Elberta Duplex Investment
23888 US Highway 98 Elberta, AL 36530
23888 US Highway 98, Elberta, AL, 36530
$429,000
For Sale
$429,000
Well-maintained duplex with long-term tenants in a high-growth area.
Property Size2,800 SF
Lot Size0.37 Acres
Price / SF$153.21
Days on Market165
Property Features for 23888 US Highway 98
General Information
- Standard status
- Active
- Size
- 2,800 SF
- Lot size
- 0.37 Acres
- Property subtype
- Single Family
Building Details
- Year Built
- 2004
Listing Agency
Beachball Properties
(251) 424-5682
Listed by
Jonathan Bennett · License #110875
(251) 424-5682
Source
Exitrealty
Added: Feb 2 Checked: Jul 17 at 3:49 am
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 Beachball Properties
Investment Insights
Based on property information with market context.
This duplex presents an investment opportunity in a rapidly growing area of Baldwin County. The property is well-maintained and offers rental stability with long-term occupants and a history of consistent tenancy. Situated on an oversized 0.37-acre parcel just off U.S. Highway 98, the location provides accessibility, ample parking, and a private setting. Significant improvements have been made, including a metal roof installed in 2020, an updated HVAC system from 2018, and full PEX plumbing replacement in 2022. The month-to-month occupancy provides flexibility for transitioning into new 12-month leases, supported by competitive rental demand in this high-growth area. The property size is 2800 square feet. Operational expenses are efficient relative to market norms, creating an investment profile with cash-flow strength and appreciation potential. This multifamily asset is located in Elberta/Foley.
Key Highlights
- Strong rental history with long‑term occupants, providing exceptional rental stability.
- Recent significant improvements: metal roof (2020), updated HVAC (2018), and full PEX plumbing (2022), reducing future maintenance.
- Located in a fast‑growing corridor of Baldwin County, offering meaningful appreciation potential.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.6k | $13.80 |
| − Vacancy | −$2.0k | −$0.72 |
| EGI | $36.6k | $13.08 |
| − OpEx | −$11.0k | −$3.92 |
| NOI | $25.6k | $9.16 |
2,800 SF · lease $13.80/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$366.3K
$320.5K – $427.4K
NOI $25,642 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$326.0K
$285.3K – $380.4K
NOI $22,823 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$673.3K
$589.2K – $785.6K
NOI $47,134 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Well-maintained duplex with long-term tenants in a high-growth area.
Where is this duplex located?
The property is located at 23888 US Highway 98 Elberta, AL.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Strong rental history with long‑term occupants, providing exceptional rental stability.; Recent significant improvements: metal roof (2020), updated HVAC (2018), and full PEX plumbing (2022), reducing future maintenance.; Located in a fast‑growing corridor of Baldwin County, offering meaningful appreciation potential.
