304 Michigan AveMobile, AL 36604

Property Details for 304 Michigan Ave

Lot size

0.45 AC

Property size (Sq ft)

4,400 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity presents a ten-unit apartment building situated in Mobile, Alabama's vibrant Midtown area. The property, encompassing three buildings across two stories, boasts a total square footage between 4,400 and 5,400 square feet, situated on a 0.45-acre lot. Currently operating at 50% occupancy, the property offers significant potential for increased profitability. Each of the ten units is currently rent-ready, featuring updated vinyl plank flooring, freshly painted cabinets and walls in neutral tones, new lighting fixtures, and modern appliances. The property includes 20 parking spaces and an existing laundry room. Recent improvements include a 2024 inspection and update of the fire suppression system, including serviced heads and fire extinguishers. The property is zoned R1 with a Non-Conforming Use Certificate, and its location provides easy access to Interstate highways within five minutes. The surrounding area is experiencing significant growth, with ongoing city improvements including road upgrades, a new convention center, and a new airport all within close proximity. The property's current rent roll (as of August 6, 2024) shows several units generating monthly rents between $545 and $1,035, inclusive of a $150 utility surcharge. Five units are currently available for lease. Further revenue enhancement opportunities exist through increased occupancy, voucher acceptance, and the conversion of the existing laundry facilities to a coin-operated system. The property's history includes use as short-term rentals, presenting a flexible option for future management. Financial records, floor plans, and video tours are available upon request. This is a prime opportunity for investors seeking a value-add property in a rapidly developing area.

Location Insight

City

Mobile

County

Mobile

State

Alabama

Latitude

30.6785

Longitude

-88.0682

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].