Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    6512 Grelot Rd. Mobile, AL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    9.3 acre multifamily zoned land with existing improvements.

    Type:LAND
    Lot size:
    9.32 Acres
    Added:
    Aug 6, 2024
    Days on Market:
    627
    Last Refresh:
    Apr 5 at 8:24 pm

    Property Features for 6512 Grelot Rd.

    General Information

    Standard status
    Active
    Lot size
    9.32 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Steadman Bethea
    Steadman Bethea

    Listing agent Steadman Bethea License #SL3438675

    Listing office Stirling Properties | Mobile

    Listing date Aug 6, 2024

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Stirling Properties | Mobile

    Overview

    Multifamily Land on Grelot Road

    This 9.3-acre property, previously the Alabama Baptist Children's Home's Mobile office and campus, is available for sale. The site is zoned for multifamily use. Existing improvements include a large office with an adjoining two-bedroom, one-bathroom apartment, two large group homes, a fenced and lighted swimming pool, and a basketball court. Additional features include two large storage sheds or garages, a brick privacy wall, and a covered picnic pavilion. The property has paved roads and parking throughout the campus. The Alabama Baptist Children's Home is expanding its community-based foster care in Mobile and surrounding communities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pathways Professional Counseling Family Counselor Alabama Baptist Children's ... Counselor Larry K. Daniels, ... Counselor Alabama Baptists Childrens ... Construction Company

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.194
    Latitude
    30.6619

    Nearby Similar for Sale

    • $375,000
      6,320 SF

      Spacious Office Building with Flexibility

      6,320 SF office building with multiple suites on 1.58 acres.
      3512 Godwin Court, Mobile, AL 36693
      View Details
    • $635,000
      6,750 SF

      Multi-Tenant Office Building For Sale

      6,750 SF multi-tenant office building in a desirable location.
      4080 Government Boulevard, Mobile, AL 36693
      View Details
    • $899,900
      5,409 SF

      Freestanding Medical Office on Hillcrest

      Medical office building on high-traffic Hillcrest Road.
      1605 Hillcrest Road, Mobile, AL 36695
      View Details
    • $499,000
      2,208 SF

      Updated Commercial Office Building

      Versatile commercial office space in Midtown Mobile.
      1962 Springhill Avenue, Mobile, AL 36607
      View Details
    • $600,000
      3,576 SF

      Midtown Multi-Unit Investment Opportunity

      Six fully leased units in a convenient Midtown location.
      266 Rickarby Street, Mobile, AL 36606
      View Details
    • $500,000

      Duplex Near University of South Alabama

      Well-maintained duplex near the University of South Alabama.
      6056 Sussex Drive, Mobile, AL 36608
      View Details
    • $475,000
      5,911 SF

      Six-Unit Apartment Building For Sale

      Income-generating six-unit apartment building with renovation upside.
      207 Michigan Avenue, Mobile, AL 36604
      View Details
    • $425,000
      5,345 SF

      Commercial Property with Established Tenant

      Commercial property with a long-term tenant in place.
      805 Downtowner Loop W, Mobile, AL 36609
      View Details
    • $500,000
      4,112 SF

      Mobile Duplex Near University

      Well-maintained duplex near University of South Alabama with income potential.
      6056 Sussex Drive, Mobile, AL 36608
      View Details
    • $985,000

      7.3 Acres on Cody Road

      7.3-acre parcel with road frontage, near hospitals and shopping.
      Cody Road, Mobile, AL 36695
      View Details
    • $900,000
      6,540 SF

      Hillcrest Road Commercial Opportunity

      Commercial property on Hillcrest Road suitable for business or medical offices.
      1565 Hillcrest Road, Mobile, AL 36695
      View Details
    • $600,000
      2,666 SF

      Renovated High-Income Apartment Building

      Six-unit building with short-term and long-term rental income.
      1300 Illinois Street, Mobile, AL 36604
      View Details

    FAQs

    What type of property is this?
    Land - 9.3 acre multifamily zoned land with existing improvements.
    Where is this land located?
    The property is located at 6512 Grelot Rd. Mobile, AL.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: 9.3 acre site zoned for multifamily development.; Existing infrastructure including a large office with apartment, group homes, and paved roads.; Fenced/lighted swimming pool and basketball court.
    (850) 467-1047 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Steadman Bethea
    Steadman Bethea
    Real Estate License ID: SL3438675
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!