Mixed-Use Property with Multiple
For Sale
$1,000,000
24497 1/2 W Highway 72, Athens, AL 35613
Business Opportunity, Athens, AL
Property Size4,900 SF
Lot Size2.65 Acres
Price / SF$204.08
Days on Market260
Property Features for 24497 1/2 W Highway 72
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Unzoned
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Subdivision
Metes And Bounds
Directions
From Hwy 65 Go East About 2miles On Hwy 72. The Property Is Directly Across From Jimmy Smith Gmc.
Standard status
Active
Size
4,900 SF
Lot size
2.65 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Floors in Building
1
Flooring type
Wood
Listing Agency:
Avanti Realty Services LLC
(256) 714-1300
Listed By:
Alex Mukai · License #99826
(205) 951-8992
Added: Jan 8
Changed: Sep 25
Last Checked: Sep 25 at 10:06PM
MLS# 21866017
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Investment Insights
Based on property information with market context.
This un-zoned mixed-use property contains 2.65 acres with approximately 4,900 square feet of improvements. The site includes a house, a metal building, and a billboard, providing multiple existing components within one commercial tract. Public water and public sewer serve the property, and wood flooring is present in the improvements.
Located at 24497 1/2 W Highway 72 in Athens, Alabama, the property is approximately 2.5 miles east of US Interstate 65 and across from Jimmy Smith GMC. The existing configuration and un-zoned status support consideration of several single-use, office, retail, medical, daycare, and multifamily applications identified in the property information.
Located at 24497 1/2 W Highway 72 in Athens, Alabama, the property is approximately 2.5 miles east of US Interstate 65 and across from Jimmy Smith GMC. The existing configuration and un-zoned status support consideration of several single-use, office, retail, medical, daycare, and multifamily applications identified in the property information.
Key Highlights
- 2.65‑acre mixed‑use property in Athens, AL
- Approximately 4,900 square feet of improvements
- Includes a house, metal building, and billboard
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
$59,168
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
5.92%
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%
$1,183,360
$1.2M
Cap Rate 7%
$845,257
$845.3K
Cap Rate 9%
$657,422
$657.4K
Market Conditions
NOI Build-Up for 4,900 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
$102.9K $21.00/SF
− Vacancy
−$8.2K −$1.68/SF
EGI
$94.7K $19.32/SF
− OpEx
−$35.5K −$7.25/SF
NOI
$59.2K $12.08/SF
Area
Limestone County, AL
Vacancy
8.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,183,360
Cap Rate 7%
$845,257
Cap Rate 9%
$657,422
Alternative Uses
Best Use
Mixed Use
$845.3K
$739.6K – $986.1K
NOI $59,168 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,317 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 35613, AL
22,935
Population
9,776
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
91%
High-School Grad
75.0 sq mi
ZIP Area
306
Density / Sq Mi
$103,281
Median Household Income
$51,834
Median Earnings
$1,284
Median Rent
$291,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Un-zoned acreage includes a house, metal building, and billboard.
Where is this mixed-use property located?
The property is located at 24497 1/2 W Highway 72 Athens, AL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 2.65‑acre mixed‑use property in Athens, AL; Approximately 4,900 square feet of improvements; Includes a house, metal building, and billboard
