Three-Bedroom Residential Income
For Sale
$450,000
32491 E Waterview Drive 8-C, Loxley, AL 36551
Condominium with golf course and lake views, refined interior finishes, and access to a gated country club community.
Property Size2,063 SF
Price / SF$218.13
Days on Market104
Property Features for 32491 E Waterview Drive 8-C
General Information
Standard status
Active
Size
2,063 SF
Property subtype
Multi Family
Units
Unit Mix
3BR/3BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,525
Amenities
gated community
golf course
stocked lake
private quail hunting
Building Details
Year Built
2009
Construction
Hardiplank siding
Listing Agency:
RE/MAX Paradise
(251) 504-7401
Listed By:
Matthew Waters · License #137938-1
(251) 504-7401
Source:
Exitrealty
Added: May 19
Changed: Aug 29
Last Checked: Aug 4 at 3:25AM
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 RE/MAX Paradise
Investment Insights
Based on property information with market context.
This 2,063-square-foot condominium, built in 2009, offers a three-bedroom, three-bath layout within Steelwood’s gated golf community. Interior details include hardwood flooring, high ceilings with crown molding, wainscoting, and a great room with a gas fireplace. The kitchen features granite countertops and stainless steel appliances, while Pella windows and doors, Hardiplank siding, and a stucco-surrounded foundation add durable construction elements.
A screened porch with a travertine surround extends the living area outdoors and includes an outdoor fireplace with a gas starter. The residence also has a dedicated golf cart garage and views of the Steelwood golf course and Steelwood Lake. Community amenities identified for the property include a stocked lake, private quail hunting, a private championship golf course, and available Steelwood Country Club memberships.
A screened porch with a travertine surround extends the living area outdoors and includes an outdoor fireplace with a gas starter. The residence also has a dedicated golf cart garage and views of the Steelwood golf course and Steelwood Lake. Community amenities identified for the property include a stocked lake, private quail hunting, a private championship golf course, and available Steelwood Country Club memberships.
Key Highlights
- 2,063‑square‑foot condominium built in 2009
- Three‑bedroom, three‑bath layout with hardwood floors and high ceilings
- Views of the Steelwood golf course and Steelwood Lake
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
$16,816
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
3.74%
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%
$336,320
$336.3K
Cap Rate 7%
$240,229
$240.2K
Cap Rate 9%
$186,844
$186.8K
Market Conditions
NOI Build-Up for 2,063 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
$32.2K $15.60/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$30.6K $14.82/SF
− OpEx
−$13.8K −$6.67/SF
NOI
$16.8K $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%
$336,320
Cap Rate 7%
$240,229
Cap Rate 9%
$186,844
Alternative Uses
Best Use
Apartment 5plus
$240.2K
$210.2K – $280.3K
NOI $16,816 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$496.1K
$434.1K – $578.8K
NOI $34,728 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 36551, AL
10,514
Population
4,309
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
94%
High-School Grad
68.7 sq mi
ZIP Area
153
Density / Sq Mi
$68,625
Median Household Income
$34,784
Median Earnings
$1,151
Median Rent
$236,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium with golf course and lake views, refined interior finishes, and access to a gated country club community.
Where is this residential income property located?
The property is located at 32491 E Waterview Drive 8-C Loxley, AL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,063‑square‑foot condominium built in 2009; Three‑bedroom, three‑bath layout with hardwood floors and high ceilings; Views of the Steelwood golf course and Steelwood Lake
