La Strada, a mixed-use redevelopment project in downtown Dothan, Alabama, offers 5,875 square feet of premier, first-generation retail space on the ground floor. Projected completion is by year's end. These customizable spaces, ranging from Main Street storefronts to charming alleyway suites, provide significant visibility and exposure. Options for alfresco dining and outdoor seating are available, making them ideal for shops, cafes, and restaurants. A dedicated retail alleyway connects Main Street to a rear parking lot, enhancing accessibility and foot traffic. The building's prime location is near Foster Street, the entrance to Porter Park, and the new city center developments. Downtown Dothan is undergoing a significant transformation, including a new amphitheater, opera house enhancements, a new Wiregrass Arts & Innovation Center, green spaces, hotels, and mixed-use developments. West Main Street boasts 26,525 vehicles per day (VPD) in 2023, with projected population and economic growth. The location benefits from the luxury residential units above, creating an affluent customer base. The property is situated between South Oates Street and South Foster Street, with frontage on West Main Street. Pre-leasing is underway, with negotiable rent based on tenant improvements. Build-out allowances and/or rent abatements are possible. The property is across from the Houston County Courthouse and the future site of the new City Hall, adjacent to Foster Street's boutiques, cafes, brewery, green spaces, and a KBC eatery. It's also within two miles of Southeast Health (Level II Trauma Center) and four miles from the Alabama College of Osteopathic Medicine (ACOM), with over 620 students.
Property Features for 151 W Main St | Dothan, AL 36301
General Information
Property type
Individual retail properties
Lease Type
Gross Lease
RSF (Rentable sq. ft)
5,875 SF
Elevators
N/A
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Listing Contact
Shannon Auty
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Property Insight Report
HighLights
5,875 sq ft of customizable retail space in Dothan, AL's revitalized downtown.
Prime Main Street location with high visibility and 26,525 VPD traffic counts.
Flexible lease terms, build‑out allowances, and alfresco dining options available.
Location Intelligence
Current Use by Public Records
Kirk D. Jones, ...OptometristAndrew L. Maxwell, ...OptometristJohn D. Denney, ...OptometristDavid W. Badham, ...OptometristEugene W. Nicholls, ...Optometrist
The property is located at 151 W Main St | Dothan, AL 36301 Dothan, AL.
What are key features of this property?
This property features: 5,875 sq ft of customizable retail space in Dothan, AL's revitalized downtown.; Prime Main Street location with high visibility and 26,525 VPD traffic counts.; Flexible lease terms, build-out allowances, and alfresco dining options available.
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151 W Main St | Dothan, AL 36301 Dothan, AL 36301
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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.
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151 W Main St | Dothan, AL 36301 Dothan, AL 36301
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151 W Main St | Dothan, AL 36301, Dothan, AL
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