Renovated Residential Income
For Sale
$265,000
303 Wyld Palms Drive, Foley, AL 36535
Residential, Foley, AL
Property Size2,046 SF
Price / SF$129.52
Days on Market40
Property Features for 303 Wyld Palms Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Dining Room, Bedroom 2, Bedroom 1, Bonus Room, Laundry Room
Parking features
Garage, Open
Security features
Security Lighting
Window features
Window Treatments
Patio and Porch features
Patio
Pets allowed
Yes
Interior features
Internet, Storage, Ceiling Fan(s), High Ceilings, Split Bedroom Plan, Wheelchair Accessible
Exterior features
Irrigation Sprinkler
Fireplace
1
Accessibility
Accessible Approach with Ramp
Appliances
Dryer, Washer, Disposal, Microwave, Dishwasher, Electric Range, Plumbed For Ice Maker, Smoke Detector
Subdivision
Wyld Palms
Lot features
Zero Lot Line, Less Than 1 Acre
Elementary school
Foley Elementary
Middle school
Foley Middle
High school
Foley High
Directions
From downtown Foley, head south on Hwy 59. Turn right onto Wyld Palms Drive. Follow Wyld Palms Drive past the clubhouse and pool. The unit is located at the rear of the second building on the right. Follow the signs to unit 303
Standard status
Active
APN
61-03-08-4-001-013.000.907
Size
2,046 SF
Taxes and HOA fees
Tax Description
Unit 303 Wyld Palms Condo In The City Of Foley Sec 8-T8s-R4e
Tax Annual Amount
952
HOA Fee
$476 Monthly
Legal Description
Unit 303 Wyld Palms Condo In The City Of Foley Sec 8-T8s-R4e
Utilities
Heating system
Natural Gas, Central
Cooling system
Gas (Cooling)
Amenities
community swimming pool
clubhouse
fitness room
Building Details
Year built
2007
Floors in Building
1
Flooring type
Carpet, Engineered, Tile
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Waters Edge Realty
(251) 215-1783
Listed By:
Tatyana Hall · License #136169
(706) 575-8800
Added: Jul 27
Changed: Sep 3
Last Checked: Sep 4 at 4:06AM
MLS# 400101
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 renovated residential income property at Wyld Palms offers 2,046 square feet with two bedrooms, two bathrooms, an open layout, vaulted ceilings, and a split-bedroom arrangement. The kitchen includes granite countertops, upgraded cabinetry, stainless steel appliances, two pantry closets, and a breakfast bar. Living and dining areas extend into a sunroom, while a front patio, two-car garage, storage areas, and accessible approach add practical features. Flooring includes carpet, engineered surfaces, and tile, and the home includes a fireplace, laundry room, and bonus room.
Community amenities include a swimming pool, clubhouse, and fitness room. HOA services cover exterior building insurance, exterior maintenance, termite bond, landscaping, lawn care, irrigation system maintenance, and trash service. A 2023 gas HVAC system and gas water heater are among the recent updates. The property is located near Tanger Outlets, OWA Parks & Resort, Coastal Alabama Farmers & Fishermen Market, Graham Creek Nature Preserve, and Downtown Foley, approximately 8 miles from the Gulf of Mexico.
Community amenities include a swimming pool, clubhouse, and fitness room. HOA services cover exterior building insurance, exterior maintenance, termite bond, landscaping, lawn care, irrigation system maintenance, and trash service. A 2023 gas HVAC system and gas water heater are among the recent updates. The property is located near Tanger Outlets, OWA Parks & Resort, Coastal Alabama Farmers & Fishermen Market, Graham Creek Nature Preserve, and Downtown Foley, approximately 8 miles from the Gulf of Mexico.
Key Highlights
- 2,046‑square‑foot condo with 2 bedrooms and 2 bathrooms
- 2023 gas HVAC system and gas water heater
- Two‑car garage plus front patio, sunroom, bonus room, and laundry room
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
$16,677
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
6.29%
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%
$333,540
$333.5K
Cap Rate 7%
$238,243
$238.2K
Cap Rate 9%
$185,300
$185.3K
Market Conditions
NOI Build-Up for 2,046 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
$31.9K $15.60/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$30.3K $14.82/SF
− OpEx
−$13.6K −$6.67/SF
NOI
$16.7K $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%
$333,540
Cap Rate 7%
$238,243
Cap Rate 9%
$185,300
Alternative Uses
Best Use
Apartment 5plus
$238.2K
$208.5K – $278.0K
NOI $16,677 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$492.0K
$430.5K – $574.0K
NOI $34,442 @ 7.0% cap · market cap 13.00%
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
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 36535, AL
35,484
Population
18,755
Households
1.9
Avg Household Size
46
Median Age
26%
College-Educated
90%
High-School Grad
92.5 sq mi
ZIP Area
384
Density / Sq Mi
$67,013
Median Household Income
$41,574
Median Earnings
$1,168
Median Rent
$250,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo living with community amenities, a two-car garage, and HOA-maintained exterior services.
Where is this residential income property located?
The property is located at 303 Wyld Palms Drive Foley, AL.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 2,046‑square‑foot condo with 2 bedrooms and 2 bathrooms; 2023 gas HVAC system and gas water heater; Two‑car garage plus front patio, sunroom, bonus room, and laundry room
