Unfinished Mixed-Use
For Sale
$950,000
301 N Montgomery Ave, Sheffield, AL 35660
Commercial Sale, Sheffield, AL
Property Size4,863 SF
Price / SF$195.35
Days on Market1763
Property Features for 301 N Montgomery Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B1
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
Parking features
On Street
Interior features
Ceiling-High, Storage (Interior)
Subdivision
Sheffield
Lot features
City Lot, Corner Lot
Elementary school
City
Middle school
City
High school
City
Directions
SECOND STREET TO MONTGOMERY AVE, RIGHT ONTO MONTGOMERY AVE BUILDING ON THE LEFT.
Standard status
Active
APN
0708283010039000
Size
4,863 SF
Taxes and HOA fees
Tax Description
LOTS 23 &24 BLK 62 SHEFFIELD 50 X 120
Legal Description
LOTS 23 &24 BLK 62 SHEFFIELD 50 X 120
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1916
Flooring type
Concrete
Building materials
Block, Brick, Other (ConstrMat)
Additional Structures
Storage
Listing Agency:
RE/MAX Tri-State · RE/MAX International
(256) 383-7787
Listed By:
Beth Pirtle · License #000101566
(256) 810-4786
Added: Nov 3, 2021
Changed: Aug 19
Last Checked: Aug 31 at 6:06AM
MLS# 502222
Copyright © 2026 Strategic MLS Alliance, 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.
Located at 301 N Montgomery Ave in Sheffield, this 4,863-square-foot mixed-use building dates to 1916 and was previously used as a bank. The property is undergoing renovation but will transfer unfinished and in its current condition. Existing features include high ceilings, interior storage, concrete flooring, central heating, and central air conditioning, with block and brick construction.
The interior configuration includes four bathrooms and space that had been planned for a combination of residential and commercial uses. Renovation concepts included seven upstairs apartments, a restaurant on the main level, and a gift shop. The building is served by public water and public sewer, with on-street parking available. B1 zoning is in place for the property.
The interior configuration includes four bathrooms and space that had been planned for a combination of residential and commercial uses. Renovation concepts included seven upstairs apartments, a restaurant on the main level, and a gift shop. The building is served by public water and public sewer, with on-street parking available. B1 zoning is in place for the property.
Key Highlights
- 4,863 square feet of mixed‑use building area
- Built in 1916 with block and brick construction
- Former bank building undergoing renovation; sold unfinished and as‑is
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
$34,970
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
3.68%
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%
$699,400
$699.4K
Cap Rate 7%
$499,571
$499.6K
Cap Rate 9%
$388,556
$388.6K
Market Conditions
NOI Build-Up for 4,863 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
$49.6K $10.20/SF
− Vacancy
−$3.0K −$0.61/SF
EGI
$46.6K $9.59/SF
− OpEx
−$11.7K −$2.40/SF
NOI
$35.0K $7.19/SF
Area
Colbert County, AL
Vacancy
6.00%
Lease Rate
$10.20 /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%
$699,400
Cap Rate 7%
$499,571
Cap Rate 9%
$388,556
Alternative Uses
Best Use
Specialty Retail
$499.6K
$437.1K – $582.8K
NOI $34,970 @ 7.0% cap · market cap 3.68%
Second Best
Mixed Use
$458.5K
$401.2K – $534.9K
NOI $32,096 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$776.6K
$679.5K – $906.0K
NOI $54,360 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
7,491 visits/mo
0.3 miles
Demographics for 35660, AL
9,434
Population
5,139
Households
1.8
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
6.2 sq mi
ZIP Area
1,522
Density / Sq Mi
$42,510
Median Household Income
$31,302
Median Earnings
$850
Median Rent
$129,000
Median Home Value
Market
Vacancy Rate% for Retail 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?
Mixed-use property - Former bank building under renovation with flexible interior space and B1 zoning in Sheffield.
Where is this mixed-use property located?
The property is located at 301 N Montgomery Ave Sheffield, AL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,863 square feet of mixed‑use building area; Built in 1916 with block and brick construction; Former bank building undergoing renovation; sold unfinished and as‑is
