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 & peaceful coastal charm. One of only 5 waterfront residences in this private 22-unit community, this 2-bedroom, 2.5-bath townhome with bonus room includes an assigned boat slip with lift just steps from the front door, providing effortless access to Wolf Bay. Enjoy unobstructed water views, sunset cruises, fishing adventures & dolphins passing by, all without the congestion of a high-rise complex. Inside, the spacious living area is designed to maximize the beautiful bay views, featuring a cozy fireplace & open-concept flow into the kitchen and dining area. The kitchen offers granite countertops, stainless steel appliances & ample cabinetry, perfect for entertaining after a day on the water. Upstairs, the primary suite features a private balcony overlooking Wolf Bay, creating a peaceful retreat for morning coffee & coastal breezes. An additional bedroom & bonus room offer flexibility for guests, an office or additional sleeping space. Magnolia Key residents enjoy a waterfront pool, grilling area & relaxed setting tucked away off Canal Road, while remaining close to restaurants, marinas, shopping, entertainment & Gulf Coast beaches. The community has recently seen a 25% decrease in the master insurance policy, with no upcoming assessments currently planned, offering added peace of mind. True waterfront opportunities in Magnolia Key are exceptionally rare, especially with a dedicated boat slip, lift & unobstructed Wolf Bay views. 30-day rental restriction. Buyer to verify all information during due diligence.