Duplex Income Property with Covered
For Sale
$499,000
224 W 6th Avenue, Gulf Shores, AL 36542
Residential, Gulf Shores, AL
Property Size1,800 SF
Lot Size0.24 Acres
Price / SF$277.22
Days on Market183
Property Features for 224 W 6th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2
Parking features
Covered, Carport
Interior features
Wet Bar, Ceiling Fan(s), High Ceilings
Exterior features
Storage
Fireplace
1
Appliances
Electric Range, Plumbed For Ice Maker
Lot features
Less Than 1 Acre
Elementary school
Gulf Shores Elementary
Middle school
Gulf Shores Middle
High school
Gulf Shores High
Directions
Heading south on HWY 59, turn right between Scoops and Pappa Rocco's on W. 6th Ave. Home will be located on the right side of the road.
Subdivision
Baldwin
Standard status
Active
APN
66-04-20-2-000-064.000
Size
1,800 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
75X132.4 UNIT 1 GULF SHORES BLK G-1 LOT 74 PB3 P57 (WD)
Tax Annual Amount
4588
Legal Description
75X132.4 UNIT 1 GULF SHORES BLK G-1 LOT 74 PB3 P57 (WD)
Utilities
Utilities
Cable Available
Heating system
Electric (Heating)
Building Details
Year built
2012
Floors in Building
1
Flooring type
Tile
Roof type
Metal
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Dolphin Cove Realty LLC
(251) 228-0633
Listed By:
Mitch Holliman · License #75009-1
(251) 979-8155
Added: Mar 5
Changed: Sep 1
Last Checked: Sep 4 at 3:06AM
MLS# 392829
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 raised duplex property offers a residential income configuration with covered parking beneath each side, providing sheltered space for vehicles, boats, or storage. The east-side Unit A includes 4 bedrooms and 3.5 bathrooms, an open living area with high ceilings, a loft, and a fourth bedroom with its own full bathroom. Interior details include granite countertops, tile flooring, a wet bar, ceiling fans, and an electric range. Hardie plank siding and a metal roof add durable exterior materials, while the home was built in 2012.
The property is located at 224 W 6th Avenue in Gulf Shores, near the area’s beaches, shopping, and dining. The parcel contains 0.236 acres, and the property size is 1,800 square feet. The residence is presented for long-term rental use, with no vacation or short-term rentals allowed. The home is expected to be subdivided before closing, and side A may also be purchased with side B.
The property is located at 224 W 6th Avenue in Gulf Shores, near the area’s beaches, shopping, and dining. The parcel contains 0.236 acres, and the property size is 1,800 square feet. The residence is presented for long-term rental use, with no vacation or short-term rentals allowed. The home is expected to be subdivided before closing, and side A may also be purchased with side B.
Key Highlights
- Raised duplex with covered parking beneath each unit
- Unit A offers 4 bedrooms and 3.5 bathrooms
- 1,800 square feet on a 0.236‑acre parcel
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
$14,672
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
2.94%
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%
$293,440
$293.4K
Cap Rate 7%
$209,600
$209.6K
Cap Rate 9%
$163,022
$163.0K
Market Conditions
NOI Build-Up for 1,800 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
$28.1K $15.60/SF
− Vacancy
−$1.4K −$0.78/SF
EGI
$26.7K $14.82/SF
− OpEx
−$12.0K −$6.67/SF
NOI
$14.7K $8.15/SF
Area
Baldwin County, AL
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$293,440
Cap Rate 7%
$209,600
Cap Rate 9%
$163,022
Alternative Uses
Best Use
Apartment 5plus
$209.6K
$183.4K – $244.5K
NOI $14,672 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$432.9K
$378.8K – $505.0K
NOI $30,300 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 36542, AL
16,993
Population
18,551
Households
0.9
Avg Household Size
51
Median Age
38%
College-Educated
95%
High-School Grad
52.0 sq mi
ZIP Area
327
Density / Sq Mi
$74,861
Median Household Income
$35,580
Median Earnings
$1,365
Median Rent
$366,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Raised construction, durable finishes, and covered vehicle space support extended-term residential occupancy near Gulf Shores amenities.
Where is this residential income property located?
The property is located at 224 W 6th Avenue Gulf Shores, AL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Raised duplex with covered parking beneath each unit; Unit A offers 4 bedrooms and 3.5 bathrooms; 1,800 square feet on a 0.236‑acre parcel
