Building Details

Year built 1900

Floors in Building 3

Flooring type Carpet, Concrete

Roof type Shingle

Listing Agency: Nxcel Realty Show Phone

Listed By: Michele Duke · License #75500 Show Phone

Added: Jul 10 Changed: Aug 9 Last Checked: Aug 11 at 11:06PM

Report an Issue

MLS# 21913545

Copyright © 2026 ValleyMLS.Com,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.

This 5,062-square-foot brick church facility occupies a 0.5-acre parcel in Garden City. The 1900 building includes multiple offices and classrooms, five bathrooms, a kitchen, a cafeteria-style dining area, and open space for gatherings. Carpet and concrete flooring are present, with a shingle roof complementing the original construction.

The property is located at 407 3rd Street W and includes onsite parking. Public water and public sewer serve the building, providing established utility infrastructure for continued religious, community, or other supported commercial use.

Key Highlights

• 5,062‑square‑foot brick building on a 0.5‑acre parcel
• Multiple offices and classrooms support varied room configurations
• Kitchen with cafeteria‑style dining area

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

$40,182

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

8.46%

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%

$803,640 $803.6K

Cap Rate 7%

$574,029 $574.0K

Cap Rate 9%

$446,467 $446.5K

Market Conditions

NOI Build-Up for 5,062 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

$63.8K $12.60/SF

− Vacancy

−$10.2K −$2.02/SF

EGI

$53.6K $10.58/SF

− OpEx

−$13.4K −$2.65/SF

NOI

$40.2K $7.94/SF

Area

Cullman County, AL

Vacancy

16.00%

Lease Rate

$12.60 /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%

$803,640

Cap Rate 7%

$574,029

Cap Rate 9%

$446,467

Alternative Uses

Best Use

Office B

$574.0K

$502.3K – $669.7K (±1% cap)

NOI $40,182 @ 7.0% cap · market cap 8.46%

Second Best

Mixed Use

$310.2K

$271.5K – $361.9K (±1% cap)

NOI $21,716 @ 7.0% cap · market cap 4.57%

Theoretical Best

Office A

$746.3K

$653.0K – $870.7K (±1% cap)

NOI $52,240 @ 7.0% cap · market cap 11.00%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Churches & religious facilities

Location Intelligence

Trade Area within ½ mile

38

Businesses Nearby

Explore this area Business Placement

Demographics for 35070, AL

97

Population

46

Households

2.1

Avg Household Size

52

Median Age

20%

College-Educated

88%

High-School Grad

0.2 sq mi

ZIP Area

485

Density / Sq Mi

$65,500

Median Household Income

$55,714

Median Earnings

$152,800

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this churches & religious facilities located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Church & religious facility - Brick facility with flexible rooms, kitchen, dining space, and onsite parking.

Where is this church & religious facility located?

The property is located at 407 3rd Street W Garden City, AL.

What is the asking price?

The asking price for this property is $475,000.

What are key features of this property?

This property features: 5,062‑square‑foot brick building on a 0.5‑acre parcel; Multiple offices and classrooms support varied room configurations; Kitchen with cafeteria‑style dining area