For Sale
$250,000
31146 Thicket Way, Spanish Fort, AL 36527
Residential, Spanish Fort, AL
Property Size1,703 SF
Lot Size0.02 Acres
Price / SF$146.80
Days on Market14
Property Features for 31146 Thicket Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SingleFamily
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Laundry Room, Bedroom 3, Bathroom 2, Dining Room, Bedroom 2, Utility Room, Bathroom 1, Bedroom 1, Bathroom 3
Parking
4
Parking features
Open, Garage
Window features
Window Treatments
Patio and Porch features
Patio
Pets allowed
Yes
Interior features
Ceiling Fan(s), High Ceilings, Termite Contract
Fireplace
1
Appliances
Disposal, Microwave, Dishwasher, Electric Range, Plumbed For Ice Maker, Smoke Detector
Subdivision
Quail Hollow
Lot features
Some Trees, Elevation High, Less Than 1 Acre
Elementary school
Spanish Fort Elementary
Middle school
Spanish Fort Middle
High school
Spanish Fort High
Directions
From I-10 go north on 98, right on hwy 31, north on s-r 225, quail hollow will be about a mile on your left, left on spaniel, left on Thicket Way, townhome is in 3rd building on the left.
Standard status
Active
APN
32-04-19-4-001-001.220
Size
1,703 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
33.4' X 25.4' LOT 56 QUAIL HOLLOW SUB UNIT 1 SLIDE 2523-E & F IN SPANISH FORT SEC 19-T4S-R2E (WD)
Tax Annual Amount
854
HOA Fee
$382 Monthly
Legal Description
33.4' X 25.4' LOT 56 QUAIL HOLLOW SUB UNIT 1 SLIDE 2523-E & F IN SPANISH FORT SEC 19-T4S-R2E (WD)
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Electric
Building Details
Year built
2016
Floors in Building
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
Keller Williams AGC Realty-Daphne · Keller Williams Realty
(251) 928-9890
Listed By:
Keara Hunter · License #121337
(703) 919-2632
Added: Aug 21
Changed: Aug 30
Last Checked: Sep 3 at 6:06PM
MLS# 407434
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.
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
$13,881
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
5.55%
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%
$277,620
$277.6K
Cap Rate 7%
$198,300
$198.3K
Cap Rate 9%
$154,233
$154.2K
Market Conditions
NOI Build-Up for 1,703 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
$26.6K $15.60/SF
− Vacancy
−$1.3K −$0.78/SF
EGI
$25.2K $14.82/SF
− OpEx
−$11.4K −$6.67/SF
NOI
$13.9K $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%
$277,620
Cap Rate 7%
$198,300
Cap Rate 9%
$154,233
Alternative Uses
Best Use
Apartment 5plus
$198.3K
$173.5K – $231.4K
NOI $13,881 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$409.5K
$358.4K – $477.8K
NOI $28,668 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 36527, AL
18,034
Population
7,621
Households
2.4
Avg Household Size
39
Median Age
43%
College-Educated
97%
High-School Grad
42.3 sq mi
ZIP Area
426
Density / Sq Mi
$112,672
Median Household Income
$51,337
Median Earnings
$1,373
Median Rent
$348,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
Where is this single family property located?
The property is located at 31146 Thicket Way Spanish Fort, AL.
What is the asking price?
The asking price for this property is $250,000.
