Flex Space with Four Connected
For Sale
$1,650,000
138 Valley Park Drive NW, Decatur, AL 35601
COMMERCIAL - Decatur, AL
Property Size21,850 SF
Lot Size1.00 Acre
Price / SF$75.51
Days on Market94
Property Features for 138 Valley Park Drive NW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business, Commercial, Industrial
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 1, Bathroom 2, Bathroom 4
Exterior features
Lighting
Subdivision
Metes And Bounds
Lot features
High Visibility
Directions
Half Mile South Of Highway 20 (72 Alt) On Beltline Road (Hwy 67) Valley Park Drive Is A Service Road
Standard status
Active
APN
0206140002015.000
Size
21,850 SF
Lot size
1.00 Acre
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Space Heater
Cooling system
Exhaust Fan (Cooling), Central Air
Water source
Public
Building Details
Year built
1971
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Re/Max Platinum · RE/MAX International
(256) 351-9180
Listed By:
Terry Taylor · License #94608
(256) 227-4465
Added: May 28
Changed: Aug 7
Last Checked: Aug 29 at 12:06PM
MLS# 21916673
Copyright © 2026 ValleyMLS.Com,Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
High-profile flex space in Decatur’s industrial complex consisting of four continuous, connected buildings totaling 22,000+/- SF. The first three buildings provide 11,400+/- SF of warehouse/manufacturing space with 16' sidewalls and 20' ceilings, plus 800+/- SF of showroom and 560+/- SF of office space. The fourth building is three stories with 3,000+/- SF per level, including a first-floor garage, second-floor conditioned offices, and third-floor conditioned unfinished space.
The property includes concrete flooring and exterior lighting. Heating is provided via space heater and natural gas, and cooling includes central air with an exhaust fan. The roof is metal, and utilities/services include public water with a septic tank for sewer.
Built in 1971, this arrangement is well suited for an operator needing both warehouse/manufacturing and customer-facing showroom space, along with office functions within the connected building footprint.
The property includes concrete flooring and exterior lighting. Heating is provided via space heater and natural gas, and cooling includes central air with an exhaust fan. The roof is metal, and utilities/services include public water with a septic tank for sewer.
Built in 1971, this arrangement is well suited for an operator needing both warehouse/manufacturing and customer-facing showroom space, along with office functions within the connected building footprint.
Key Highlights
- Four continuous connected buildings totaling 22,000+/- SF
- First three buildings total 11,400+/- SF with 16' sidewalls and 20' ceilings
- Includes 800+/- SF showroom plus 560+/- SF office space in the first three buildings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$131,272
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,625,440
$2.6M
Cap Rate 7%
$1,875,314
$1.9M
Cap Rate 9%
$1,458,578
$1.5M
Market Conditions
NOI Build-Up for 21,850 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$217.6K $9.96/SF
− Vacancy
−$15.7K −$0.72/SF
EGI
$202.0K $9.24/SF
− OpEx
−$70.7K −$3.24/SF
NOI
$131.3K $6.01/SF
Area
Morgan County, AL
Vacancy
7.20%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,625,440
Cap Rate 7%
$1,875,314
Cap Rate 9%
$1,458,578
Alternative Uses
Best Use
Flex RnD
$1.88M
$1.64M – $2.19M
NOI $131,272 @ 7.0% cap · market cap 7.96%
Second Best
Warehouse
$1.84M
$1.61M – $2.15M
NOI $128,783 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$4.55M
$3.98M – $5.30M
NOI $318,206 @ 7.0% cap · market cap 19.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 35601, AL
34,958
Population
15,168
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
77%
High-School Grad
26.5 sq mi
ZIP Area
1,319
Density / Sq Mi
$50,216
Median Household Income
$33,438
Median Earnings
$860
Median Rent
$148,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Berto's Catering — 2025 State Hwy 20, Decatur, AL 35601
Frequently Asked Questions
What type of property is this?
Flex space - Flex space featuring connected warehouse, manufacturing, showroom, and conditioned office areas under a metal roof.
Where is this flex space located?
The property is located at 138 Valley Park Drive NW Decatur, AL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Four continuous connected buildings totaling 22,000+/- SF; First three buildings total 11,400+/- SF with 16' sidewalls and 20' ceilings; Includes 800+/- SF showroom plus 560+/- SF office space in the first three buildings
