Magnolia 32, Renovated 32 Unit Apartment Property

For Sale

2604 Dauphin Street, Mobile, AL 36606

This Mobile property for sale is located at 2604 Dauphin Street. The current listed sale price for Magnolia 32, Renovated 32 Unit Apartment Property is $3,200,000. Magnolia 32, Renovated 32 Unit Apartment Property is situated on a lot that is 1.2 acre in size.

Contacts

broker

Lisa Bradley

SVN | SouthLand Commercial - Pensacola

Property Details

  • Property Type Multi-Family
  • Units 0
  • Lot Size 1.2 Acre
  • Additional Rent Contact for pricing
  • # of Floors 2
  • Property Tenancy Multi-Tenant
  • Building Class B
  • Year Built 1972
  • Year Renovated 2023
  • Date Updated Nov 2, 2024

SVN Southland Commercial is proud to present The Magnolia 32 Apartments! This newly renovated development enjoys a desirable location in the historic Midtown area of Mobile, Alabama, a unique neighborhood that is rich in history and culture. Magnolia 32 is within walking distance of cafes, lounges, and shopping, and convenient to downtown, schools, universities, and services.

The Magnolia 32 development contains 32 apartment units within 2 two-story buildings with interior stairwells providing access to the second floor units. The buildings were constructed in 1972, are wood frame construction, with low maintenance brick veneer. New exterior renovations included new roofs, low maintenance landscaping, and fresh exterior paint.  All of the units in this development contain two-bedrooms and one bath, averaging 865 square feet in size. 29 of the units were renovated in 2022-2023, including new stainless-steel dishwashers, oven/stoves, and refrigerators, disposals, new cabinet faces, countertops, recessed lighting, fresh paint, and luxury vinyl plank floor coverings, and more!  New HVAC units, windows, and doors were replaced as needed. An on-site laundry building is available for residents or there are stackable washer/dryer hookups within the individual units.  Due to the recent renovations, the current occupancy is 72%, but the units are being actively marketed and will be leased up soon.  The units are not separately metered for utilities, but the tenants do reimburse the owners for utility expenses. The Proforma Cap Rate based on current rents and a rental of $950/Unit/Mo. of the vacant units is 7.32%.  

Whether you're a seasoned multifamily investor or just starting in investing, this is a fantastic opportunity add to your portfolio! DO NOT contact property manager or tenants. For additional information or to schedule a tour, please call Lisa Bradley at 850-712-2232.  * The owners of this property are also selling a recently renovated 18 unit apartment property in nearby Pensacola, FL. Both properties can be purchased together as a portfolio at a discounted price. Please contact Lisa for details!

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Location

  • City Mobile, AL
  • Neighborhood Park Place
  • Zip Code 36606
  • Market Mobile

Points of Interest

  • Mobile (opens February 2025)

    3.83 miles

  • Chevron

    0.79 miles

  • Circle K

    1.21 miles

  • Walmart Gas

    1.33 miles

  • Mobile, AL Supercharger

    1.50 miles

  • Energize Of Spring Hill

    1.50 miles

  • Sam's Club

    1.56 miles

  • Texaco

    1.80 miles

  • Shell

    1.93 miles

  • Parking Garage

    1.45 miles

  • Parking Lot 2

    1.51 miles

  • MOB II Parking

    1.65 miles

  • Main Parking

    1.70 miles

  • CGX Parking

    3.64 miles

  • Arlington Park

    3.68 miles

  • Municipal Parking Garage

    3.74 miles

  • Long-Term Parking

    3.78 miles

  • Short-Term Parking

    3.82 miles

  • USA Mountain Bike Trailhead

    5.62 miles

  • Mobile Marriott

    1.24 miles

  • Comfort Suites

    1.29 miles

  • Red Roof Inn Mobile - Midtown

    1.31 miles

  • Extend a Suites Mobile West

    1.35 miles

  • Jameson Inns Mobile

    1.35 miles

  • Taylor Motel

    1.36 miles

  • Motel 6

    1.61 miles

  • Quality Inn & Suites

    1.61 miles

  • Econo Lodge

    1.61 miles

  • Surestay Plus by Best Western

    1.65 miles

  • Publix

    0.36 miles

  • Greer's

    1.04 miles

  • Walmart Neighborhood Market

    1.28 miles

  • Walmart Supercenter

    1.34 miles

  • Marshalls

    1.40 miles

  • Belk

    1.44 miles

  • Bel Air Mall

    1.56 miles

  • Dillard's

    1.61 miles

  • Target

    1.61 miles

  • JCPenney

    1.63 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Lisa Bradley

SVN | SouthLand Commercial - Pensacola