Corner Retail
For Sale
$499,900
1903 US Highway 31, Bay Minette, AL 36507
Commercial Sale, Bay Minette, AL
Property Size1,400 SF
Lot Size0.65 Acres
Price / SF$357.07
Days on Market102
Property Features for 1903 US Highway 31
General Information
Property type
Residential
Property subtype
Retail
Zoning
WithinCorpLimits
Lot features
Level, Corner Lot
Directions
Heading N on Hwy 59 towards Bay Minette: property is on your R (immediately after red light) across from Coastal Community College.
Subdivision
Baldwin
Standard status
Active
APN
23-05-21-4-000-007.000
Lot size
0.65 Acres
Taxes and HOA fees
Tax Description
150 X 190 BEG AT THE SW COR OF LOT 6 BLK 1 GREEN ACRES SUB UNIT 3 RUN TH ELY 150, NLY 190, WLY 150, SLY 190 TO POB IN THE CITY OF BAY MINETTE SEC 21-T2S-R3E (WD SURVIVORS HIP)
Tax Annual Amount
1738
Legal Description
150 X 190 BEG AT THE SW COR OF LOT 6 BLK 1 GREEN ACRES SUB UNIT 3 RUN TH ELY 150, NLY 190, WLY 150, SLY 190 TO POB IN THE CITY OF BAY MINETTE SEC 21-T2S-R3E (WD SURVIVORS HIP)
Utilities
Heating system
Electric (Heating), Central
Water front features
Waterfront
Building Details
Year built
1968
Floors in Building
1
Flooring type
Tile
Listing Agency:
Delta Realty LLC
(251) 937-6789
Listed By:
Mark Frenette · License #84039
(251) 377-9058
Added: Jun 3
Changed: Sep 3
Last Checked: Sep 12 at 2:06AM
MLS# 397465
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 retail property includes a 1,400-square-foot commercial building on a corner parcel with 190 feet of highway frontage. The interior was updated in 2022 and features tile flooring, central heating, and electric heat. Constructed in 1968, the building is identified as waterfront and lies within Bay Minette’s corporate limits.
The property is positioned at 1903 US Highway 31 in Bay Minette, Alabama, opposite Coastal Alabama Community College. Access is provided at a signalized intersection, placing the building along a prominent highway corridor. Its compact commercial layout and updated condition support a range of retail and office-oriented operations, subject to applicable approvals and buyer verification.
The property is positioned at 1903 US Highway 31 in Bay Minette, Alabama, opposite Coastal Alabama Community College. Access is provided at a signalized intersection, placing the building along a prominent highway corridor. Its compact commercial layout and updated condition support a range of retail and office-oriented operations, subject to applicable approvals and buyer verification.
Key Highlights
- 1,400‑square‑foot retail building on a corner lot
- 190 feet of highway frontage
- Signalized intersection provides direct access
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
$15,065
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
3.01%
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%
$301,300
$301.3K
Cap Rate 7%
$215,214
$215.2K
Cap Rate 9%
$167,389
$167.4K
Market Conditions
NOI Build-Up for 1,400 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
$23.5K $16.80/SF
− Vacancy
−$2.0K −$1.43/SF
EGI
$21.5K $15.37/SF
− OpEx
−$6.5K −$4.61/SF
NOI
$15.1K $10.76/SF
Area
Baldwin County, AL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$301,300
Cap Rate 7%
$215,214
Cap Rate 9%
$167,389
Alternative Uses
Best Use
Retail
$215.2K
$188.3K – $251.1K
NOI $15,065 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$336.7K
$294.6K – $392.8K
NOI $23,567 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 36507, AL
19,608
Population
8,615
Households
2.3
Avg Household Size
41
Median Age
17%
College-Educated
84%
High-School Grad
343.1 sq mi
ZIP Area
57
Density / Sq Mi
$47,919
Median Household Income
$34,985
Median Earnings
$872
Median Rent
$160,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Updated commercial premises at a signal-controlled intersection with highway frontage and direct access from a corner lot.
Where is this retail space located?
The property is located at 1903 US Highway 31 Bay Minette, AL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 1,400‑square‑foot retail building on a corner lot; 190 feet of highway frontage; Signalized intersection provides direct access
