1300 Illinois StreetMobile, AL 36604

Description

Renovated six-unit, high-income producing apartment building offering a strong and diversified income stream. The property consists of four fully furnished short-term rental units and two long-term rentals, creating an attractive blend of stable tenancy and higher-yield short-term rental income. The short-term units are professionally furnished with updated furniture, bedding, and supplies and are currently operating at near full occupancy, while the two long-term units are leased to reliable tenants providing consistent baseline income. The property also features a coin-operated laundry facility that provides additional income. The building is professionally managed and has been a strong performer, generating average gross rents of over $7,000 per month. Significant capital improvements were completed in 2024, including new roofs, updated electrical systems, and updated plumbing. Nearly all units also received new flooring or refinished hardwood floors, along with new appliances, new PTAC-style HVAC units, and updated water heaters. With most major systems and interior improvements already addressed, the property has been stabilized and positioned for continued strong performance with minimal deferred maintenance. The surrounding area continues to see substantial growth and investment. With the relocation of the Mobile International Airport, the area is experiencing increased development, job creation, and infrastructure improvements, which are expected to further drive housing demand and long-term property values. This is a rare opportunity to acquire a stabilized, income-producing multifamily asset with strong current cash flow and additional upside potential in a rapidly improving area. All measurements are approximate and not guaranteed, buyer to verify.

Property Information

Property type

Residential Income

Lot size

0.17 acres

Lot dimensions

50x140

Parking spaces

8

Days on market

244

MLS^® Listing#

7730097

Property Features

Cooling

Other

Heating

Other

Flooring

Hardwood

Parking

Parking Lot · Driveway

Fencing

Fenced

Lot features

Level

Construction

Other

Roof

Shingle

Community

None

Utilities

Cable Available · Electricity Available · Sewer Available · Water Available

Sewer

Public Sewer

Water source

Public

Schools

Elementary

Leinkauf

Middle

Calloway Smith

High

Lillie B Williamson

Financial Details

Annual taxes

$1,664

Parcel number

2910272003007