Updated Waterfront
For Sale
$429,000
23888 US Highway 98, Elberta, AL 36530
MULTI_FAMILY - Other - Elberta, AL
Property Size2,800 SF
Lot Size0.37 Acres
Price / SF$153.21
Days on Market190
Property Features for 23888 US Highway 98
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 1
Patio and Porch features
Patio
Interior features
Internet, Ceiling Fan(s)
Fencing
Fenced
Appliances
Dishwasher, Electric Range
Subdivision
Cotton
Elementary school
Elberta Elementary
Middle school
Elberta Middle
High school
Elberta High School
Directions
From the intersection of Foley Beach Express and US Hwy 98, travel east on US Hwy 98 for approximately 1.8 miles. Turn south ontoGarden Lane; the duplex is located about 500 feet down on the left.
Standard status
Active
APN
54-07-25-0-000-002.027
Size
2,800 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
52(S) X 158(S) Irr That Pt Of Lot 3 Cotton Sub Slide 1898- B Desc As Fm Se Cor Of Lot 3 Th Run N 153(S) For The Pob, T H W 49(S), Th Nw 25(S), Th W 80(S), Th N 64(S), Th Ne 12 0.6, Th E 36.5, Th S 158(S) To The Pob Sec 25-T7s-R2e (Sp Wd)
Tax Annual Amount
1990
Legal Description
52(S) X 158(S) Irr That Pt Of Lot 3 Cotton Sub Slide 1898- B Desc As Fm Se Cor Of Lot 3 Th Run N 153(S) For The Pob, T H W 49(S), Th Nw 25(S), Th W 80(S), Th N 64(S), Th Ne 12 0.6, Th E 36.5, Th S 158(S) To The Pob Sec 25-T7s-R2e (Sp Wd)
Utilities
Heating system
Electric (Heating)
Water front features
Waterfront
Building Details
Year built
2004
Floors in Building
2
Flooring type
Tile
Roof type
Metal
Architectural style
Other
Listing Agency:
Beachball Properties
(251) 968-8896
Listed By:
Jonathan R Bennett · License #110875
(251) 424-5682
Added: Feb 1
Changed: Aug 4
Last Checked: Aug 10 at 9:06AM
MLS# 391143
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 duplex contains 2,800 square feet on an approximately 0.37-acre parcel. Both units are occupied under month-to-month leases, providing an existing residential income setup. Property features include tile flooring, electric heat, ceiling fans, internet service, dishwashers, electric ranges, patios, fencing, and waterfront frontage. The building was constructed in 2004.
Recent capital improvements include a metal roof completed in 2020, HVAC replacement in 2018, and full PEX plumbing replacement in 2022. The property is located at 23888 US Highway 98 in Elberta, Alabama, with access to nearby Baldwin County communities and ample on-site parking.
Recent capital improvements include a metal roof completed in 2020, HVAC replacement in 2018, and full PEX plumbing replacement in 2022. The property is located at 23888 US Highway 98 in Elberta, Alabama, with access to nearby Baldwin County communities and ample on-site parking.
Key Highlights
- 2,800‑square‑foot duplex on an approximately 0.37‑acre parcel
- Both units occupied under month‑to‑month leases
- Waterfront property with fenced grounds and patio areas
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
$25,642
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
5.98%
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%
$512,840
$512.8K
Cap Rate 7%
$366,314
$366.3K
Cap Rate 9%
$284,911
$284.9K
Market Conditions
NOI Build-Up for 2,800 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
$38.6K $13.80/SF
− Vacancy
−$2.0K −$0.72/SF
EGI
$36.6K $13.08/SF
− OpEx
−$11.0K −$3.92/SF
NOI
$25.6K $9.16/SF
Area
Baldwin County, AL
Vacancy
5.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$512,840
Cap Rate 7%
$366,314
Cap Rate 9%
$284,911
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 36530, AL
8,375
Population
3,988
Households
2.1
Avg Household Size
46
Median Age
20%
College-Educated
89%
High-School Grad
95.6 sq mi
ZIP Area
88
Density / Sq Mi
$59,252
Median Household Income
$41,231
Median Earnings
$1,093
Median Rent
$251,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences offer patio space, fenced grounds, and month-to-month leasing arrangements.
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: 2,800‑square‑foot duplex on an approximately 0.37‑acre parcel; Both units occupied under month‑to‑month leases; Waterfront property with fenced grounds and patio areas
