Foley Retail Center on Highway
3820 - 3840 AL-59 Foley, AL 36535
3820 - 3840 AL-59, Foley, AL, 36535
$2,900,000
For Sale
$2,900,000
12,000 SF 13 Tenant Strip Center on Hwy 59 in Foley (High Traffic Area) For Sale
Property Size12,000 SF
Lot Size1.08 Acres
Price / SF$241.67
Days on Market521
Property Features for 3820 - 3840 AL-59
General Information
- Standard status
- Active
- Property type
- Shopping centers, Other retail properties, Individual retail properties, Retail properties & Spaces
- Size
- 12,000 SF
- Net Rentable
- 12,000 SF
- Elevators
- N/A
- Lot size
- 1.08 Acres
Building Details
- Buildings
- 1
- Stories
- 1
- Units
- 13
Listing Office
(850) 564-0120
Listed by
Paul
(850) 564-0120
Added: Feb 11, 2025 Checked: Mar 16 at 9:06 am
Investment Insights
Based on property information with market context.
Parkway Plaza is a 12,000 square foot retail center located on Highway 59 in Foley, Alabama. The strip mall contains thirteen individual rental spaces, ranging in size from 450 to over 2,000 square feet, providing a diverse tenant mix. The property is currently operating at 100% occupancy with long-term leases, ensuring consistent income generation. Ample parking is available for customer convenience, and an income-producing sign is located on the south end. Recent improvements include a complete roof replacement and new flooring installed in 2021. In 2022, all parking lot lighting was upgraded to energy-efficient LED fixtures. The property sits on 1.08 acres and presents an investment opportunity in a high-traffic area. This turnkey operation offers immediate income and potential for future growth.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.6k | $16.80 |
| − Vacancy | −$17.1k | −$1.43 |
| EGI | $184.5k | $15.37 |
| − OpEx | −$55.3k | −$4.61 |
| NOI | $129.1k | $10.76 |
12,000 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.15M
NOI $129,125 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,003 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
FAQs
What type of property is this?
Shopping center - 12,000 SF 13 Tenant Strip Center on Hwy 59 in Foley (High Traffic Area) For Sale
Where is this shopping center located?
The property is located at 3820 - 3840 AL-59 Foley, AL.
What is the asking price?
The asking price for this property is $2,900,000.
