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    The Largest CRE Database in the US with Over 1 Million Listings

    408 N Main St Opp, AL 36467

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    For Lease
    $8 SF/Yr ($13,373 /Mo)

    Mixed-use neighborhood center with flexible layouts for lease.

    Property size:
    20,060 SF
    Lot size:
    4.90 Acres

    Property Features for 408 N Main St

    General Information

    Size
    20,060 SF
    Lot size
    4.90 Acres

    We can help!

    Listing Contact
    Maria White
    Maria White
    Source: Moodyscre

    Listing Agent: Maria White

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

    Learn more

    Overview

    Retail Space in Delta Plaza

    Delta Plaza Neighborhood Center is a mixed-use neighborhood center with a size of approximately 58,600 square feet. It is located on N Main Street in Opp, AL, within a commercial corridor, and two blocks from Mizell Memorial Hospital. National retailers such as Walgreens and Family Dollar are nearby. The property is professionally managed and features a tenant mix, ample parking, and visibility. Multiple units are available for lease, offering suite sizes and layouts suitable for retail, office, medical, thrift store, rental center, furniture store and service-oriented businesses. The property, built primarily in 1976, is a Class B building with a single story. It has a building FAR of 0.28 and is situated on a 4.89-acre lot. The zoning is commercial, and there are 228 parking spaces available, which translates to 3.43 spaces per 1,000 square feet leased. The property has a frontage of 443 feet on N Main St. Recent property improvements include a resurfaced parking lot with over 225 spaces, enhanced landscaping and curb appeal, advertising availability with pylon and tenant signage, an updated building, and drive-around access.
    Location Intelligence

    Current Use by Public Records

    Grocery Outlet #7711 Supermarket

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Opp
    County
    Covington
    State
    Alabama
    Longitude
    -86.255615
    Latitude
    31.288908

    Nearby Similar for Lease

    • Contact for pricing

      Former Restaurant on Florala Highway

      2,455 SF former restaurant with high visibility.
      505 Florala Hwy, Opp, AL 36467
      View Details

    FAQs

    What type of property is this?
    Strip mall - Mixed-use neighborhood center with flexible layouts for lease.
    Where is this strip mall located?
    The property is located at 408 N Main St Opp, AL.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: - High-traffic location on N Main Street, near Mizell Memorial Hospital and national retailers.; - Professionally managed, established mixed-use neighborhood center with a strong tenant mix.; - Ample, resurfaced parking lot with 225+ spaces and improved traffic flow.
    (404) 431-2602
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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
    408 N Main St Opp, AL 36467
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    Listing Contact
    Maria White
    Maria White
    (404) 431-2602
    Learn more
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