Office Building with Conference
For Sale
$441,500
3511 Montlimar Plaza Drive, Mobile, AL 36609
Commercial Sale, Mobile, AL
Property Size2,597 SF
Lot Size0.39 Acres
Price / SF$170
Days on Market447
Property Features for 3511 Montlimar Plaza Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
B3
Parking
15
Parking features
Parking Lot
Window features
Insulated Windows
Interior features
Reception Area, Restrooms
Fencing
Privacy
Accessibility
Accessible Approach with Ramp
Lot features
Business Park, Free Standing
View
City
Standard status
Active
APN
2807253000001016
Size
2,597 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Annual Amount
4314
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
conference room
copy room
reception area
kitchen
two baths
Building Details
Year built
2003
Floors in Building
1
Flooring type
Carpet, Hardwood
Building materials
Brick 4 Sides
Roof type
Asphalt
Listing Agency:
Roberts Brothers Comm & Prop M · Berkshire Hathaway HomeServices
(251) 342-8000
Listed By:
Edward Ladd
(251) 342-8000
Added: Jun 9, 2025
Changed: Aug 25
Last Checked: Aug 29 at 8:06PM
MLS# 7594770
Copyright © 2026 Mobile Area Association of 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 2,597-square-foot office building, constructed in 2003, provides four offices along with a conference room, copy room, reception area, kitchen, and two baths. Brick construction, carpet and hardwood flooring, central heating, and central electric air conditioning support a practical professional-office layout. The property also includes a privacy fence, asphalt roof, and accessible approach with ramp.
Located at 3511 Montlimar Plaza Drive in Mobile, the property offers convenient access to I-65 and private off-street parking. B3 zoning, public water, public sewer, and cable availability are in place. The building measures approximately 53 feet wide by 49 feet deep and includes a dedicated parking lot.
Located at 3511 Montlimar Plaza Drive in Mobile, the property offers convenient access to I-65 and private off-street parking. B3 zoning, public water, public sewer, and cable availability are in place. The building measures approximately 53 feet wide by 49 feet deep and includes a dedicated parking lot.
Key Highlights
- 2,597 SF office building constructed in 2003
- Four offices, conference room, copy room, reception area, kitchen, and two baths
- B3 zoning with public water and public sewer
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
$36,105
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
8.18%
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%
$722,100
$722.1K
Cap Rate 7%
$515,786
$515.8K
Cap Rate 9%
$401,167
$401.2K
Market Conditions
NOI Build-Up for 2,597 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
$57.7K $22.20/SF
− Vacancy
−$9.5K −$3.66/SF
EGI
$48.1K $18.54/SF
− OpEx
−$12.0K −$4.63/SF
NOI
$36.1K $13.90/SF
Area
Mobile, AL
Vacancy
16.50%
Lease Rate
$22.20 /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%
$722,100
Cap Rate 7%
$515,786
Cap Rate 9%
$401,167
Alternative Uses
Best Use
Office B
$515.8K
$451.3K – $601.8K
NOI $36,105 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,205 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 36609, AL
24,265
Population
12,701
Households
1.9
Avg Household Size
35
Median Age
34%
College-Educated
92%
High-School Grad
6.7 sq mi
ZIP Area
3,622
Density / Sq Mi
$49,724
Median Household Income
$36,458
Median Earnings
$1,072
Median Rent
$201,800
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?
Office building - B3-zoned office property with private parking, central HVAC, and accessible ramp entry.
Where is this office building located?
The property is located at 3511 Montlimar Plaza Drive Mobile, AL.
What is the asking price?
The asking price for this property is $441,500.
What are key features of this property?
This property features: 2,597 SF office building constructed in 2003; Four offices, conference room, copy room, reception area, kitchen, and two baths; B3 zoning with public water and public sewer
