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    515 HARGROVE Road E Tuscaloosa, AL 35401

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    Claim this Listing
    For Lease
    $3,800/Mo $19 SF/Yr (calc)

    COMMERCIAL - Other - Tuscaloosa, AL

    Property size:
    2,328 SF
    Added:
    Jul 29, 2025
    Days on Market:
    279
    Last Refresh:
    May 3 at 9:06 am

    Property Features for 515 HARGROVE Road E

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Security features
    Security
    Exterior features
    Landscaping, SecurityLighting
    Standard status
    Active
    APN
    31-07-25-4-007-007.000
    Size
    2,328 SF

    Taxes and HOA fees

    Tax Description
    Lot PT 6 In Blk G In Resurv of Rose Place
    Tax Annual Amount
    2718

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1947
    Number of units
    1
    Flooring type
    Wood, Hardwood, Tile
    Building materials
    Brick
    Roof type
    Shingle, Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Charles Holliman
    Charles Holliman

    Listing agent Charles Holliman

    Listing office Pritchett Moore Real Estate 1120 Queen City Ave, Tuscaloosa, AL

    Listing date Jul 29, 2025

    MLS# 170106

    Copyright © 2026 West Alabama Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Tuscaloosa Office Building For Lease

    This office building, available for lease only, is centrally located to the university and downtown. The 2,328 square foot property features a brick exterior with hardwood and tile flooring throughout. The interior includes a kitchen with granite countertops, custom maple cabinetry, and a dishwasher and fridge. There are three tiled bathrooms, a conference room featuring a granite bar with fridge and private bath, a large reception area, and a reception desk. The property offers a total of eight offices, each wired for phone, high-speed internet, and cable. Additional amenities include a handicap restroom and a water fountain. The property provides 10 plus parking spaces. Exterior features include a handicap ramp with railing. Two new HVAC systems are planned for 2025.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pattillo Balance and Hearing ... Hearing Aid Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Tuscaloosa
    County
    Tuscaloosa
    State
    Alabama
    Longitude
    -87.528514
    Latitude
    33.187312

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    FAQs

    What type of property is this?
    Office building - Centrally located office building near university and downtown Tuscaloosa.
    Where is this office building located?
    The property is located at 515 HARGROVE Road E Tuscaloosa, AL.
    What is the lease rate?
    The lease rate is $3,800 /Mo.
    What are key features of this property?
    This property features: Central location convenient to both the university and downtown.; Equipped with 8 offices wired for phone, high‑speed internet, and cable.; Includes a conference room with a granite bar, fridge, and private bath.
    (205) 792-0887
    We can help!
    Listing Contact
    Charles Holliman
    Charles Holliman
    Learn More
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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
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    515 HARGROVE Road E, Tuscaloosa, AL 35401

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