Foley Retail Center Investment
For Sale
$1,670,000
8388 AL-59, Foley, AL 36535
9,218 SF Palm Center For Sale - Foley, Alabama
Property Size9,910 SF
Lot Size1.10 Acres
Price / SF$168.52
Days on Market612
Property Features for 8388 AL-59
General Information
Standard status
Active
Property type
Other retail properties, Individual retail properties, Shopping centers, Retail properties & Spaces
Size
9,910 SF
Net Rentable
9,015 SF
Total Parking Spaces
54
Elevators
N/A
Lot size
1.10 Acres
Building Details
Year Built
2008
Buildings
1
Stories
1
Listed By:
Paul Salter
(850) 564-0120
Added: Feb 10, 2025
Changed: Mar 16
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 9,218 square foot shopping center is located in Foley, Alabama, within the rapidly growing Baldwin County. Situated on 1.0997 acres, the property is positioned one mile from major retailers such as Lowe's, Home Depot, and Chick-fil-A, and minutes away from Tanger Outlets and OWA Theme and Water Parks. The center features five stores and provides 55 parking spaces. With 153 feet of road frontage on Highway 59, the location benefits from a traffic count of 36,000 vehicles per day. The property currently generates rental income at $13.78 per square foot, which is below market rates of $16.00-$18.00 per square foot. Value-add opportunities include increasing rents, converting leases to NNN leases, and monetizing the monument sign, as well as the potential sale of the Lamar sign. The property has undergone recent renovations and is in excellent condition.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$106,636
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,132,720
$2.1M
Cap Rate 7%
$1,523,371
$1.5M
Cap Rate 9%
$1,184,844
$1.2M
Market Conditions
NOI Build-Up for 9,910 SF
Gross rent
$166.5K $16.80/SF
− Vacancy
−$14.2K −$1.43/SF
EGI
$152.3K $15.37/SF
− OpEx
−$45.7K −$4.61/SF
NOI
$106.6K $10.76/SF
Area
Baldwin County, AL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,132,720
Cap Rate 7%
$1,523,371
Cap Rate 9%
$1,184,844
Alternative Uses
Best Use
Retail
$1.52M
$1.33M – $1.78M
NOI $106,636 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.38M
$2.09M – $2.78M
NOI $166,821 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
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 Retail in South region
Frequently Asked Questions
What type of property is this?
Other retail property - 9,218 SF Palm Center For Sale - Foley, Alabama
Where is this other retail property located?
The property is located at 8388 AL-59 Foley, AL.
What is the asking price?
The asking price for this property is $1,670,000.
