Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waterfront Duplex with Income Potential Title is generated by Realmo AI

    120 W 3rd Avenue, Gulf Shores, AL 36542

    View on Map
    Claim this Listing
    For Sale
    $679,900

    Waterfront duplex near the beach, great for investment.

    Type:Multi Family
    Property size:
    1,280 SF
    Price / SF:
    $531/SF
    Added:
    Mar 5, 2026
    Days on Market:
    90
    Last Refresh:
    Apr 7 at 8:27 pm

    Property Features for 120 W 3rd Avenue

    General Information

    Standard status
    Active
    Size
    1,280 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Cory Short

    Listing agent Cory Short License #143201-1

    Listing office RE/MAX on the Coast

    Listing date Mar 5, 2026

    Source Exitrealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX on the Coast

    HighLights

    • Waterfront duplex with direct access to Little Lagoon, ideal for boating and water activities
    • Income potential with one unit currently leased to a long‑term tenant
    • Extensively renovated in 2021 with new roof, siding, decking, HVACs, and hot water heaters
    • Located minutes from the beach and close to Gulf Shores dining and shopping
    • No HOA, offering flexibility and freedom
    • Two 2‑bedroom, 1‑bath units

    Overview

    This waterfront duplex at 120 W 3rd Ave in Gulf Shores offers income potential and consists of two units, each featuring 2 bedrooms and 1 bathroom. The property provides direct water access to Little Lagoon, suitable for boating and other water activities. Side B is currently leased to a long-term tenant. The property was extensively renovated in 2021, including a new roof with added underneath insulation, complete new exterior siding, updated decking and porches, new HVAC systems, and hot water heaters. The property is centrally located near dining and shopping options, including Crico's and Papa Rocco's. The property has no HOA. The property size is 1280 square feet.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Hair Salon Real Estate Agency Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gulf Shores
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.69107
    Latitude
    30.250788

    Nearby Similar for Sale

    • $584,000
      2,480 SF

      Updated Duplex Near Gulf Shores Beach

      Updated duplex near the beach with canal access.
      417 Windmill Ridge Road, Gulf Shores, AL 36542
      View Details
    • $629,000
      1,518 SF

      Furnished Duplex Near Gulf Shores

      Spacious, fully-furnished duplex near the beach in Gulf Shores, AL.
      1469 W Lagoon Ave, Gulf Shores, AL 36542
      View Details
    • $99,900

      RV Lot in Upscale Resort

      Prime RV lot in a newer resort near Gulf beaches.
      19558 County Road 8, Gulf Shores, AL 36542
      View Details
    • $2,599,000
      6,558 SF

      Gulf-Front Duplex Opportunity

      Exceptional 12-bedroom Gulf-front duplex with strong rental performance.
      3014 Ponce De Leon Court, Gulf Shores, AL 36542
      View Details
    • $1,295,000
      3,300 SF

      Beachside Duplex with Gulf Views

      Renovated duplex near the beach, ideal for rental income.
      6488 Sawgrass Drive, Gulf Shores, AL 36542
      View Details
    • $100,000

      RV Lot in Whispering Pines

      RV lot with amenities near Gulf Shores beaches.
      19648 County Road 8, Gulf Shores, AL 36542
      View Details
    • $108,000

      Oversized RV Resort Pad Lot

      RV resort lot with full utility hookups and an oversized concrete pad sized for larger RVs.
      19648 County Road 8 lot: 23, Gulf Shores, AL 36542
      View Details
    • $109,500

      Shaded RV Resort Lot

      Build-ready RV lot within a newer Gulf Shores resort featuring dedicated utilities at each concrete pad.
      19558 County Road 8 lot: 47, Gulf Shores, AL 36542
      View Details
    • $220,000

      Improved RV Lot in Gulf Shores

      Luxury RV lot with custom outdoor kitchen in Gulf Shores.
      22353 Twin Lakes Circle, Gulf Shores, AL 36542
      View Details
    • $689,000
      2,718 SF

      Beach Home Investment Opportunity

      Well-maintained 4-bedroom beach home with strong rental history.
      1454 Sandy Lane, Gulf Shores, AL 36542
      View Details
    • $119,900

      RV Resort Lot with Utility Hookups

      Extra-large RV lot in a 93-lot resort with separately metered electricity, water, and sewer hookups.
      19558 County Road 8 lot: Wpw 81, Gulf Shores, AL 36542
      View Details
    • $4,500,000
      3,108 SF

      Established Restaurant in Gulf Shores

      Established restaurant for sale in a desirable coastal location.
      401 E 2nd Ave, Gulf Shores, AL 36542
      View Details

    FAQs

    What type of property is this?
    Duplex - Waterfront duplex near the beach, great for investment.
    Where is this duplex located?
    The property is located at 120 W 3rd Avenue Gulf Shores, AL.
    What is the asking price?
    The asking price for this property is $679,900.
    What are key features of this property?
    This property features: Waterfront duplex with direct access to Little Lagoon, ideal for boating and water activities; Income potential with one unit currently leased to a long‑term tenant; Extensively renovated in 2021 with new roof, siding, decking, HVACs, and hot water heaters
    (251) 504-1676
    We can help!
    Listing Contact
    Cory Short
    Real Estate License ID: 143201-1
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    120 W 3rd Avenue, Gulf Shores, AL 36542
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!