Bay Villas is located in Foley, Alabama and is comprised of a 2.53-acre site that has been improved with a one-story, 23-unit apartment complex. The complex has 6 apartment buildings and one office/laundry building. The average rent for the one bedroom is $408.82 and for the two bedrooms is $438.33. The improvements are comprised of +/- 11,592 square feet. The property has eleven two-bedroom units and twelve one-bedroom units. Ancillary site improvements include a paved asphalt parking lot, signage, and mailbox stand. The improvements were constructed in 1985 and are currently in average condition. USDA Rural Development may provide funding to make this purchase possible. Funding includes 100 percent RA a one percent loan for purchase and a $50,000 grant for purchase expenses. For 180 days, the listing is reserved for non-profit organizations and public agencies. For the first 60 days, the property is reserved for local non-profits and public agencies. After 60 days, it can be marketed to regional and national non-profit organizations and public agencies. (State and local agencies will have priority over regional and national) Rural Development Servicing Office USDA Bay Minette Area Office 207 Faulkner Dr. Ste 102 Bay Minette, AL 36507 Area Director (251) 937-3297 Ext 5
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