A real-space approach based on the tight-binding approximation for studying electronic structure properties and stability and order in substitutional multicomponent alloys is presented. First, for a chemically random alloy based on a periodic lattice, we show that the coherent potential approximation equations can be solved self-consistently in real space with the same accuracy currently achieved in reciprocal space. The resulting one-electron Green function is given by a continued fraction expansion, and this analytic form can be conveniently used to determine alloy properties, and in particular the energetics. Second, combined with an orbitalpeeling technique, this method allows in a very efficient way the calculation of the effective cluster interactions which enter the expression of the configurational part of the total energy for describing order-disorder phenomena in alloys. Finally, we present some applications and briefly discuss the possible extensions of this approach.