Flex Space with Roll-Up
For Sale
Under Contract
$550,000
171 Northshore Circle, Gulf Shores, AL 36542
Commercial Sale, Gulf Shores, AL
Property Size2,800 SF
Lot Size0.24 Acres
Price / SF$196.43
Days on Market31
Property Features for 171 Northshore Circle
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial
Pets allowed
Yes
Lot features
Level
Directions
Right off of 59 on to 36th. Right onto Northshore St. Right onto Northshore Circle.
Subdivision
Baldwin
Standard status
Active Under Contract
APN
61-09-32-4-001-018.012
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
75.5 X 140.7 IRR LOT 10 NORTHSHORE CENTRE UNIT 3 SLIDE 174 6-A MS94 PG435 IN CITY OF GULF SHORES SEC 32-T8S-R4E (WD-SUR VIVORSHIP)
Tax Annual Amount
1443
Legal Description
75.5 X 140.7 IRR LOT 10 NORTHSHORE CENTRE UNIT 3 SLIDE 174 6-A MS94 PG435 IN CITY OF GULF SHORES SEC 32-T8S-R4E (WD-SUR VIVORSHIP)
Building Details
Year built
2006
Floors in Building
1
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Signature Properties
(251) 609-9292
Listed By:
Clint Miller · License #169806-1
(251) 363-9397
Added: Jul 30
Changed: Aug 19
Last Checked: Aug 29 at 12:06AM
MLS# 400079
Copyright © 2026 Baldwin REALTORS®. 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.
This 2,800 SF flex property combines approximately 775 SF of finished office area with a warehouse component and a 775 SF mezzanine. The mezzanine provides additional room for storage, inventory, or workspace, while three 12' x 12' roll-up doors support loading and equipment movement. Concrete flooring and a metal roof are among the building’s physical features, and the property was built in 2006.
Located at 171 Northshore Circle in Gulf Shores, the property is within the 36542 postal area of Baldwin County. Commercial zoning is identified for the site. The configuration brings office, storage, and warehouse functions together in one building, providing a flexible footprint for operational use.
Located at 171 Northshore Circle in Gulf Shores, the property is within the 36542 postal area of Baldwin County. Commercial zoning is identified for the site. The configuration brings office, storage, and warehouse functions together in one building, providing a flexible footprint for operational use.
Key Highlights
- 2,800 SF flex office/warehouse property
- Approximately 775 SF of finished office space
- 775 SF mezzanine for storage, inventory, or workspace
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
$32,659
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
5.94%
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%
$653,180
$653.2K
Cap Rate 7%
$466,557
$466.6K
Cap Rate 9%
$362,878
$362.9K
Market Conditions
NOI Build-Up for 2,800 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
$53.8K $19.20/SF
− Vacancy
−$10.2K −$3.65/SF
EGI
$43.5K $15.55/SF
− OpEx
−$10.9K −$3.89/SF
NOI
$32.7K $11.66/SF
Area
Baldwin County, AL
Vacancy
19.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$653,180
Cap Rate 7%
$466,557
Cap Rate 9%
$362,878
Alternative Uses
Best Use
Office B
$466.6K
$408.2K – $544.3K
NOI $32,659 @ 7.0% cap · market cap 5.94%
Second Best
Warehouse
$252.5K
$220.9K – $294.6K
NOI $17,673 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$673.3K
$589.2K – $785.6K
NOI $47,134 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 36542, AL
16,993
Population
18,551
Households
0.9
Avg Household Size
51
Median Age
38%
College-Educated
95%
High-School Grad
52.0 sq mi
ZIP Area
327
Density / Sq Mi
$74,861
Median Household Income
$35,580
Median Earnings
$1,365
Median Rent
$366,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned office and warehouse building with a practical layout for business operations and storage.
Where is this flex space located?
The property is located at 171 Northshore Circle Gulf Shores, AL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,800 SF flex office/warehouse property; Approximately 775 SF of finished office space; 775 SF mezzanine for storage, inventory, or workspace
