One-Story Duplex with Attached
For Sale
$259,900
33228 Stables Drive, Spanish Fort, AL 36527
Duplex with lease in place, professionally managed, offering quality upgrades and an attached single-car garage.
Property Size1,352 SF
Price / SF$192.23
Days on Market127
Property Features for 33228 Stables Drive
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Single Family
Amenities
Ceiling Fan(s)
3
Disposal, Microwave, Dishwasher, Refrigerator, Electric Range/Cooktop
Composition Shingle
No Fence
Patio, Rear Porch, Open Porch, Front Porch
Level
Level.
Building Details
Year Built
2025
Listing Agency:
Shamrock Properties, LLC
(251) 533-9445
Listed By:
David Kahalley · License #77246
(251) 533-9033
Source:
Xome
Added: Apr 6
Changed: Aug 9
Last Checked: Aug 10 at 2:45AM
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 Shamrock Properties, LLC
Investment Insights
Based on property information with market context.
This one-story duplex is sold with a lease in place and is professionally managed by Shamrock Properties. Each unit features three bedrooms and two bathrooms, with stained concrete floors, granite countertops, and stainless steel appliances. The primary bathroom includes double vanities, a tub/shower combo, and a walk-in closet. Ceiling fans and blinds are included and installed in all bedrooms. An attached single-car garage provides convenient parking and storage, and the exterior offers a covered front and back porch along with a large open yard area.
The property is in the Spanish Fort area and is positioned for convenient access to I-10, Mobile, and Baldwin County, with shopping nearby. For building-related expenses, lawn care, a termite bond, and insurance on the building are included in the monthly dues, including coverage for the building and roof.
Buyer to verify all information during due diligence.
The property is in the Spanish Fort area and is positioned for convenient access to I-10, Mobile, and Baldwin County, with shopping nearby. For building-related expenses, lawn care, a termite bond, and insurance on the building are included in the monthly dues, including coverage for the building and roof.
Buyer to verify all information during due diligence.
Key Highlights
- 2025‑built one‑story duplex (3 bed, 2 bath) with a lease in place and professional management by Shamrock Properties
- Included appliances: dishwasher, disposal, microwave, electric range/cooktop, and refrigerator
- Upgrades include stained concrete floors, granite countertops, and stainless steel appliances
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
$12,381
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
4.76%
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%
$247,620
$247.6K
Cap Rate 7%
$176,871
$176.9K
Cap Rate 9%
$137,567
$137.6K
Market Conditions
NOI Build-Up for 1,352 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
$18.7K $13.80/SF
− Vacancy
−$970 −$0.72/SF
EGI
$17.7K $13.08/SF
− OpEx
−$5.3K −$3.92/SF
NOI
$12.4K $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%
$247,620
Cap Rate 7%
$176,871
Cap Rate 9%
$137,567
Alternative Uses
Best Use
Multifamily LT 5
$176.9K
$154.8K – $206.4K
NOI $12,381 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$157.4K
$137.8K – $183.7K
NOI $11,020 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$325.1K
$284.5K – $379.3K
NOI $22,759 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with lease in place, professionally managed, offering quality upgrades and an attached single-car garage.
Where is this duplex located?
The property is located at 33228 Stables Drive Spanish Fort, AL.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 2025‑built one‑story duplex (3 bed, 2 bath) with a lease in place and professional management by Shamrock Properties; Included appliances: dishwasher, disposal, microwave, electric range/cooktop, and refrigerator; Upgrades include stained concrete floors, granite countertops, and stainless steel appliances
