Three-Bedroom Residential Income
For Sale
$450,000
32491 E Waterview Drive DR 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 Market151
Property Features for 32491 E Waterview Drive DR 8-C
General Information
Standard status
Active
Size
2,063 SF
Property subtype
Single 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) 948-8000
Listed By:
Matthew Waters · License #1379381
(251) 504-7401
Source:
Exitrealty
Added: May 19
Changed: Sep 9
Last Checked: Sep 15 at 6:15AM
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
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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 / Yr
$16,816
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
247
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
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 DR 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
