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    New Shop Space on Highway Title is generated by Realmo AI

    289 Co Rd 116, Bremen, AL 35057

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    Claim this Listing
    For Sale
    $375,000

    3,000 sq ft shop with office and bathroom.

    Type:General Commercial
    Property size:
    3,000 SF
    Price / SF:
    $125/SF
    Added:
    Jun 30, 2024
    Days on Market:
    707
    Last Refresh:
    May 12 at 9:37 pm

    Property Features for 289 Co Rd 116

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Property subtype
    General Commercial

    Building Details

    Year Built
    2024

    We can help!

    Listing Contact
    Mitchell Gorman

    Listing agent Mitchell Gorman

    Listing office Blueprint Realty Company

    Listing date Jun 30, 2024

    Source Xome

    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 Blueprint Realty Company

    HighLights

    • Brand new 3,000 sq ft shop with bathroom and office space.
    • Located on high‑traffic Alabama Highway 69, a main access road for Smith Lake and a through road between I‑22 and I‑65.
    • Three 14ft shop doors and ample space for storage, equipment, or an open floor plan.
    • 8in thick concrete pad suitable for heavy vehicles (boats, 18‑wheelers).
    • Large, flat, mostly graveled lot easily visible from AL 69.
    • Minutes away from the City of Cullman.

    Overview

    This is a new 3,000 sq ft shop complete with a bathroom and office space. The property is located on Alabama Highway 69, across the street from Patriot Self Storage. Situated on a high-traffic road, it serves as a main access road for Smith Lake and a through road between I-22 and I-65, and is only minutes from the City of Cullman. The building is suitable for various business uses, featuring three 14ft shop doors and ample space for storage, equipment, or an open floor plan. The 8-inch thick concrete pad is designed to accommodate heavy loads, from boats to 18-wheelers. The large, flat lot is mostly graveled and easily visible from AL 69.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $37.8k $12.60
    − Vacancy −$6.0k −$2.02
    EGI $31.8k $10.58
    − OpEx −$7.9k −$2.65
    NOI $23.8k $7.94
    3,000 SF · lease $12.60/SF/yr · vacancy 16.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $340.2K
    $297.7K – $396.9K (±1% cap)
    NOI $23,814 @ 7.0% cap · market cap 6.35%
    Second Best
    Retail
    $307.8K
    $269.3K – $359.1K (±1% cap)
    NOI $21,546 @ 7.0% cap · market cap 5.75%
    Theoretical Best
    Office A
    $442.3K
    $387.0K – $516.0K (±1% cap)
    NOI $30,960 @ 7.0% cap · market cap 8.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Bremen
    County
    Cullman
    State
    Alabama
    Longitude
    -86.8612
    Latitude
    34.2137

    Nearby Similar for Sale

    • $249,000
      3,000 SF

      Versatile Barndo Building on County Road

      Barndo building suitable for residential or commercial use.
      26569 County Road 222, BREMEN, AL 35033
      View Details
    • $499,000
      3,081 SF

      Restaurant Opportunity Near Smith Lake

      Family-owned restaurant on County Road 222, near Smith Lake.
      25244 County Rd 222, Bremen, AL 35033
      View Details

    FAQs

    What type of property is this?
    Retail space - 3,000 sq ft shop with office and bathroom.
    Where is this retail space located?
    The property is located at 289 Co Rd 116 Bremen, AL.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Brand new 3,000 sq ft shop with bathroom and office space.; Located on high‑traffic Alabama Highway 69, a main access road for Smith Lake and a through road between I‑22 and I‑65.; Three 14ft shop doors and ample space for storage, equipment, or an open floor plan.
    (251) 583-9728
    We can help!
    Listing Contact
    Mitchell Gorman
    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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