Commercial Building on Highway
For Sale
$699,000
34397 Highway 98 West, Lillian, AL 36549
2,200 SF Retail Building For Sale
Property Size2,200 SF
Lot Size1.00 Acre
Price / SF$317.73
Days on Market616
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Property Features for 34397 Highway 98 West
General Information
Standard status
Active
Property type
Other retail properties, Individual retail properties, Other office properties, Retail properties & Spaces, Office Spaces
Size
2,200 SF
Net Rentable
2,200 SF
Elevators
N/A
Lot size
1.00 Acre
Building Details
Year Built
1974
Year Renovated
2006
Buildings
1
Stories
1
Listed By:
Paul Salter
(850) 564-0120
Added: Feb 6, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This 2,200 square foot commercial building is located on Highway 98 West in downtown Lillian, Alabama. Zoned B4, this high-visibility property boasts 232 linear feet of frontage on Highway 98. The property features 11,000 square feet of existing gravel parking. Access is provided by a permitted 27-foot-wide driveway. The land is level, improved, and fully usable, with existing perimeter and security lighting. The building itself offers 1700 square feet of heated and cooled space, including a lobby, sales area, three additional offices, a kitchen, and two bathrooms. An oversized double garage/workshop provides additional usable space. A new roof was installed in 2022. Sewer access is available at the property's front. The property's strategic location is only a half-mile from a major boat launch and Perdido Bay, and minutes from the Florida state line, capturing traffic from both states. According to AL DOT, the traffic count is 11,694 vehicles. A recently permitted emergency medical facility is under construction nearby, scheduled for completion in 2025, and a Life Flight landing site is directly across the street. This property is ideal for a variety of businesses, including boat dealerships, car/RV dealerships, and restaurants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,661
Cap Rate
3.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$513,220
$513.2K
Cap Rate 7%
$366,586
$366.6K
Cap Rate 9%
$285,122
$285.1K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$42.2K $19.20/SF
− Vacancy
−$8.0K −$3.65/SF
EGI
$34.2K $15.55/SF
− OpEx
−$8.6K −$3.89/SF
NOI
$25.7K $11.66/SF
Area
Baldwin County, AL
Vacancy
19.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$513,220
Cap Rate 7%
$366,586
Cap Rate 9%
$285,122
Alternative Uses
Best Use
Office B
$366.6K
$320.8K – $427.7K
NOI $25,661 @ 7.0% cap · market cap 3.67%
Second Best
Retail
$338.2K
$295.9K – $394.6K
NOI $23,673 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$529.1K
$462.9K – $617.2K
NOI $37,034 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 36549, AL
5,465
Population
3,042
Households
1.8
Avg Household Size
61
Median Age
26%
College-Educated
94%
High-School Grad
29.0 sq mi
ZIP Area
188
Density / Sq Mi
$65,759
Median Household Income
$31,250
Median Earnings
$845
Median Rent
$198,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Other retail property - 2,200 SF Retail Building For Sale
Where is this other retail property located?
The property is located at 34397 Highway 98 West Lillian, AL.
What is the asking price?
The asking price for this property is $699,000.
