Updated Duplex with Beach
For Sale
$645,000
432 Dune Drive, Gulf Shores, AL 36542
Residential, Gulf Shores, AL
Property Size2,618 SF
Lot Size0.17 Acres
Price / SF$246.37
Days on Market49
Property Features for 432 Dune Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Dining Room, Bathroom 2, Bathroom 3, Bathroom 4
Patio and Porch features
Patio, Porch
Interior features
Internet, Storage, Ceiling Fan(s), Split Bedroom Plan
Appliances
Cooktop, Dishwasher, Electric Range, Washer/Dryer Stacked, Plumbed For Ice Maker, Smoke Detector
Subdivision
The Dunes
Lot features
Corner Lot, Elevation High, Less Than 1 Acre
Elementary school
Foley Elementary
Middle school
Foley Middle
High school
Foley High
Directions
From Highway 59 (Gulf Shores Parkway) Travel West on Highway 180 (Fort Morgan Road) approximately 18.5 miles. Turn Left on Dune Drive and proceed past Guard gate keypad. The Duplex is located on the corner of Dune Drive and Shell Lane. There is parking access from either street. The Garage entrance is off of Dune Drive.
Standard status
Active
APN
69-08-02-0-006-029.000.902
Size
2,618 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Unit "B" Sea Wynn Condo GR SEC 2-T9S-R1E (WD)
Tax Annual Amount
3843
HOA Fee
$313 Quarterly
Legal Description
Unit "B" Sea Wynn Condo GR SEC 2-T9S-R1E (WD)
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric
Water front features
Beach Access
Water front
1
Building Details
Year built
2000
Floors in Building
3
Flooring type
Vinyl, Tile
Roof type
Metal
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Crescent Sotheby's Intl Rty-Gulf Shores
(251) 968-6869
Listed By:
Timothy M. Wilson · License #044170
(251) 978-0745
Added: Jul 15
Changed: Aug 19
Last Checked: Sep 1 at 10:06AM
MLS# 399555
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.
Built in 2000, this duplex contains 2,618 square feet on a 0.1663-acre lot, with each residence arranged as four bedrooms and four bathrooms. Interior features include storage, internet access, ceiling fans, split-bedroom layouts, vinyl and tile flooring, central electric heating, and electric cooling. Both sides also have patios or porches, stacked washer/dryer connections, kitchens with cooktops and dishwashers, and metal roofing. Recent improvements include exterior paint and updated upstairs flooring.
The property is located at 432 Dune Drive in The Dunes, a gated community near Fort Morgan in Gulf Shores. Beach access, covered parking, and additional room for boats and recreational vehicles are provided. Fort Morgan Marina and historic Fort Morgan are nearby, with boating, fishing, beaches, and nature trails identified as area amenities. The property is outside the CBRA zone.
The property is located at 432 Dune Drive in The Dunes, a gated community near Fort Morgan in Gulf Shores. Beach access, covered parking, and additional room for boats and recreational vehicles are provided. Fort Morgan Marina and historic Fort Morgan are nearby, with boating, fishing, beaches, and nature trails identified as area amenities. The property is outside the CBRA zone.
Key Highlights
- Duplex with 2,618 square feet on a 0.1663‑acre lot
- Each side includes 4 bedrooms and 4 bathrooms
- Updated upstairs flooring on both sides and fresh exterior paint
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
$23,975
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
3.72%
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%
$479,500
$479.5K
Cap Rate 7%
$342,500
$342.5K
Cap Rate 9%
$266,389
$266.4K
Market Conditions
NOI Build-Up for 2,618 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
$36.1K $13.80/SF
− Vacancy
−$1.9K −$0.72/SF
EGI
$34.2K $13.08/SF
− OpEx
−$10.3K −$3.92/SF
NOI
$24.0K $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%
$479,500
Cap Rate 7%
$342,500
Cap Rate 9%
$266,389
Alternative Uses
Best Use
Multifamily LT 5
$342.5K
$299.7K – $399.6K
NOI $23,975 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$304.8K
$266.7K – $355.7K
NOI $21,339 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$629.6K
$550.9K – $734.5K
NOI $44,070 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Explore this area
Business Placement
Demographics for 36542, AL
16,993
Population
18,551
Households
0.9
Avg Household Size
51
Median Age
38%
College-Educated
95%
High-School Grad
52.0 sq mi
ZIP Area
327
Density / Sq Mi
$74,861
Median Household Income
$35,580
Median Earnings
$1,365
Median Rent
$366,600
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 - Two four-bedroom residences offer flexible owner-occupant and rental configurations in a gated coastal community.
Where is this duplex located?
The property is located at 432 Dune Drive Gulf Shores, AL.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Duplex with 2,618 square feet on a 0.1663‑acre lot; Each side includes 4 bedrooms and 4 bathrooms; Updated upstairs flooring on both sides and fresh exterior paint
