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    351 St Francis St Mobile, AL 36602

    Sponsored
    For Sale
    $6,900,000

    Business - Mobile, AL

    Type:Business
    Property size:
    58,000 SF
    Lot size:
    0.14 Acres
    Days on Market:
    11
    Last Refresh:
    Jan 23 at 1:06 am

    Property Features for 351 St Francis St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Standard status
    Active
    Zoning
    comm
    APN
    2906400002247
    Parking features
    On Street
    Size
    58,000 SF
    Lot size
    0.14 Acres

    Building Details

    Year built
    1921
    Architectural style
    Other

    We can help!

    Listing Contact
    Bryan Olson
    Bryan Olson

    Roberts Brothers, Inc. (251) 344-9220 [email protected]

    Listing agent Bryan Olson (251) 344-9220

    Listing date Jan 13, 2026

    MLS# 7213234 Listing URL

    Copyright © 2026 Gulf Coast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Iconic Downtown Event Space

    The Temple of Mobile, a circa 1921 Egyptian Revival Masterpiece designed by architect George B. Rogers, stands as an iconic downtown structure. Currently utilized as an event space, it hosts weddings, Mardi Gras balls, proms, and special events. This specialty property features an architecturally significant design and an exceptional location in the heart of downtown. The 5-story building encompasses 58,000 +/- sqft, with a vast basement featuring tall ceilings. The first floor contains an expansive ballroom with seating for 1000 +/- people. Upper levels comprise a mix of office spaces, meeting rooms, restrooms, and storage rooms. The top floor features a vast temple room and a large auditorium. The rooftop, originally an outdoor ballroom and theater with a unique stage framed by Egyptian obelisks, offers views of downtown and the bay. The property sits on a 0.1357-acre lot. The structure provides an investor or owner/user a rare opportunity to acquire a unique architecturally significant asset. The property has historic tax credits and is subject to available historic tax grants. It is also on the National Registry of Historic Properties and is sold as is, where is.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis Gift Shop Party City Party Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.04628
    Latitude
    30.691262

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    FAQs

    What type of property is this?
    Wedding venue - Historic 5-story building with ballroom, offices, and rooftop theater.
    Where is this wedding venue located?
    The property is located at 351 St Francis St Mobile, AL.
    What is the asking price?
    The asking price for this property is $6,900,000.
    What are key features of this property?
    This property features: - Iconic 1921 Egyptian Revival building in the heart of downtown, designed by George B. Rogers.; - Currently operating as a successful event space with a large ballroom (1000 +/- seating capacity).; - Unique rooftop featuring an outdoor stage framed by Egyptian obelisks and panoramic downtown/bay views.
    (251) 222-3191
    Request Owner's contact information
    351 St Francis St Mobile, AL 36602
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    Mobile, AL 36602
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    351 St Francis St Mobile, AL 36602
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    We can help!
    Listing Contact
    Bryan Olson
    Bryan Olson
    Real Estate License ID: 144938
    (251) 222-3191
    Learn more
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