One-Story Duplex with Attached
For Sale
$259,900
33228 Stables Drive, Spanish Fort, AL 36527
Residential, Spanish Fort, AL
Property Size1,352 SF
Lot Size0.31 Acres
Price / SF$192.23
Days on Market509
Property Features for 33228 Stables Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Dining Room
Parking features
Open, Garage
Patio and Porch features
Patio, Porch
Interior features
En Suite, Ceiling Fan(s)
Appliances
Disposal, Microwave, Dishwasher, Refrigerator, Electric Range
Subdivision
Churchill Downs
Lot features
Level, Less Than 1 Acre
Elementary school
Stapleton Elementary
Middle school
Bay Minette Middle
High school
Baldwin County High
Directions
From US-31 turn South on Churchill Drive. Property will be on the left.
Standard status
Active
APN
33-03-07-0-000-005.006
Size
1,352 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Description
Lot 3 Phase One Churchill Downs Sub
Tax Annual Amount
113
HOA Fee
$228 Monthly
Legal Description
Lot 3 Phase One Churchill Downs Sub
Utilities
Heating system
Electric (Heating)
Amenities
covered front and back porch
Building Details
Year built
2025
Floors in Building
1
Flooring type
Other floors/see remarks
Roof type
Composition
Architectural style
Other
Listing Agency:
Shamrock Properties, LLC
(251) 533-9445
Listed By:
David Kahalley · License #77246
(251) 533-9033
Added: Apr 11, 2025
Changed: Aug 19
Last Checked: Sep 1 at 4:06PM
MLS# 377918
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 one-story duplex offers 1,352 square feet with three bedrooms and two bathrooms. Interior features include stained concrete flooring, granite countertops, stainless steel appliances, ceiling fans, window blinds, and an en suite primary bath with double vanities, a tub-shower combination, and a walk-in closet. An attached single-car garage provides covered parking and storage, while covered front and rear porches extend the living area outdoors. The property is currently under construction and carries a 2025 year built designation.
The 0.309-acre property is located in Spanish Fort, with access to shopping, I-10, Mobile, and Baldwin County. A lease is in place, and professional management is provided by Shamrock Properties. The property also includes open parking, a composition roof, electric heating, and appliances including a disposal, microwave, dishwasher, refrigerator, and electric range.
The 0.309-acre property is located in Spanish Fort, with access to shopping, I-10, Mobile, and Baldwin County. A lease is in place, and professional management is provided by Shamrock Properties. The property also includes open parking, a composition roof, electric heating, and appliances including a disposal, microwave, dishwasher, refrigerator, and electric range.
Key Highlights
- Duplex with 1,352 square feet, three bedrooms, and two bathrooms
- Attached single‑car garage plus open parking
- 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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
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 - Managed duplex with upgraded interiors, private outdoor areas, and convenient access to shopping and I-10.
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: Duplex with 1,352 square feet, three bedrooms, and two bathrooms; Attached single‑car garage plus open parking; Stained concrete floors, granite countertops, and stainless steel appliances
