18-Unit Apartment
New
For Sale
$2,499,000
Schoel Lane, Gulf Shores, AL 36542
Residential Income, Gulf Shores, AL
Property Size15,336 SF
Lot Size1.07 Acres
Price / SF$162.95
Days on Market1
Property Features for Schoel Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MultiFamily
Bedrooms
36
Bathrooms
18
Full bathrooms
18
Rooms
Bedroom 16, Bedroom 14, Bedroom 27, Bedroom 25, Bathroom 18, Bathroom 11, Bathroom 7, Bedroom 33, Bathroom 2, Bedroom 28, Bedroom 13, Bedroom 10, Bathroom 17, Bedroom 36, Bedroom 9, Bedroom 24, Bedroom 11, Bedroom 29, Bathroom 14, Bathroom 9, Bedroom 7, Bathroom 5, Bedroom 3, Bathroom 4, Bedroom 6, Bedroom 35, Bathroom 8, Bedroom 22, Bathroom 16, Bedroom 8, Bathroom 6, Bedroom 34, Bedroom 19, Bedroom 30, Bedroom 26, Bathroom 15, Bathroom 1, Bedroom 18, Bedroom 32, Bathroom 3, Bedroom 15, Bathroom 10, Bedroom 20, Bedroom 23, Bedroom 4, Bedroom 2, Bathroom 12, Bathroom 13, Bedroom 17, Bedroom 1, Bedroom 21, Bedroom 12, Bedroom 5, Bedroom 31
Patio and Porch features
Porch
Interior features
Ceiling Fan(s)
Appliances
Cooktop, Refrigerator
Elementary school
Gulf Shores Elementary
Middle school
Gulf Shores Middle
High school
Gulf Shores High
Directions
From Hwy 59 Travel West on Oak Road West Appr 1.5 mile-property on North Side THERE IS NO FOR SALE SIGN
Subdivision
Baldwin
Standard status
Active
APN
61-09-37-0-000-179.002 & 61-09-37-0-000-179.003
Size
15,336 SF
Lot size
1.07 Acres
Taxes and HOA fees
Tax Description
TWO PARCELS PPIN 89355 & 252654
Tax Annual Amount
4823
Legal Description
TWO PARCELS PPIN 89355 & 252654
Utilities
Heating system
Central
Cooling system
Electric
Amenities
washer/dryer connections
Building Details
Year built
1988
Floors in Building
1
Flooring type
Tile
Roof type
Metal
Architectural style
Other
Listing Agency:
Pointe South
(251) 699-8500
Listed By:
Susan Carleton · License #70888
(251) 752-0016
Added: Sep 2
Last Checked: Sep 2 at 6:06PM
MLS# 409507
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 multifamily property contains 18 apartments totaling 15,336 square feet on 1.07 acres. Each residence is configured with two bedrooms and one bathroom and measures approximately 852 square feet. Unit features include laundry hookups, tile flooring, ceiling fans, porches, cooktops, and refrigerators, with central heating and electric cooling. The community was built in 1988 and carries MultiFamily zoning.
The property is located on Schoel Lane near County Road 6 in Gulf Shores. Nearby destinations identified in the property information include Gulf Shores City Schools, Gulf Shores Sportsplex, the County Road 6 boat launch, shopping, dining, employment centers, recreational facilities, and Gulf Shores beaches. The surrounding area also includes Bright's Creek and roadway, drainage, sidewalk, and connectivity improvements.
The property is located on Schoel Lane near County Road 6 in Gulf Shores. Nearby destinations identified in the property information include Gulf Shores City Schools, Gulf Shores Sportsplex, the County Road 6 boat launch, shopping, dining, employment centers, recreational facilities, and Gulf Shores beaches. The surrounding area also includes Bright's Creek and roadway, drainage, sidewalk, and connectivity improvements.
Key Highlights
- 18‑unit multifamily community with 15,336 square feet of rentable area
- 1.07‑acre property in Gulf Shores, AL
- All units offer a two‑bedroom, one‑bath layout
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
$125,004
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
5.00%
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%
$2,500,080
$2.5M
Cap Rate 7%
$1,785,771
$1.8M
Cap Rate 9%
$1,388,933
$1.4M
Market Conditions
NOI Build-Up for 15,336 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
$239.2K $15.60/SF
− Vacancy
−$12.0K −$0.78/SF
EGI
$227.3K $14.82/SF
− OpEx
−$102.3K −$6.67/SF
NOI
$125.0K $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%
$2,500,080
Cap Rate 7%
$1,785,771
Cap Rate 9%
$1,388,933
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.56M – $2.08M
NOI $125,004 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,160 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
70
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?
Apartment building - Two-bedroom residences feature laundry hookups, tile flooring, porches, and central heating and cooling.
Where is this apartment building located?
The property is located at Schoel Lane Gulf Shores, AL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 18‑unit multifamily community with 15,336 square feet of rentable area; 1.07‑acre property in Gulf Shores, AL; All units offer a two‑bedroom, one‑bath layout
