Multi-Building Flex
For Sale
$1,950,000
766 Middle Street, Fairhope, AL 36532
COMMERCIAL - Fairhope, AL
Property Size13,877 SF
Lot Size0.67 Acres
Price / SF$140.52
Days on Market52
Property Features for 766 Middle Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Lot features
Level
Directions
West on Middle St from S Greeno. Property is a few hundred feet on the left.
Subdivision
Baldwin
Standard status
Active
APN
46-04-20-1-000-042.005
Lot size
0.67 Acres
Taxes and HOA fees
Tax Description
100 X 281.8 IRR COMM AT THE NE COR OF SEC 20 TH RUN S 959 , TH W 666 FOR THE POB TH S 281.8, TH W 100, TH N 280.2, TH E 100 TO THE POB SEC 20-T6S-R2E (QCD) IN# 930373
Tax Annual Amount
7375
Legal Description
100 X 281.8 IRR COMM AT THE NE COR OF SEC 20 TH RUN S 959 , TH W 666 FOR THE POB TH S 281.8, TH W 100, TH N 280.2, TH E 100 TO THE POB SEC 20-T6S-R2E (QCD) IN# 930373
Utilities
Heating system
Electric (Heating)
Water front features
Waterfront
Building Details
Year built
1992
Floors in Building
2
Flooring type
Concrete, Tile, Vinyl, Carpet
Roof type
Metal
Listing Agency:
Wise Living Real Estate, LLC
(251) 928-9473
Listed By:
Kiel G. Rubio · License #109408
(251) 716-3326
Added: Jun 24
Changed: Aug 13
Last Checked: Aug 14 at 6:06AM
MLS# 398524
Copyright © 2026 Baldwin 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 waterfront flex property includes two commercial buildings totaling 13,877 square feet. The rear building provides 4,300 SF of open warehouse area, 1,100 SF of office space with five offices, three bathrooms, and a conference room, plus 886 SF of mezzanine storage. The 7,591-square-foot front building features 2,409 SF of central warehouse area with two roll-up doors and 2,591 SF of office space on each end across two floors.
Four furnished short-term rental spaces, each with a full bathroom, are also located on the property. Additional occupants lease individual office suites, while an existing tenant has completed its initial three-year term and exercised the first of two two-year options. Built in 1992, the property includes carpet, concrete, vinyl, and tile flooring, electric heat, and a metal roof.
Four furnished short-term rental spaces, each with a full bathroom, are also located on the property. Additional occupants lease individual office suites, while an existing tenant has completed its initial three-year term and exercised the first of two two-year options. Built in 1992, the property includes carpet, concrete, vinyl, and tile flooring, electric heat, and a metal roof.
Key Highlights
- Two‑building property totals 13,877 square feet
- Rear building includes 4,300 SF warehouse, 1,100 SF office, and 886 SF mezzanine storage
- Front building offers 2,409 SF warehouse space with 2 roll‑up doors
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
$161,861
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
8.30%
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%
$3,237,220
$3.2M
Cap Rate 7%
$2,312,300
$2.3M
Cap Rate 9%
$1,798,456
$1.8M
Market Conditions
NOI Build-Up for 13,877 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
$266.4K $19.20/SF
− Vacancy
−$50.6K −$3.65/SF
EGI
$215.8K $15.55/SF
− OpEx
−$54.0K −$3.89/SF
NOI
$161.9K $11.66/SF
Area
Baldwin County, AL
Vacancy
19.00%
Lease Rate
$19.20 /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%
$3,237,220
Cap Rate 7%
$2,312,300
Cap Rate 9%
$1,798,456
Alternative Uses
Best Use
Office B
$2.31M
$2.02M – $2.70M
NOI $161,861 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$1.62M
$1.41M – $1.89M
NOI $113,111 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$3.34M
$2.92M – $3.89M
NOI $233,600 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 36532, AL
36,918
Population
17,502
Households
2.1
Avg Household Size
48
Median Age
50%
College-Educated
94%
High-School Grad
73.2 sq mi
ZIP Area
504
Density / Sq Mi
$86,026
Median Household Income
$46,129
Median Earnings
$1,374
Median Rent
$395,300
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Two commercial buildings combine warehouse, office, mezzanine, and furnished short-term rental spaces on a waterfront property.
Where is this flex space located?
The property is located at 766 Middle Street Fairhope, AL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Two‑building property totals 13,877 square feet; Rear building includes 4,300 SF warehouse, 1,100 SF office, and 886 SF mezzanine storage; Front building offers 2,409 SF warehouse space with 2 roll‑up doors
