Medical Office
For Sale
Under Contract
$650,000
106 W Myrtle Avenue, Foley, AL 36535
SINGLE_FAMILY - Foley, AL
Property Size4,351 SF
Lot Size0.22 Acres
Price / SF$149.39
Days on Market79
Property Features for 106 W Myrtle Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial,WithinCorpLimi
Lot features
Corner Lot
Directions
From Hwy 59, turn onto W Myrtle Ave. The property is located on the corner of W Myrtle Ave and S Alston St behind Drowsy Poet.
Subdivision
Baldwin
Standard status
Active Under Contract
APN
54-09-29-4-401-032.000
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
25' X 125' LOT 12 BLK 31 FOLEY PB1 P25 SEC 29-T7S-R4E (STAT WD)
Tax Annual Amount
3016
Legal Description
25' X 125' LOT 12 BLK 31 FOLEY PB1 P25 SEC 29-T7S-R4E (STAT WD)
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1935
Floors in Building
1
Flooring type
Vinyl, Carpet
Roof type
Composition
Listing Agency:
RE/MAX on the Coast
(251) 980-2000
Listed By:
Dusty Cole · License #103880-1
(251) 213-8504
Added: May 20
Changed: Aug 5
Last Checked: Aug 6 at 9:06PM
MLS# 396835
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 4,351-square-foot building was formerly used as a medical office and dates to 1935. Interior finishes include vinyl and carpet flooring, with electric heating serving the property. A composition roof completes the existing improvements.
The property occupies a corner at W Myrtle Avenue and S Alston Street in downtown Foley, placing the building within the central business district. The 0.22-acre site provides an established setting for a commercial office property in Foley, Alabama.
The property occupies a corner at W Myrtle Avenue and S Alston Street in downtown Foley, placing the building within the central business district. The 0.22-acre site provides an established setting for a commercial office property in Foley, Alabama.
Key Highlights
- 4,351‑square‑foot former medical office building
- 1935 construction
- 0.22‑acre site
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
$52,044
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
8.01%
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%
$1,040,880
$1.0M
Cap Rate 7%
$743,486
$743.5K
Cap Rate 9%
$578,267
$578.3K
Market Conditions
NOI Build-Up for 4,351 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
$96.6K $22.20/SF
− Vacancy
−$9.9K −$2.26/SF
EGI
$86.7K $19.94/SF
− OpEx
−$34.7K −$7.97/SF
NOI
$52.0K $11.96/SF
Area
Baldwin County, AL
Vacancy
10.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,040,880
Cap Rate 7%
$743,486
Cap Rate 9%
$578,267
Alternative Uses
Best Use
Healthcare Medical
$743.5K
$650.6K – $867.4K
NOI $52,044 @ 7.0% cap · market cap 8.01%
Second Best
Office B
$725.0K
$634.4K – $845.8K
NOI $50,750 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$1.05M
$915.5K – $1.22M
NOI $73,243 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36535, AL
35,484
Population
18,755
Households
1.9
Avg Household Size
46
Median Age
26%
College-Educated
90%
High-School Grad
92.5 sq mi
ZIP Area
384
Density / Sq Mi
$67,013
Median Household Income
$41,574
Median Earnings
$1,168
Median Rent
$250,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Former medical office with vinyl and carpet flooring, electric heat, and a composition roof.
Where is this medical office space located?
The property is located at 106 W Myrtle Avenue Foley, AL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4,351‑square‑foot former medical office building; 1935 construction; 0.22‑acre site
