Longitude

-88.0803

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