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    1884 S McKenzie St Foley, AL 36535

    View on Map
    Sponsored
    Source: https://www.saltercompany.com
    For Lease
    $90,000

    1.12-acre ground lease, high traffic location.

    Lot size:
    48,787 SF

    Property Features for 1884 S McKenzie St

    General Information

    Property type
    Other land
    Lease Type
    NNN
    RSF (Rentable sq. ft)
    48,787 SF
    USF (Usable sq. ft)
    48,787 SF
    Elevators
    N/A
    Total Rate
    90000

    Amenities

    Overview

    Highway 59 Outparcel Ground Lease

    This 1.12-acre outparcel is available for ground lease on Highway 59 in Foley, Alabama. The property features approximately 247 feet of frontage on Highway 59, benefiting from a center turn lane for northbound traffic and a deceleration lane for southbound vehicles. An existing curb cut simplifies ingress and egress. The site experiences high visibility and exposure to a daily traffic volume estimated between 34,769 and 37,041 vehicles. The lease is a NNN (Net, Net, Net) arrangement, with a yearly rate of $90,000. Lease terms are negotiable, with the possibility of expanding the property's depth to access 9th Avenue. The total usable square footage is 48,787 square feet. Located 11 miles from Gulf Shores beaches, Foley is experiencing growth as part of the 7th fastest-growing MSA in the nation (Daphne-Fairhope-Foley). The MSA currently has a population of 260,998, projected to increase by 50,000 residents within the next decade. Foley ranks in the top 1% nationally for wage and salary growth.

    We can help!

    Listing Contact
    Paul Salter

    Learn more

    HighLights

    • Prime 1.12‑acre outparcel on Hwy 59 in Foley, AL.
    • High visibility with 247' of frontage and excellent access.
    • Located in a rapidly growing MSA with high wage and salary growth.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Foley
    State
    Alabama
    Longitude
    -88.251652
    Latitude
    30.778621

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    FAQs

    What type of property is this?
    Land - 1.12-acre ground lease, high traffic location.
    Where is this land located?
    The property is located at 1884 S McKenzie St Foley, AL.
    What is the lease rate?
    The lease rate is $90,000.
    What are key features of this property?
    This property features:
    (251) 979-7773
    Request Owner's contact information
    1884 S McKenzie St Foley, AL 36535
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1884 S McKenzie St Foley, AL 36535
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    We can help!
    Listing Contact
    Paul Salter
    (251) 979-7773
    Learn more
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