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    24 Summer Ln Fairhope, AL 36532

    Sponsored
    For Sale
    $350,000

    Residential Lots - Fairhope, AL

    Lot size:
    0.22 Acres
    Days on Market:
    15
    Last Refresh:
    Jan 27 at 1:06 am

    Property Features for 24 Summer Ln

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    PUD
    APN
    46-03-37-0-014-175.015
    Lot size
    0.22 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Cheryl Stovall
    Cheryl Stovall

    EXP REALTY LLC (888) 923-5547

    Listing agent Cheryl Stovall (888) 923-5547 License #120557

    Listing date Jan 13, 2026

    MLS# 390147 Listing URL

    Copyright © 2026 Baldwin County Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Fairhope Residential Lots in PUD

    Available is Lot 12, located at 24 Summer Lane. Summer Lane is a planned urban development consisting of 15 homes in Fairhope’s Fruit & Nut District. The lots are arranged around a landscaped central greenspace, creating a cul-de-sac feel with a green island at the center. The homes face the greenspace, enhancing openness, walkability, and community. The neighborhood features rear-loaded homes with a completed alleyway, sidewalks along the front of each lot, and guest parking around the central green. Summer Lane is designed as a golf-cart-friendly community. Lot 12 is a homesite with mature shade trees to the south. All utilities are on the lot. The rear alley provides access to garages and additional parking, while the front of the lot opens to the greenspace and sidewalk. The lot can accommodate a custom home up to approximately 4,500 square feet, with a minimum of 2,000 square feet of heated and cooled space. The lot size is 0.22 acres. Summer Lane is governed by protective covenants and design guidelines. It's approximately a 20-minute walk or three-minute golf cart ride to downtown Fairhope, with access to dining, shopping, the bay, and waterfront parks. Golf, tennis, pickleball, medical facilities, and daily conveniences are nearby. Plans are available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fairhope
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.9051389
    Latitude
    30.5092263

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    FAQs

    What type of property is this?
    Residential land & home lot - Residential lots in a unique planned urban development in Fairhope.
    Where is this residential land & home lot located?
    The property is located at 24 Summer Ln Fairhope, AL.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - Boutique Planned Urban Development: One of only 15 homes in Fairhope's Fruit & Nut District.; - Central Greenspace: Homes face a beautifully landscaped central greenspace.; - Golf-Cart-Friendly Community: Designed for golf cart use, providing easy access to downtown Fairhope.
    (251) 713-7088
    Request Owner's contact information
    24 Summer Ln Fairhope, AL 36532
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    24 Summer Ln Fairhope, AL 36532
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    We can help!
    Listing Contact
    Cheryl Stovall
    Cheryl Stovall
    Real Estate License ID: 120557
    (251) 713-7088
    Learn more
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