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    Colby Herrington, Ccim, Mobile, AL

    License ID: 100848
    Herrington Realty
    Years of Experience
    6

    Contact details

    Phone:
    (251) 490-6995

    Performance

    Listings
    31
    Total transactions
    17
    Total transactions amount
    $3M
    Price range
    $117k - 264k
    Average price
    $176k

    Listings

    For Sale (22)

    View map
    • $1,044,000

      Mobile Land Near I-10/I-65

      1.2-acre tract in Tillmans Corner near I-10/I-65 exchange.
      5364 Us 90, Mobile, AL
      View Details
    • $3,295,000

      Redevelopment Opportunity in Mobile, AL

      Redevelopment opportunity with 43,376 SF building on 3.75 acres.
      4075 Goverment Blvd, Mobile, AL
      View Details
    • $1,350,000

      Retail Strip Center For Sale

      Fully leased retail strip center with highway frontage.
      Us Highway 98, Fairhope, AL 36532
      View Details
    • $645,000

      Retail Store in Robertsdale, AL

      Retail store with high visibility and traffic off Hwy 59.
      22492 Al-59, Robertsdale, AL
      View Details
    • $87,500

      Land on Highway 90

      Approximately one-acre lot with frontage on Highway 90.
      8050 Us-90, Daphne, AL
      View Details
    • $1,600,000

      Highway 181 Land For Sale

      Approximately 16.7 acres available on Highway 181, Fairhope, AL.
      181 Hwy, Fairhope, AL
      View Details
    • $190,000
      1,762 SF

      Brewton Class A Office Building

      Recently renovated Class A office building in the heart of Brewton.
      610 Douglas Ave, Brewton, AL 36426
      View Details
    • $635,000

      Moffett Road Commercial Land Opportunity

      0.75+/- acre commercial land with high traffic frontage.
      7650 Moffett Rd, Mobile, AL 36618
      View Details
    • $595,000
      3,243 SF

      Former Restaurant on Highway 59

      Restaurant with equipment and furniture included in sale.
      4600 S Hickory St, Loxley, AL 36551
      View Details
    • $499,000

      Citronelle Retail/Warehouse Opportunity

      Retail/warehouse building on Highway 45 in Citronelle, Alabama.
      19850 N 3Rd St, Citronelle, AL 36522
      View Details
    • $4,900,000

      Heron Lakes Country Club Opportunity

      Heron Lakes Country Club in Mobile, Alabama for sale.
      3851 Government Blvd, Mobile, AL 36693
      View Details
    • $1,366,259

      Prime Land Parcel in Fairhope

      Outparcel lot in high-demand location near Highway 181 & 104.
      181 & 104 Hwy, Fairhope, AL
      View Details
    • $130,000

      Timberland in Mount Vernon

      Timberland located off Hwy 43 and Tommie Ln Rd.
      Tommie Ln, Mount Vernon, AL
      View Details
    • $160,000

      Commercial Land on Cottage Hill

      Commercial land with frontage on Cottage Hill Road.
      5508 Cottage Hill Rd, Mobile, AL 36609
      View Details
    • $4,286,578

      Multi-Tenant Retail Center For Sale

      Fully occupied retail center with drive-thru lanes near university.
      5753 Old Shell Rd, Mobile, AL 36608
      View Details
    • $1,100,000

      Commercial Land in Growing Foley

      Commercial property surrounded by new retail and residential developments.
      1 Pine St, Foley, AL 36535
      View Details
    • $850,000

      Commercial Lot Near Airport Boulevard

      Commercial lot for sale near Mobile Regional Airport.
      7400 Airport Blvd, Mobile, AL 36608
      View Details
    • $1,995,000

      Fairhope Land For Sale

      10 acres in the heart of Fairhope, Alabama.
      Al-181 & Fairhope Ave, Fairhope, AL
      View Details
    • $215,000

      67 Acres Industrial Land Available

      67 acres of land suitable for industrial development.
      Crestview/Halls Ml Rd, Mobile, AL
      View Details
    • $5,700,000

      38 Acres in West Mobile

      Unzoned 38-acre tract in West Mobile near airport.
      8561 Airport Blvd, Mobile, AL 36608
      View Details
    • $385,000

      Residential Land in West Mobile

      Large lot suitable for residential development or estate lots.
      Snow Rd, Mobile, AL 36608
      View Details
    • $3,450,000

      Fairhope Retail Center For Sale

      Multi-tenant retail center in Fairhope, Alabama, fully occupied.
      19690 Greeno Rd, Fairhope, AL 36532
      View Details

    For Lease (9)

    View map
    • $28 SF/Yr
      27,930 SF

      Retail Space in Eastern Shore

      Prime retail opportunity in Fairhope's Eastern Shore Village Shopping Center.
      100-350 Eastern Shore Shopping Ctr, Fairhope, AL 36532
      View Details
    • $4,875,000
      40,000 SF

      Daphne Retail/Distribution Facility For Lease

      40,000 SF retail/distribution facility in Daphne, Alabama.
      27220 Us Highway 98, Daphne, AL 36526
      View Details
    • $12 SF/Yr
      14,650 SF

      Robertsdale Flex Office/Warehouse Space

      Large bay flex office/warehouse space available for lease.
      22825 Mcauliffe Dr, Robertsdale, AL 36567
      View Details
    • $5 SF/Yr
      33,348 SF

      Summerdale Warehouse with Laydown Yard

      Large warehouse with laydown yard and three-phase power available.
      501 Sandborn Rd E, Summerdale, AL
      View Details
    • $13 SF/Yr
      45,342 SF

      Rouge Place Retail Opportunity

      Anchor space available in Rouge Place Shopping Center.
      100 Fairhope Ecor Rouge Pl Shopping Ctr, Fairhope, AL
      View Details
    • $22 SF/Yr
      1,500 SF

      Fairhope Professional Office Space

      Professional office space suitable for various uses in Fairhope, AL.
      23937 Us Highway 98, Fairhope, AL 36532
      View Details
    • $18 SF/Yr
      1,450 SF

      Retail Space in Midtown Mobile

      Retail space for lease in the heart of Mobile.
      1812 Old Shell Rd, Mobile, AL 36604
      View Details
    • $26 SF/Yr
      7,500 SF

      Retail Space in New Development

      Retail space for lease in downtown Mobile, new mixed-use development.
      300 Saint Louis St, Mobile, AL 36602
      View Details
    • $12 SF/Yr
      3,200 SF

      New Construction Flex Industrial Building

      New construction flex industrial building for lease in Mobile, AL.
      Zeigler Crk, Mobile, AL
      View Details

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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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