Office Building with Screened
For Sale
$379,000
469 Gillespie Road, Madison, AL 35758
COMMERCIAL - Madison, AL
Property Size1,956 SF
Lot Size1.00 Acre
Price / SF$193.76
Days on Market227
Property Features for 469 Gillespie Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Subdivision
Metes And Bounds
Directions
From Hwy 72 Go South On Wall Triana Hwy About 3 Miles To Gillespie Rd. Turn Right And The Property Is On The Right Corner Of Gillespie Rd. And Evans Rd.
Standard status
Active
Size
1,956 SF
Lot size
1.00 Acre
Utilities
Sewer type
Septic Tank
Water source
Public
Amenities
storm shelter
2 storage buildings
8'x60' front porch
screened patio 12x12
Building Details
Floors in Building
1
Flooring type
Wood
Listing Agency:
Avanti Realty Services LLC
(256) 714-1300
Listed By:
Alex Mukai · License #99826
(256) 714-1300
Added: Dec 27, 2025
Changed: Aug 4
Last Checked: Aug 11 at 1:06AM
MLS# 21893428
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 office building offers multiple on-site amenities and functional improvements, including a storm shelter, two storage buildings, and an 8' x 60' front porch with a screened 12x12 patio. Interior updates noted include flooring and plumbing in the bath and kitchen in 2018, and a new septic tank installed in 2009.
The property is located in the City of Madison area but is un-zoned in unincorporated Madison County. The seller indicates the availability of uses includes commercial, multi-family, and medical facilities, with examples of potential single-use tenants such as an insurance office, attorney or realtor office, veterinary clinic, pet hotel, urgent care, day care, grocery store, restaurant, auto repair, and wellness-related services.
Interested parties should review the specific suitability of the space for their intended use, supported by the listed improvements and existing site features.
The property is located in the City of Madison area but is un-zoned in unincorporated Madison County. The seller indicates the availability of uses includes commercial, multi-family, and medical facilities, with examples of potential single-use tenants such as an insurance office, attorney or realtor office, veterinary clinic, pet hotel, urgent care, day care, grocery store, restaurant, auto repair, and wellness-related services.
Interested parties should review the specific suitability of the space for their intended use, supported by the listed improvements and existing site features.
Key Highlights
- Un‑zoned land in the City of Madison, allowing for commercial, multi‑family, or medical facilities.
- Prime location in the heart of Madison.
- Versatile property suitable for various single‑use tenants (e.g., office, clinic, store, restaurant).
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
$24,989
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
6.59%
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%
$499,780
$499.8K
Cap Rate 7%
$356,986
$357.0K
Cap Rate 9%
$277,656
$277.7K
Market Conditions
NOI Build-Up for 1,956 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
$39.2K $20.04/SF
− Vacancy
−$5.9K −$3.01/SF
EGI
$33.3K $17.03/SF
− OpEx
−$8.3K −$4.26/SF
NOI
$25.0K $12.78/SF
Area
Madison County, AL
Vacancy
15.00%
Lease Rate
$20.04 /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%
$499,780
Cap Rate 7%
$356,986
Cap Rate 9%
$277,656
Alternative Uses
Best Use
Office B
$357.0K
$312.4K – $416.5K
NOI $24,989 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$509.3K
$445.7K – $594.2K
NOI $35,654 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Explore this area
Business Placement
Demographics for 35758, AL
48,192
Population
20,322
Households
2.4
Avg Household Size
38
Median Age
64%
College-Educated
98%
High-School Grad
27.2 sq mi
ZIP Area
1,772
Density / Sq Mi
$115,780
Median Household Income
$61,321
Median Earnings
$1,375
Median Rent
$336,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office building in unincorporated Madison County with a screened 12x12 patio, storm shelter, and two storage buildings.
Where is this office units located?
The property is located at 469 Gillespie Road Madison, AL.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Un‑zoned land in the City of Madison, allowing for commercial, multi‑family, or medical facilities.; Prime location in the heart of Madison.; Versatile property suitable for various single‑use tenants (e.g., office, clinic, store, restaurant).
