Live-Work Warehouse
For Sale
$675,000
100 1ST Ave, Birmingham, AL 35204
Two warehouse buildings converted for live-work use, featuring concrete counters and multiple bedrooms and baths.
Property Size5,000 SF
Price / SF$135
Days on Market2821
Property Features for 100 1ST Ave
General Information
Standard status
Active
Size
5,000 SF
Property subtype
General Commercial
Amenities
3
M-1
Carport.
Listing Agency:
(205) 295-0287
Listed By:
White Pepper Real Estate
Source:
Xome
Added: Nov 20, 2018
Changed: Aug 8
Last Checked: Aug 11 at 5:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of White Pepper Real Estate
Investment Insights
Based on property information with market context.
The property offers two warehouse-style buildings that have been converted for live-work use. One building is approximately 3,500 square feet and includes 3 bedrooms and 3.5 baths. The second building is approximately 1,500 square feet with 2 bedrooms and 2 baths.
Additional details include concrete counters and ample entertaining space, tying the industrial-style setting to an everyday living layout. The offering is for sale at 100 N 1st Ave, Birmingham, AL 35204.
Additional details include concrete counters and ample entertaining space, tying the industrial-style setting to an everyday living layout. The offering is for sale at 100 N 1st Ave, Birmingham, AL 35204.
Key Highlights
- Two warehouse buildings converted for live‑work use
- Building 1: approx. 3,500 SF with 3 beds and 3.5 baths
- Building 2: approx. 1,500 SF with 2 beds and 2 baths
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
$60,053
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
8.90%
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%
$1,201,060
$1.2M
Cap Rate 7%
$857,900
$857.9K
Cap Rate 9%
$667,256
$667.3K
Market Conditions
NOI Build-Up for 5,000 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
$102.0K $20.40/SF
− Vacancy
−$21.9K −$4.39/SF
EGI
$80.1K $16.01/SF
− OpEx
−$20.0K −$4.00/SF
NOI
$60.1K $12.01/SF
Area
Birmingham, AL
Vacancy
21.50%
Lease Rate
$20.40 /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%
$1,201,060
Cap Rate 7%
$857,900
Cap Rate 9%
$667,256
Alternative Uses
Best Use
Office B
$857.9K
$750.7K – $1.00M
NOI $60,053 @ 7.0% cap · market cap 8.90%
Second Best
Mixed Use
$829.3K
$725.6K – $967.5K
NOI $58,050 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,152 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 35204, AL
9,271
Population
5,333
Households
1.7
Avg Household Size
43
Median Age
14%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
1,854
Density / Sq Mi
$32,880
Median Household Income
$27,864
Median Earnings
$716
Median Rent
$81,600
Median Home Value
Market
Vacancy Rate% for Office in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two warehouse buildings converted for live-work use, featuring concrete counters and multiple bedrooms and baths.
Where is this live-work space located?
The property is located at 100 1ST Ave Birmingham, AL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two warehouse buildings converted for live‑work use; Building 1: approx. 3,500 SF with 3 beds and 3.5 baths; Building 2: approx. 1,500 SF with 2 beds and 2 baths
