Building Details

Year Built 1935

Listing Agency: RE/MAX on the Coast Show Phone

Listed By: Dusty Cole · License #103880-1 Show Phone

Source: Exitrealty

Added: May 21 Changed: Sep 10 Last Checked: Sep 15 at 4:47AM

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Investment Insights

Based on property information with market context.

Located in downtown Foley, at the corner of W Myrtle Ave and S Alston St, this commercial property offers a central location with visibility and accessibility in a growing business district. The 4,351-square-foot building, previously used as a medical office, presents an opportunity for investors, developers, or business owners to renovate the existing structure. Zoned B-1 (Central Business District), the property allows for retail, dining, office, service, hospitality, entertainment, and mixed residential/commercial concepts. This downtown location provides possibilities for projects or investments.

Key Highlights

• Prime downtown Foley location at the corner of W Myrtle Ave and S Alston St with excellent visibility and easy access.
• Zoned B‑1 (Central Business District) allowing for retail, dining, office, service, hospitality, entertainment, and mixed residential/commercial uses.
• 4,351‑square‑foot building suitable for renovation and redevelopment.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$52,044

Cap Rate

8.01%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $52,044 @ 7.0% cap · market cap 8.01%

Second Best

Office B

$725.0K

$634.4K – $845.8K (±1% cap)

NOI $50,750 @ 7.0% cap · market cap 7.81%

Theoretical Best

Office A

$1.05M

$915.5K – $1.22M (±1% cap)

NOI $73,243 @ 7.0% cap · market cap 11.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

South Baldwin Children's ... Pediatrician Reed Rusty MD Pediatrician Kelsey Smith Physician Dr. Sallyann Ganpot Pediatrician Dr. Warner Wiggins Pediatrician

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Catering Service Pet Grooming Service Tech Support Center Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

27

Businesses Nearby

Well-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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Prime commercial property in downtown Foley, offering diverse possibilities.

Where is this medical office space located?

The property is located at 106 W Myrtle Avenue AVE 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: Prime downtown Foley location at the corner of W Myrtle Ave and S Alston St with excellent visibility and easy access.; Zoned B‑1 (Central Business District) allowing for retail, dining, office, service, hospitality, entertainment, and mixed residential/commercial uses.; 4,351‑square‑foot building suitable for renovation and redevelopment.