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4851 Wharf Parkway - Levin's Bend at the Wharf, Orange Beach, AL

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4851 Wharf Parkway - Levin's Bend at the Wharf

Orange Beach, AL 36561 - Baldwin County MF Submarket


Property Type:Multi-Family Number of Units:190 Status:Existing Year Built:2007
Stories:11 Building Size:384,076 SF Land Area:-

Parking:1.47 Parking Spaces / 1,000 SF


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
2,850 SF
$12.00 - $24.00/SF/Yr
Vacant
Negotiable
Retail
 2nd
1,000 SF-15,000 SF
$12.00 - $24.00/SF/Yr
Vacant
Negotiable
Retail
 
10543500
10152104
Marketing Flyer Marketing Flyer  
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
2,850 SF
$12.00 - $24.00/SF/Yr
Vacant
Negotiable
Retail
2nd
1,000 SF-15,000 SF
$12.00 - $24.00/SF/Yr
Vacant
Negotiable
Retail
Asset Summary:
*Levin’s Bend at the Wharf
*Orange Beach, Alabama
*90 unsold condominium units measuring 139,095 SF within an 11-story 190 unit condominium at the “The Warf” resort, a 220-acre mixed use project
3 one-bedroom units
50 two-bedroom units
35 three-bedroom units
2 four-bedroom units

26 of the units are furnished

$14.5M asking price = $104/SF

History of Property:
Project built in 2007
Original asking prices ranged from $313.56/SF to $472.05/SF
In March 2009, asking prices for all 90 units were reduced to $250/SF
4 sales took place in 2009 at an average sales price of $277.23/SF
Average list price of the 9 units for sale within the building as re-sales = $260.18/SF

Estimated Pricing for units now ranges from $210/SF - $220/SF

Amenities include:
10,000 seat amphitheater
The Oasis pools (wave pool, lazy river, Tiki bar, and white sandy beach)
200+/- slip marina with deep sea fishing charters
Convention center
Outfitters store with charters for fly fishing, canoeing, etc.
Main Street – lined with 70 retail shops, restaurants, a Rave theater, and a Ferris wheel

Appraisal dated December 21, 2009:
Bulk market value - $19,700,000
Bulk liquidation value - $14,800,000
Retail units on first and second floors comprise 14.67% of the building
Residential units on floors 3-11 comprise 85.33%

Ownership Costs:
Annual Homeowners dues are currently $3.40/SF under AC living area of $472,923
Each unit owner shall maintain ownership at The Armada Club at the Wharf for total annual dues of $308,100
Dues are $2,700 for one bedrooms
Dues are $3,300 for two bedrooms
Dues are $3,600 for three bedrooms
Sues are $4,500 for four bedrooms
HOA and Club Dues together average 8,678 per unit on an annual basis or $723 per month
Average real estate taxes per units are $2,819.39. At a 4% discount, this is reduced to $2,707 or $226 per month

Website to Find Pictures, Floor Plans, and Maps:
<http://www.thewharfal.com/?section=live>



Stirling Properties LLC
Jeff Barnes
(251) 375-2496



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