Updated Duplex with Highway
For Sale
$429,000
23888 US Highway 98, Elberta, AL 36530
Residential, Elberta, AL
Property Size2,800 SF
Lot Size0.40 Acres
Price / SF$153.21
Days on Market212
Property Features for 23888 US Highway 98
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
On Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s)
Fencing
Fenced
Fireplace
1
Appliances
Microwave, Dishwasher, Electric Range, Plumbed For Ice Maker
Subdivision
Cotton
Lot features
Less Than 1 Acre
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 onto Garden 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
0.40 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)
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), Central
Cooling system
Electric
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 19
Last Checked: Sep 1 at 5:06AM
MLS# 391140
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 2,800-square-foot duplex was built in 2004 and includes two occupied units leased month to month. The property has MultiFamily zoning and features central electric heating and cooling, tile flooring, porches, fencing, ceiling fans, and fireplaces. Kitchens include electric ranges, dishwashers, microwaves, and plumbing for ice makers.
Located in Elberta near U.S. Highway 98, the property provides access to the Elberta/Foley area and nearby Baldwin County communities. Recent capital improvements include a metal roof completed in 2020, HVAC replacement in 2018, and full PEX plumbing replacement in 2022.
Located in Elberta near U.S. Highway 98, the property provides access to the Elberta/Foley area and nearby Baldwin County communities. Recent capital improvements include a metal roof completed in 2020, HVAC replacement in 2018, and full PEX plumbing replacement in 2022.
Key Highlights
- 2,800‑square‑foot duplex built in 2004
- Both units occupied under month‑to‑month leases
- Metal roof installed in 2020
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
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
22
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 units with month-to-month leases, recent roof, HVAC, and plumbing improvements, plus multifamily zoning.
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 built in 2004; Both units occupied under month‑to‑month leases; Metal roof installed in 2020
