Nestled along the shores of Wolf Bay in the heart of Orange Beach, this rare waterfront townhome at Magnolia Key offers the perfect blend of boating lifestyle, low-density living, and peaceful coastal charm. One of only 5 waterfront residences within this private 22-unit community, this 2 bedroom, 2.5 bathroom townhome with bonus room features unobstructed water views and direct access to the bay from your assigned boat slip just steps from the front door. Whether you enjoy sunset cruises, fishing adventures, or simply watching dolphins and boats pass by, this property delivers the true waterfront lifestyle without the congestion of a high-rise complex. Inside, the spacious living area is designed to maximize the stunning bay views, complete with a cozy fireplace and an open-concept flow into the kitchen and dining area. The kitchen features granite countertops, stainless steel appliances, and ample cabinet space, creating the ideal setting for entertaining family and friends after a day on the water. Upstairs, the primary suite offers its own private balcony overlooking Wolf Bay, creating a serene retreat to enjoy morning coffee and coastal breezes. The additional bedroom and bonus room provide flexibility for guests, office space, or additional sleeping accommodations. Magnolia Key residents enjoy a waterfront pool, grilling area, and a relaxed atmosphere tucked away off Canal Road while remaining conveniently close to restaurants, marinas, shopping, entertainment, and the white sand beaches of the Gulf Coast. The community has recently seen a 25% decrease in the master insurance policy, with no upcoming assessments currently planned, offering added peace of mind for owners. Opportunities to own one of the limited true waterfront units in Magnolia Key are exceptionally rare, especially with dedicated boating amenities and unobstructed Wolf Bay views. Waterfront living in Orange Beach simply does not get much better than this. 30 Day Rental Restrictions. Buyer to