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Bon Secour Apartments - 0 Schoel Lane 0 Schoel Lane 18 Unit Apartment Building $2,499,000 ($138,833/Unit) 5.28% Cap Rate Gulf Shores, AL 36542
Executive Summary
Bon Secour Apartments offers an opportunity to acquire an established 18-unit multifamily community within the City of Gulf Shores, positioned in an area experiencing continued residential growth and infrastructure investment. Located on Schoel Lane just off County Road 6, the property includes approximately 15,336 rentable square feet, with each two-bedroom, one-bath unit offering approximately 852 square feet and washer/dryer connections. The community provides an attractive acquisition basis compared to the cost of developing comparable new multifamily housing, creating potential for both current rental income and long-term value. Its location places residents near Gulf Shores City Schools, the Gulf Shores Sportsplex, County Road 6 boat launch, shopping, dining, employment centers, recreational facilities and the beaches of Gulf Shores. The surrounding area continues to evolve with nearby residential development, including Bright's Creek, along with roadway, drainage, sidewalk and connectivity improvements. With established rental demand, maintained units and a location convenient to everyday necessities and Gulf Shores attractions, Bon Secour Apartments provides investors the opportunity to add an income-producing multifamily asset in one of Coastal Alabama's growing communities.
Property Facts
| Price | $2,499,000 | Apartment Style | Garden |
| Price Per Unit | $138,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.25 AC |
| Cap Rate | 5.28% | Building Size | 15,534 SF |
| Gross Rent Multiplier | 10.52 | Average Occupancy | 84% |
| No. Units | 18 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 4.11/1,000 SF |
| Zoning | R-1-4 | ||
| Price | $2,499,000 |
| Price Per Unit | $138,833 |
| Sale Type | Investment |
| Cap Rate | 5.28% |
| Gross Rent Multiplier | 10.52 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.25 AC |
| Building Size | 15,534 SF |
| Average Occupancy | 84% |
| No. Stories | 1 |
| Year Built | 1988 |
| Parking Ratio | 4.11/1,000 SF |
| Zoning | R-1-4 |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Heating
- Kitchen
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 18 | - | - |
Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $309,380 | |
| Land Assessment | $33,300 | Total Assessment | $342,680 |
Property Taxes
Parcel Numbers
Land Assessment
$33,300
Improvements Assessment
$309,380
Total Assessment
$342,680
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Bon Secour Apartments - 0 Schoel Lane | 0 Schoel Lane