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    Waterfront Land in Gulf Shores Title is generated by Realmo AI

    15640 Fort Morgan Highway lot 20 21 &W22, Gulf Shores, AL 36542

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    Claim this Listing
    For Sale
    $875,000

    LAND - Gulf Shores, AL

    Lot size:
    2.80 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    89
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 15640 Fort Morgan Highway lot 20 21 &W22

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Single Family Residence
    Standard status
    Active
    APN
    67-05-22-1-001-019.000
    Lot size
    2.80 Acres

    Taxes and HOA fees

    Tax Description
    LOTS 21 & W 85'(S) OF LOT 22 BLK 1 GULFWOODS SUB DIV 2 MB3 PG6

    Utilities

    Water front features
    Lagoon

    We can help!

    Listing Contact
    Jeannie Thorn
    Jeannie Thorn

    Listing agent Jeannie Thorn License #108518

    Listing office Rezults Real Estate Services 26241 Equity Drive, daphne, AL

    Listing date Mar 6, 2026

    MLS# 392956 Listing URL

    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.

    HighLights

    • Approx. 300' Lagoon waterfront
    • Two lots included in one sale
    • Concrete boat ramp and covered boat house (may need TLC)
    • Power pole and driveway already in place
    • Located across the street from Peninsula Golf and Racquet Club
    • Ideal location to build a beach home

    Overview

    This property features approximately 300 feet of lagoon waterfront. The 2.8-acre property consists of two lots combined into one. A power pole and driveway are already in place. While underbrush is present, it can be easily cleared. A canal runs beside the property, where previous owners installed a concrete boat ramp and covered boat house, which may require some maintenance. This property is suitable for building a beach home. The property is located across the street from Peninsula Golf and Racquet Club. The listing includes two parcels. The property is zoned for Single Family Residence. Taxes for the parcels are $3837 and $2558.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Gulf Shores
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.7566162
    Latitude
    30.2503291

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    FAQs

    What type of property is this?
    Waterfront Land - 2.8 acres with 300' lagoon waterfront, ideal for building.
    Where is this waterfront land located?
    The property is located at 15640 Fort Morgan Highway lot 20 21 &W22 Gulf Shores, AL.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: Approx. 300' Lagoon waterfront; Two lots included in one sale; Concrete boat ramp and covered boat house (may need TLC)
    (251) 232-4091
    We can help!
    Listing Contact
    Jeannie Thorn
    Jeannie Thorn
    Real Estate License ID: 108518
    Learn More
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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.

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