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    Property profile & analytics

    1823 3rd N Ave Bessemer, AL 35020-4963

    • Office Properties & Spaces
    • 2,500 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Sep 14, 2023
    $9,500
    Value Estimations
    $60,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0915025
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hunter Law Firm PC / Attorney
    • Ingram Bail Bonds / Bail Bonds Service
    • Law Offices of Johnathan L. Williams, LLC / Personal Injury Attorney
    • Reed Law Firm, P.C. / Divorce Lawyer / Criminal Justice Attorney
    • Alabama Lawyers Association / Attorney

    Property Details for 1823 3rd N Ave

    Year built
    1900
    Lot size
    0.08 lot acres
    Property size
    2,500 SF
    Zone code
    C2
    Property type
    Office Properties & Spaces
    APN
    38-00-09-1-011-005.002
    APU
    3800091011005002

    Description

    This exceptional 2,500 square foot office building presents a compelling investment opportunity in the heart of Bessemer, Alabama. Located on the same block as the courthouse, this property enjoys an unparalleled location for legal professionals, ensuring consistent demand. The building has recently undergone a complete rehabilitation, boasting a brand-new HVAC system, fresh paint throughout, updated floor coverings, and a new roof. This ensures low maintenance costs and immediate occupancy for tenants. The current configuration allows for individual room rentals, providing flexibility and maximizing rental income potential. The 0.08-acre lot offers ample space for parking or future expansion. The asking price of $276,000 represents a strong return on investment given the prime location, recent renovations, and the consistently high demand for office space near the courthouse. This property is ideal for investors seeking a stable, income-generating asset in a thriving downtown area. The building's strategic location and recent upgrades make it a truly exceptional opportunity in the Bessemer commercial real estate market. Don't miss this chance to acquire a high-value property with significant long-term potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $60,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bessemer
    County
    Jefferson
    State
    Alabama
    Longitude
    -86.9536
    Latitude
    33.402
    CBSA code
    13820
    CBSA name
    BIRMINGHAM-HOOVER, AL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $1,599
    $2,800
    $28,360
    $31,160
    -
    $14,000
    $141,800
    $155,800

    Comparable in this City

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    • Value Estimation by Request
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      1711 2nd N Ave

      OFFICE (GENERAL) • 5,775 SF
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      1,622 SF

      1429 2nd N Ave

      OFFICE (GENERAL) • 1,622 SF
      1429 2nd N Ave, Bessemer, AL 35020-5608
      View Details
    • Value Estimation
      $245,000
      1,296 SF

      1220 5th N Ave

      OFFICE (GENERAL) • 1,296 SF
      1220 5th N Ave, Bessemer, AL 35020
      View Details
    • Value Estimation
      $255,000
      1,250 SF

      2023 Carolina Ave

      OFFICE (GENERAL) • 1,250 SF
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      View Details

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      Office and retail space in a great location for sale.
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    Similar Nearby for Lease

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    Bessemer, AL 35020-4963
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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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