Four-Unit Multifamily
For Sale
$1,080,000
27523 Park Drive, Orange Beach, AL 36561
Residential Income, Orange Beach, AL
Property Size3,333 SF
Lot Size0.51 Acres
Price / SF$324.03
Days on Market153
Property Features for 27523 Park Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 5
Parking features
None
Appliances
Gas Range, Microwave, Dishwasher, Refrigerator
Subdivision
East Orange Beach
Lot features
Less Than 1 Acre
Elementary school
Orange Beach Elementary
Middle school
Orange Beach Middle
High school
Orange Beach High
Directions
Take Canal Road East. Take a left onto Wilson (Orange Beach Elementary School). At the first stop sign turn right onto Park Drive. 27523 Park Drive is on the left about .2 miles down.
Standard status
Active
APN
62-07-36-0-002-028
Size
3,333 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Description
80' X 296.3' LOT 60 EAST ORANGE BCH 2ND ADDN IN THE CITY OF ORANGE BEACH SEC 36-T8S-R5E PB5 PG61 (WD)
Tax Annual Amount
1935
HOA Fee
$200 Annually
Legal Description
80' X 296.3' LOT 60 EAST ORANGE BCH 2ND ADDN IN THE CITY OF ORANGE BEACH SEC 36-T8S-R5E PB5 PG61 (WD)
Utilities
Utilities
Natural Gas Available
Heating system
Central, Electric (Heating)
Building Details
Year built
2001
Floors in Building
1
Flooring type
Vinyl
Roof type
Metal
Architectural style
Other
Listing Agency:
List With Freedom, Inc
(855) 456-4945
Listed By:
Ralph M Harvey · License #111198
(855) 455-4945
Added: Apr 15
Changed: Sep 12
Last Checked: Sep 14 at 1:06PM
MLS# 395115
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 multifamily property includes four separate living units arranged within two detached structures. The improvements total 3,333 square feet and contain 5 bedrooms, 5 bathrooms, 3 kitchens, and 4 living areas. The fenced 0.51-acre site offers a configuration suited to multi-generational occupancy or separate residential rentals. Built in 2001, the property features vinyl flooring, central and electric heating, metal roofing, and natural gas availability. Kitchens include gas ranges, microwaves, dishwashers, and refrigerators.
Located in Orange Beach, the property is described as water-close, with neighborhood access to a boat launch. It is also near a school and the Orange Beach recreation center. The coastal setting and four-unit layout provide flexibility for an owner-occupant, extended household, or rental operation, subject to buyer verification during due diligence.
Located in Orange Beach, the property is described as water-close, with neighborhood access to a boat launch. It is also near a school and the Orange Beach recreation center. The coastal setting and four-unit layout provide flexibility for an owner-occupant, extended household, or rental operation, subject to buyer verification during due diligence.
Key Highlights
- Four separate living units across two detached structures
- 3,333 square feet of improvements on a 0.51‑acre fenced site
- 5 bedrooms, 5 bathrooms, 3 kitchens, and 4 living areas
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
$30,523
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
2.83%
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%
$610,460
$610.5K
Cap Rate 7%
$436,043
$436.0K
Cap Rate 9%
$339,144
$339.1K
Market Conditions
NOI Build-Up for 3,333 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
$46.0K $13.80/SF
− Vacancy
−$2.4K −$0.72/SF
EGI
$43.6K $13.08/SF
− OpEx
−$13.1K −$3.92/SF
NOI
$30.5K $9.16/SF
Area
Baldwin County, AL
Vacancy
5.20%
Lease Rate
$13.80 /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%
$610,460
Cap Rate 7%
$436,043
Cap Rate 9%
$339,144
Alternative Uses
Best Use
Multifamily LT 5
$436.0K
$381.5K – $508.7K
NOI $30,523 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$388.1K
$339.6K – $452.8K
NOI $27,167 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$801.5K
$701.3K – $935.1K
NOI $56,106 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
129
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four living units occupy two detached structures on a fenced coastal property with multiple kitchens and shared living areas.
Where is this multifamily property located?
The property is located at 27523 Park Drive Orange Beach, AL.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: Four separate living units across two detached structures; 3,333 square feet of improvements on a 0.51‑acre fenced site; 5 bedrooms, 5 bathrooms, 3 kitchens, and 4 living areas
