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    Elevated Waterfront Residential Lot Title is generated by Realmo AI

    23699 Main Street lot 2B, Fairhope, AL 36532

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    Claim this Listing
    For Sale
    Under Contract
    $399,500

    LAND - Fairhope, AL

    Lot size:
    1.01 Acres
    Added:
    Jun 3, 2025
    Days on Market:
    369
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 23699 Main Street lot 2B

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Single Family Residence
    Standard status
    Active Under Contract
    APN
    43-09-31-0-000-021.001
    Lot size
    1.01 Acres

    Taxes and HOA fees

    Tax Description
    Lot 2B of replat of Lots 1A and 2A of replat of the South2/3 of Lot 17 in the Village of Montrose, according to the map or plat filed as slide 2925-A int he office of the Judge of Probate, Baldwin County

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Donna Dorriety
    Donna Dorriety

    Listing agent Donna Dorriety License #117859

    Listing office Coldwell Banker Reehl Prop Fairhope 24190 US Highway 98, Fairhope, AL

    Listing date Jun 3, 2025

    MLS# 380124 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

    • 1.01‑acre lot in historic Montrose with 140 ft of frontage on Scenic Highway 98 and 404 ft on Sibley Street
    • Elevated and well‑drained property with mature trees and lush natural foliage
    • Located steps from Steadman’s Landing Park with walking trails leading to Mobile Bay shores
    • Survey copy available; buyer to verify all information during due diligence

    Overview

    This for-sale residential lot offers a 1.01-acre canvas for building in a single-family residence zoning category. The property is elevated and described as well-drained, with mature trees and natural foliage providing existing landscape character. Lot frontage totals 140 feet along Scenic Highway 98 and 404 feet along Sibley Street, offering two points of street contact for planning your home site.

    The lot is located in Fairhope, AL and is listed as Lot 2B at 23699 Main Street. The remarks note proximity to Steadman’s Landing Park, with walking trails that lead to the shores of Mobile Bay. The property is also described as providing waterfront views.

    For buyers seeking a private, build-ready home site in a single-family residential setting, this lot’s combination of elevation, landscaping, and dual street frontage may support a range of site layouts. With the stated access to park trails and views toward Mobile Bay, the property may suit owners who value nearby outdoor recreation while planning a customized residence. Buyers should verify all details and consult a survey for their intended design and due diligence.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairhope
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.902549
    Latitude
    30.570219

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    FAQs

    What type of property is this?
    Waterfront Land - Single-family lot with frontage on Scenic Highway 98 and Sibley Street, near Steadman’s Landing Park and Mobile Bay.
    Where is this waterfront land located?
    The property is located at 23699 Main Street lot 2B Fairhope, AL.
    What is the asking price?
    The asking price for this property is $399,500.
    What are key features of this property?
    This property features: 1.01‑acre lot in historic Montrose with 140 ft of frontage on Scenic Highway 98 and 404 ft on Sibley Street; Elevated and well‑drained property with mature trees and lush natural foliage; Located steps from Steadman’s Landing Park with walking trails leading to Mobile Bay shores
    (251) 401-5243
    We can help!
    Listing Contact
    Donna Dorriety
    Donna Dorriety
    Real Estate License ID: 117859
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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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