Leased Retail Condominium
For Sale
$1,675,000
27267 Perdido Beach Boulevard, Orange Beach, AL 36561
Commercial Sale, Orange Beach, AL
Property Size5,900 SF
Lot Size3.00 Acres
Price / SF$283.90
Days on Market180
Property Features for 27267 Perdido Beach Boulevard
General Information
Property type
Residential
Property subtype
Retail
Zoning
OtherSeeRemarks
Lot features
Inside Lot, Commercial Park
Directions
From Gulf Shores, travel east on Perdido Beach Boulevard for approximately 8 miles, and from the Florida state line, travel west on AL-182 for about 2.7 miles. SanRoc Cay is located on the north side of the boulevard and is easily recognizable by the iconic Silver Sailfish statue.
Subdivision
Baldwin
Standard status
Active
APN
65-02-10-0-000-069.000.905
Lot size
3.00 Acres
Taxes and HOA fees
Tax Description
UNIT B2 SANROC CAY CONDO IN THE CITY OF ORANGE BEACH SEC 10- T9S-R5E (WD)
Tax Annual Amount
5435
Legal Description
UNIT B2 SANROC CAY CONDO IN THE CITY OF ORANGE BEACH SEC 10- T9S-R5E (WD)
Utilities
Heating system
Central, Electric (Heating)
Water front
1
Amenities
surface and underground parking
marina access
courtyard
Building Details
Year built
1998
Floors in Building
1
Number of units
5
Flooring type
Concrete, Wood, Laminate
Listing Agency:
Dolphin Cove Realty LLC
(251) 228-0633
Listed By:
Mitch Holliman · License #75009-1
(251) 979-8155
Added: Mar 7
Changed: Aug 19
Last Checked: Sep 3 at 5:06AM
MLS# 393029
Copyright © 2026 Baldwin REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This retail condominium offering includes two units comprising five suites within SanRoc Cay Marina. The suites are fully leased and feature concrete, wood, and laminate flooring. The development was completed in 1998 and is identified with OtherSeeRemarks zoning.
Located at 27267 Perdido Beach Boulevard in Orange Beach, the property sits within a designated Waterfront Entertainment District combining retail, restaurants, office space, and residential condominiums. The center provides surface and underground parking along with direct marina access supporting charter fishing boats, dolphin cruises, and the Reel Surprise Dock Store. On-site establishments include Louisiana Lagniappe, Pelican Grill, Pizza at the Pass, Serenity at the Beach Salon & Spa, and the Tipsy Pelican outdoor bar. Buyers may acquire Unit 1 or Unit 2 separately.
Located at 27267 Perdido Beach Boulevard in Orange Beach, the property sits within a designated Waterfront Entertainment District combining retail, restaurants, office space, and residential condominiums. The center provides surface and underground parking along with direct marina access supporting charter fishing boats, dolphin cruises, and the Reel Surprise Dock Store. On-site establishments include Louisiana Lagniappe, Pelican Grill, Pizza at the Pass, Serenity at the Beach Salon & Spa, and the Tipsy Pelican outdoor bar. Buyers may acquire Unit 1 or Unit 2 separately.
Key Highlights
- Fully leased retail condominium package with two units and five suites
- Located within SanRoc Cay Marina’s designated Waterfront Entertainment District
- Direct marina access for charter fishing boats, dolphin cruises, and boating services
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$63,486
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,269,720
$1.3M
Cap Rate 7%
$906,943
$906.9K
Cap Rate 9%
$705,400
$705.4K
Market Conditions
NOI Build-Up for 5,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$99.1K $16.80/SF
− Vacancy
−$8.4K −$1.43/SF
EGI
$90.7K $15.37/SF
− OpEx
−$27.2K −$4.61/SF
NOI
$63.5K $10.76/SF
Area
Baldwin County, AL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,269,720
Cap Rate 7%
$906,943
Cap Rate 9%
$705,400
Alternative Uses
Best Use
Retail
$906.9K
$793.6K – $1.06M
NOI $63,486 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,318 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 36561, AL
9,146
Population
16,184
Households
0.6
Avg Household Size
52
Median Age
41%
College-Educated
98%
High-School Grad
16.7 sq mi
ZIP Area
548
Density / Sq Mi
$89,432
Median Household Income
$48,771
Median Earnings
$1,346
Median Rent
$529,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Five occupied suites are located within a mixed-use marina and entertainment destination with surface and underground parking.
Where is this retail space located?
The property is located at 27267 Perdido Beach Boulevard Orange Beach, AL.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Fully leased retail condominium package with two units and five suites; Located within SanRoc Cay Marina’s designated Waterfront Entertainment District; Direct marina access for charter fishing boats, dolphin cruises, and boating services
